"Assisting You in Establishing Data Driven Brands"
Sports equipment refers to the tools or items required to play a sport. They are available in a wide range, including gears, racquets, helmets, shoes, skates, and balls, and are also used for exercising. In this respect, the rising awareness regarding the benefits of sports and a healthy lifestyle drives market growth.
Sports equipment prevents accidents and protects users from injuries while playing or exercising. In this regard, increasing sports-related injuries worldwide trigger the demand for sports equipment. For instance, according to Stanford Medicine Children's Health, a San Francisco, U.S.-based healthcare system, nearly 30 million teenagers and children participate in sports across the U.S., of which over 3.5 million sustain injuries annually. In addition, the increasing popularity of sports, notably among youth, is likely to accelerate product demand in the coming years.
The launch of several sports events and tournaments worldwide favors market expansion. For instance, in April 2022, British Blind Sport, a U.K based charity, launched the International Blind Sports Federation World Games, a sports event for visually impaired athletes. The event will be conducted in August 2023 in Birmingham, U.K. Despite the increasing popularity of sports events worldwide, the rising consumer inclination towards virtual reality gaming impedes the market growth.
The COVID-19 pandemic has significantly affected the global sports equipment market growth. The novel pandemic led to canceling several sports tournaments and events and the closure of sports academies across countries, most notably throughout 2020, decreasing product sales. Furthermore, the imposition of lockdown and COVID-19 restrictions disrupted supply chains and hampered manufacturing operations worldwide in 2021. However, the unprecedented pandemic encouraged numerous individuals to adopt a healthy lifestyle and focus on physical fitness, accelerating product demand through online channels.
The report will cover the following key insights:
Based on type, the global market is segmented into protective gears, nets & goals, bats & clubs, balls, and others. The balls segment will likely dominate the market throughout the forecast timeframe due to the increasing popularity of football; basketball; and volleyball; which require the ball as the main equipment. Given the rising number of sports-related injuries worldwide, the protective gear segment is also expected to grow considerably in the coming years.
The market is categorized as offline and online based on the distribution channel. The online segment will likely witness the fastest CAGR from 2023 to 2030, backed by the easy and wide availability of sports equipment on e-commerce platforms and the increasing online shopping trend across countries. Recent years have witnessed partnerships to launch sports equipment through online platforms. For instance, in August 2021, Flipkart, an Indian e-commerce company, collaborated with HRX, an Indian fitness and lifestyle brand, to introduce a range of fitness and sports equipment through the former's website.
To gain extensive insights into the market, Request for Customization
The global market is geographically segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounted for the largest market share in 2022, backed by the high popularity of sports such as soccer, baseball, basketball, and hockey and the growing number of individuals taking sports as a profession, notably in the U.S. and Canada. Moreover, several regional sports academies, such as La Masia and United States Sports Academy, support regional market growth.
Asia Pacific is expected to witness significant growth during the forecast period. The growing consumer awareness regarding the importance of fitness activities and a healthy lifestyle augments the regional product demand. In recent years, various key market players have focused on product launches to stay competitive. For instance, in April 2021, ASICS, a Japan-based sports equipment company, introduced the Earth Day Pack, a cross-category product range of environmentally sustainable apparel and footwear.
The report will include the profiles of key players such as Adidas AG, Nike, Inc, Puma SE, Under Armour, Sports Direct International PLC, Amer Sports, Callaway Golf Co., Mizuno Corporation, Yonex Co., Ltd, and NEW BALANCE.
By Distribution Channel
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry