Sports Equipment Market to Witness Huge Growth at 6.4% CAGR During the Forecast Period 2022-2030

Posted on 2023-01-30 by researchinsights in Sports // 0 Comments

San Francisco, California , USA, Jan 31, 2023 — /EPR Network/ —

Sports Equipment Industry Overview

The global sports equipment market size was valued at USD 331.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030.

Continuous innovations and rapid technological advancements to keep pace with dynamic consumer preferences are driving the growth of the market. The increasing awareness about the benefits of a healthy lifestyle and the importance of sports and fitness activities, is further stimulating the demand for such equipment. The Covid-19 pandemic has adversely affected several industries including the athletic and fitness industry. Many tournaments and game events, including the Olympics, have either been postponed or their format has been altered. As a result, stakeholders in the market are trying to assess the downstream impact arising from disrupted cash flows, insecurities, and the potential declines in long-term attendance and engagement.

Gather more insights about the market drivers, restrains and growth of the Global Sports Equipment Market

The growing popularity of national and international events, such as the Soccer World Cup, Olympic Games, and Cricket World Cup, is also boosting the growth of this market for sports equipment. Rising cases of lifestyle-related health issues, such as stress and obesity, are pushing more people to engage in outdoor and fitness activities and this is fueling the demand for various sorts of fitness and sports equipment. The growing availability of popular international athletic equipment brands is also contributing to product demand. Women’s participation in sports is a major factor that is likely to boost market growth. According to BBC, the difference between the number of men and women participating in sports in England has dropped to 1.55 million in 2018.

The gap is further expected to reduce over the coming years and this will have a positive impact on the demand for equipment. Spending on such equipment for kids has increased in gradually over the years thanks to the growing awareness pertaining to the benefits of such games in their physical development. India and China are lucrative markets for sports equipment. Rising disposable income and improved living standards of the consumers are key factors accelerating product demand in these countries. Moreover, low production costs and a thriving manufacturing industry are likely to propel the market growth in Asia Pacific.

Companies are trying to maximize market penetration by increasing brand awareness via TV commercials and print media, internet, social media platforms, team sponsorships, and partnerships with the athletes of various sports and fitness enthusiasts. Moreover, social media influencers and favorite sports personnel are endorsing various brands which is likely to supplement to the growth of the market for sports equipment.

Browse through Grand View Research’s Clothing, Footwear & Accessories Industry Research Reports.

Tennis Equipment Market – The global tennis equipment market size was valued at USD 3.77 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.2% from 2022 to 2030.
Basketball Gear Market – The global basketball gear market size was valued at USD 803.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030.

Sports Equipment Market Segmentation

Grand View Research has segmented the global sports equipment market on the basis of product, distribution channel, and region:

Sports Equipment Product Outlook (Revenue, USD Billion, 2017 – 2030)
- Ball over net games
- Ball games
- Fitness/Strength Equipment
- Athletic Training Equipment
- Others
Sports Equipment Distribution Channel Outlook (Revenue, USD Billion, 2017 – 2030)
- Online retail
- Specialty & sports shops
- Department & discount stores
Sports Equipment Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Sports Equipment market include

Adidas AG
Amer Sports
Callaway Golf Co.
Sumitomo Rubber Industries Limited
Nike, Inc.
Puma SE
Mizuno Corporation
Sports Direct International PLC
Under Armour
Yonex Co., Ltd.

Order a free sample PDF of the Sports Equipment Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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