Smarts Sports Equipment Market Size, Scope Analysis, Key Insights, Leading Key Players, And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Smarts Sports Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The smart sports equipment market size has grown strongly in recent years. It will grow from $3.86 billion in 2023 to $4.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to rise in participation in sport, increased awareness about health and wellness, e-commerce growth, rise in internet penetration, rise in esports.

The smart sports equipment market size is expected to see strong growth in the next few years. It will grow to $5.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing demand for tracking fitness and athletic performance, rise in disposable income, rising participation in recreational activities, economic growth. Major trends in the forecast period include wearable health monitoring, augmented reality (AR) in training, esports and virtual sports integration, enhanced safety features, accessibility and inclusivity.

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Market Drivers and Trends:

The increase in demand for data-driven analysis of sporting activities is expected to propel the growth of the smart sports equipment market. In sports, data-driven analytics are used in modern coaching as sensors are integrated into the sports equipment to develop winning strategies and analyze the performance of the player on the field or in a team as a whole. Coaches of professional teams can use data science to construct hyper-personalized athlete matches and other plans for every game they play and also can identify and analyze the mistakes made by the players by observing the data collected by their sports equipment. With these new modern sports accessories, players can overcome their challenges with every training session or every game by studying the data and being effective. According to Forbes, an American business magazine, sports analytics is predicted to generate over $4 billion in revenue by 2022, since it aids several sports organizations and players in a variety of ways. Therefore, increasing demand for data-driven analysis of sporting activities drives the growth of smart sports equipment market.

As the smart sports equipment market expands, new developing trends are emerging in the sector to keep up with the technological advancements surrounding the market. One such new development is Smart Sensors (Gen3+) developed by a US-based firm, Arccos Golf, in April 2022. Arccos Smart Sensors (Gen3+) provide automatic shot tracking powered by artificial intelligence and machine learning that tightly integrates hardware and software to pinpoint a player's shots more accurately. Over the past three years, Arccos Data Scientists and Engineers have analyzed more than 500 million shots hit in 194 countries using Arccos sensors. When combined with the award-winning Arccos Caddie app, this provides users with Strokes Gained insights for each aspect of their game and each club in their bag.

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Major Key Players of the Market:

NIKE Inc., Golfsmith International Holdings Inc., PUMA SE, Adidas AG, Wilson Sporting Goods Co., BABOLAT VS S.A., HockeyShot Inc., Zepp Labs Inc., Gridiron Technologies Inc., MIZUNO Corporation, Amer Sports Corporation, Under Armour Inc., InfoMotion Sports Technologies Inc., DribbleUp Inc., BRG Sports LLC, EGYM Inc., Kinexon GmbH, Spektacom Technologies Pvt Ltd, STATSports Group Ltd., Callaway Golf Company, Quattriuum Inc., Active Mind Technology Inc., ANTA Sports Products Limited, ASICS Corporation, Garmin Ltd., Catapult Sports Pty Ltd., ShotTracker Inc., Blast Motion Inc., PIQ Sport Intelligence, KINEXON GmbH, Stag International Inc.

Smarts Sports Equipment Market 2024 Key Insights:

• The smart sports equipment market size is expected to see strong growth in the next few years. It will grow to $5.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Increase In Demand For Data-Driven Analysis Of Sporting Activities Fueling The Growth Of Smart Sports Equipment Market
• Smart Sensors Are Gaining Traction On Smart Sport Equipment
• North America was the largest region in the smart sports equipment market in 2023

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