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Sports Protective Gear Market 2024 - By Share, Size, Growth Analysis And Forecast To 2033
Sports Protective Gear Market
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According to The Business Research Company's, The sports protective gear market size has grown strongly in recent years. It will grow from $3.99 billion in 2023 to $4.31 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to awareness of sports-related injuries, growth of organized sports leagues, rise in extreme and adventure sports, influence of professional athletes.
The sports protective gear market size is expected to see strong growth in the next few years. It will grow to $5.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to rising youth sports participation, sustainable and eco-friendly designs, expansion of action sports culture, rise of specialized protective gear, increasing disposable income, innovations in helmet design. Major trends in the forecast period include technological advancements in material design, customization and personalization, integration of smart technologies, collaborations with athletes.
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Market Drivers and Trends:
The increased awareness of sports injuries is expected to propel the growth of the sports protective gear market in the coming years. Sports injuries refer to the physical harm or damage to the body that occurs during sports or exercise activities. These injuries can affect various parts of the body, including muscles, bones, joints, ligaments, and tendons. To optimize its efficacy in preventing injuries, players should wear the necessary protective gear for their particular sport and make sure it fits properly. For instance, in December 2022, according to the National Safety Council, a US-based non-profit public service organization dedicated to improving health and safety, sports and leisure injuries climbed by 20% in 2021 and by another 12% in 2022. Therefore, the increased awareness of sports injuries is driving the sports protective gear market.
Technological innovations are gaining popularity as a major trend in the sports protective gear market worldwide. Major market players are concentrating on implementing artificial intelligence in protective gear to aid sports professionals and athletes in several aspects of enhancing the spectator experience and helping to shape the look and feel of the sports enthusiasts. Such advancements enable key players to gain a competitive edge in the market. For instance, in August 2021, Venture Catalysts, an India-based company focusing on the commercialization of technologies through entrepreneurship, invested in Altor, another India-based startup that builds IoT and AI-enabled smart helmets. The smart helmet has a number of features that guarantee comfort while riding and road safety. When an accident occurs, the startup's patent-pending technology instantly recognizes it, notifies the rider's emergency contacts, and tracks the accident's position. Such investments are leading to the production of innovative sports protective gear products.
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Major Key Players of the Market:
Adidas AG, Amer Sports Oyj, ASICS Corp., Bauer Hockey LLC, BRG Sports Inc., Dunlop Sports Group Americas Inc., Mizuno Corporation, Nike Inc., Puma SE, Under Armour Inc., Vista Outdoor Inc., Yonex Co. Ltd., Kawasaki Heavy Industries Ltd., Rawlings Sporting Goods Compnay Inc., Riddell Sports Group Inc., Schutt Sports Group, Bell Sports Inc., Giro Sport Design Inc., K2 Sports LLC, Marker Volkl GmbH, Tecnica Group S.p.A., EssilorLuxottica SA, Zoggs International Ltd., DeMarini Sports Inc., Black Diamond Equipment Ltd., Head Sport GmbH, Helly Hansen AS, O'Neills Irish International Sports Company ltd.
Sports Protective Gear Market 2024 Key Insights:
• The sports protective gear market size is expected to see strong growth in the next few years. It will grow to $5.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Sports Participation Amidst The Pandemic A Catalyst For The Surge In Sports Protective Gear Market
• Revolutionizing Safety The Surge Of Technological Innovations In Sports Protective Gear
• Asia-Pacific was the largest region in the sports protective gear market in 2023
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