Sports Equipment Market to Reach US$ 220.35 Billion by 2034, Expanding at 6.9% CAGR

The global sports equipment market size is estimated to reach US$ 113.07 billion by 2024. Worldwide demand for sports equipment is projected to grow at a compound annual growth rate (CAGR) of 6.9% through 2034.

The increasing number of health issues related to leisurely lifestyles, such as stress and obesity, is prompting a greater interest in outdoor and fitness activities among people across the world. As a result, there is a growing demand for a variety of sports and fitness equipment. The popularity of major global sporting events such as the Soccer World Cup, Olympic Games, and Cricket World Cup is also playing a significant role in driving global demand for sports equipment.

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The availability of well-known international sports equipment brands is adding to the demand for these products. Active participation of women in sports is also emerging as a crucial factor contributing to market growth. This trend not only reflects a societal shift toward a more inclusive sports culture but also signifies a broader customer base for sports equipment manufacturers. Convergence of health awareness, global sports enthusiasm, and the increasing presence of recognized sports brands are shaping the dynamic growth trajectory of the market for sports equipment. As more individuals embrace active lifestyles, demand for diverse and high-quality sports gear is projected to rise, making it a vibrant and evolving industry.

Key Takeaways from Market Study

The global sports equipment market is on a robust growth trajectory, projected to expand at a compound annual growth rate (CAGR) of 6.9% through 2034. By 2024, global sales of sports equipment are estimated to reach US$ 113.07 billion. This upward trend is expected to continue, with the market forecasted to attain a valuation of US$ 220.35 billion by the end of 2034. The North American market is particularly dynamic, with a projected CAGR of 7.8% over the same period. This growth is driven by increasing participation in sports and fitness activities, coupled with rising consumer awareness about the importance of maintaining an active lifestyle.

In terms of product segments, sticks, bats, and clubs are anticipated to collectively account for a significant 22.4% market share in 2024. This highlights the sustained popularity and demand for these sports essentials across various games. Regionally, East Asia is expected to play a pivotal role in the global sports equipment market, with a forecasted 23.1% market share by 2034. This growth in East Asia can be attributed to the region's expanding middle class, increasing disposable incomes, and a growing enthusiasm for sports and recreational activities. These regional dynamics underscore the global nature of the sports equipment market and its widespread appeal.

List of Key Companies Profiled in The Report

SE
Nike Inc.
Jarden Corporation
Amer Sports
Under Armour
Adidas AG
Mizuno Corporation
Yonex Co. Ltd.
Others

United States' Impact on Global Sports Equipment Market

According to Fact.MR's latest analysis, East Asia is forecasted to claim 23.1% of the sports equipment market share by 2034.

The production of sports equipment spans across various regions globally, including Southeast Asia, Central and South America, and Australia. This diversified manufacturing landscape enables the market to meet growing demands and reduce dependence on specific sourcing hubs.

In the United States, a pervasive sports and fitness culture drives consistent demand for a wide array of sports equipment. With a population actively participating in numerous sports and recreational activities, there's a continuous requirement for high-quality gear.

Moreover, the nation's robust economy and affluent disposable income levels enable consumers to invest in online sports equipment, bolstering sales for both basic and advanced gear. The American consumer's penchant for embracing the latest fitness trends and technologies further fuels innovation and product development among sports equipment manufacturers.

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Competitive Landscape

The competitive landscape of the sports equipment industry is characterized by intense rivalry and continuous innovation. Established brands, driven by a commitment to technological advancements and product diversification, compete for market share alongside emerging players aiming to carve out their niches. Companies focus heavily on research and development to stay ahead, introducing cutting-edge materials and enhancing the performance features of their products.

This competitive environment offers consumers a wide array of choices, ranging from traditional and well-established brands to newer entrants bringing fresh perspectives. Effective marketing strategies, athlete endorsements, and strategic partnerships play pivotal roles in determining the success of companies in this dynamic market. Staying attuned to consumer preferences and evolving trends is crucial for maintaining competitiveness.

In June 2021, JD Sports Group acquired Deporvillage, an exclusive online seller of outdoor sporting gear. This acquisition resulted in JD Sports Group obtaining an 80% stake in Deporvillage, with the founders, Xavier Pladellorens and Ángel Corcuera, retaining no ownership. This strategic move highlights the importance of expanding digital presence and diversifying product offerings in the highly competitive sports equipment market.

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About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.