Sports Protective Equipment Market - Water Sports and Racing to Report High Demand
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These players are aggressively involved in research and development activities to bring out new offerings for its consumers and in order to fight for a better position in the market. Further, owing to the lucrative opportunities in this market, the penetration of new players is relatively high, which is expected to intensify the competition within the market in the years to come, states the reserch report.
As per TMR’s estimations, the global market for sports protective equipment, which stood at US$7.10 bn in 2016, is anticipated to rise at a steady CAGR of 3.80% over the period from 2017 to 2025, expanding the opportunity in this market to US$9.82 bn by the end of the forecast period. Water sports and racing have been registering a higher demand for sports protective equipment and this trend is anticipated to remain so over the next few years.
Head Protection Equipment to Surface as Most Valued Product
The report considers head protection, hand protection, and lower body protection equipment as the key products available in the global sports protective equipment market. Head protection equipment emerged as the most valued product in this market with a share of more than 33% in 2016. Researchers expect the segment to remain on the top during the forecast period, thanks to the high demand of head protection equipment in ball games, mountaineering and rock climbing, racing, and various other sporting activities.
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The hand protection segment took over the second position in this market in 2016 and is projected to retain it throughout the forecast period. Ball gaming, mountaineering and rock climbing, and cycling are expected to report a high demand for hand protection equipment for safety purpose in the near future.
According to the report, Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America have emerged as the main regional markets for sports protective equipment across the world. Among these, Europe acquired the leading position in 2016 with a share of more than 41%. The growing interest of the younger population towards water sports and racing is the key factor behind this rise in the Europe market for sports protective equipment. The significant number of major sports events to be held in this region over the next few years is also expected to boost this regional market further, states the report.
Growing Retail Sales to Stimulate Global Sports Protective Equipment Market
“The swift growth of the retail industry has paved the way for the rapid sales of sport protective equipment”, says an analyst at TMR. The emergence of several companies operating in the retail industry has acted as a leverage for the manufacturers of sport protective equipment to promote their products through these channels, coupled with aggressive marketing and promotional activities.
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Further, the increasing retail outlets in the developing economies are expected to boost the retail sales of sports protective equipment over the forecast period. The growing interest and participation of individuals in sports activities and the rising consumer awareness regarding fitness and health are also projected to drive the growth in this market over the next few years. However, the easy availability of counterfeit products in the global market may affect the sales of sports protective equipment, hampering the market in the near future, notes the study.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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