Sports Equipment Market Impact of COVID-19, Financial Performance and Global Trends

San Francisco, Calif., USA, May 03, 2023 — /EPR Network/ —

Sports Equipment Industry Overview

The global sports equipment market size is expected to reach USD 578.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2022 to 2030. Rising awareness regarding general health and fitness is one of the primary factors driving the market. Also, constant improvements in materials used for manufacturing of sports equipment are helping enhance product performance, thereby boosting the adoption rate. For instance, with advancements in sensor technologies, consumers are increasingly demanding equipment that can provide them with relevant insights into performance.

Moreover, various research and development programs have been introduced by manufacturers to improve quality of sports equipment. Nowadays, carbon fiber is increasingly used in manufacturing sports equipment, which is projected to positively influence the growth of the market over the forecast period. Additionally, the sensor technology has evolved to an extent that it can be incorporated into a multitude of sports equipment such as golf clubs, fishing rods, tennis rackets, and swimming goggles which will augment the growth of the market.

Sports Equipment Market Segmentation

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

Based on the Product Insights, the market is segmented into Ball over net games, Ball games, Fitness/Strength Equipment, Athletic Training Equipment, and Others

• The ball games segment dominated the market for sports equipment and accounted for the largest revenue share of 34.0% in 2021.
• Since ball games are popularly watched all over the world, the revenue generated from this segment is notably higher than rest of the segments.
• The segment is expected to witness a CAGR of over 6.3% over the forecast period. Burgeoning global popularity of events such as cricket, basketball, and football is projected to be one of the key factors contributing to the growth of the segment.
• On the other hand, fitness/strength equipment segment is projected to witness highest CAGR over the forecast period.
• Growing health concerns coupled with rising disposable incomes of consumers are further boosting their inclination towards sports and fitness.

Based on the Distribution Channel Insights, the market is segmented into Online retail, Specialty & sports shops, and Department & discount stores

• The specialty and sports shops segment dominated the market for sports equipment and accounted for revenue share of 45.0% in 2021.
• These stores have a broad portfolio of branded products and provide required support and information to consumers through expert customer service personnel.
• Moreover, convenience provided by this distribution channel and its ability to stock popular brands has been supplementing the growth of this segment.
• The online retail segment is projected to register a CAGR of 7.4% in the sports equipment market from 2022 to 2030. Rising internet penetration amongst consumers and target marketing done by companies to reach all customer touchpoints are likely to fuel the growth of this segment.
• In addition, increasing use of smartphones, increasing consumer spending, growing penetration of internet and online shopping from e-commerce platforms are factors likely to drive segment growth over the forecast period.

Sports Equipment Regional Outlook

• North America
• Europe
• Asia Pacific
• South & Central America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches in retails, expanding distribution channel, entering in department and discount stores, and collaborating with the celebrities in order to gain maximum customer penetration.

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.