5 Key Highlights on Sport Protection Equipment Market Growth with a CAGR of 2.3% till 2022

Concerns over rising number and severity of sports injuries has led to higher awareness on the need to use protective equipment. While regulations have helped in adoption of protective gear at national and international level, there is a long way to go before sports protective gear becomes the norm rather than the exception at amateur levels.

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Sports protection equipment has gone the digital way, with manufacturers focusing on developing revolutionary sport protective equipment using sensors and materials that can provide better protection. Shock absorption and impact protection equipment are being developed by using new foam technology to protect the participant from high-speed impact.

According to a latest report by Fact.MR, the global sport protection equipment market is anticipated to witness slow growth, reaching US$ 9,500 Mn value by the end of 2022. Various factors are hampering the growth of the market such as high cost of equipment, increasing competition and lack of knowledge regarding the use of various sport protection equipment.

5 Key Highlights on the Future of Global Sport Protection Equipment Market

1. North America is projected to remain the most lucrative market for sport protection equipment, and poised to reach close to US$ 3,200 million value by 2022-end. North America is expected to witness impressive growth owing to the development of sports infrastructure along with the government initiatives towards promotion of sports activities.
2. Japan’s sport protection equipment market is expected to be the least growing market. Lower participation in general sports in Japan is expected to factor this sluggish growth.
3. Protective footwear will emerge as one of the most-preferred sport protection equipment. Global sales of protective footwear is expected to gain around one-third revenue share on global revenues by the end of 2017.
4. Sales of sport protection equipment will be highest through independent sports outlets, raking over US$ 3,600 million revenues by the end of 2022. Meanwhile, online sales of sport protection equipment will also witness significant growth in the global market.
5. Compared to institutional purchasing of sport protection equipment, individual buyers will be observed as the largest contributor to the global sport protection equipment revenues. By the end of 2017, individual buyers will procure nearly three-fourth share of global market value. With increasing number of sports events organized globally, sports activities are being made compulsory in schools and colleges to encourage sports as a career, which is indirectly boosting the institutional purchases of sport protection equipment.

Protective Footwear – Top-Selling Products
Protective footwear is expected to remain the top-selling products in the global market during 2017-2022. Sales of protective footwear are anticipated to bring in nearly US$ 3,250 Mn revenues by the end of 2022. The report also projects North America as a leading region in the sales of protective footwear, revenues from which will procure considerable share in overall protective footwear market through 2022.

High Sales through Independent Sports Outlets
Gaining maximum revenue share in the sport protection equipment, independent sports outlet emerge as one of the most lucrative sales channels. By the end of 2017, independent sports outlets are projected to gain nearly two-fifth of global revenue share. Although global sales of sport protection equipment through franchised sports outlets is anticipated to create an incremental opportunity of over US$ 150 Mn between 2017 and 2022.

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Individual Buyers to Gain Maximum Revenue Share
Compared to institutional buying of sport protection equipment, individual buyers will form a strong customer base in the global market. Towards the end of 2022, sales of sport protection equipment through individual buyers is expected to bring in nearly US$ 6,860 Mn in global revenues. Emergence of sports as a popular career option is also fuelling the adoption of sport protection equipment, particularly among individuals. Meanwhile, institutional purchasing of sport protection equipment is witnessing a boost from rising investment influx directed by governments across several regions.

Competition Tracking
The report also profiles companies that are expected to remain active in the expansion of global sport protection equipment market through 2022, which include Under Armour Inc., ASICS Corporation, Adidas AG, Shock Doctor Inc., Vista Outdoor, Inc., Mizuno Corp., PUMA SE, Acushnet Holdings Corp, Amer Sports Corporation, BRG Sports, Inc., NIKE, Inc., and Decathlon S.A.

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This release was published on openPR.