The global sports equipment market is expected to witness substantial growth over the forecast period. This may be attributed to increasing participation in sports activities coupled with growing consumer awareness related to health and fitness. The industry provides equipment for adventure, ball, fitness, golf, winter, and others sports, including archery, billiards, bowling, pogo sticks, wheel sports, and indoor games.
Sports equipment is any object used for sport or exercise. Wickets & bases, sticks, bats & clubs, rods & tackle, racquets, protective equipment, nets, goals, footwear, flying discs, exercise equipment, balls, and vehicles are some popular types of sports equipment. Product improvement through increased R&D activities is estimated to be a key factor impelling growth over the coming years.
Emergence of e-commerce offering several benefits as well as convenience such as easy delivery, more variety/options and time saving, is also expected to drive industry growth. E-commerce has enabled the industry to reach out to a wider customer base, which is expected to add up toward the development of this industry.
Increasing availability of counterfeit products originally sold by well-established brands along with the rising prices of these equipments may pose challenge to market growth over the coming years. However, enhancement and innovation of products owing to the use of better quality raw material is anticipated to offer new avenues for market growth. Increasing media coverage of various global sports events such as the Commonwealth Games, Olympic Games, Cricket World Cup and FIFA World Cups are encouraging consumers especially youth to take part in various sports, which is also anticipated to fuel industry growth.
The ball sports equipment segment is anticipated to account for significant market share over the next few years owing to its increasing worldwide adoption. Global popularity of ball sports such as basketball and football may also contribute significantly to market growth over the coming years.
Increasing participation at local level sport activities such as in schools, universities and the corporate sector where sports are increasingly being encouraged are also estimated to favorably impact demand. In addition, increasing emphasis on national level events, where sports are encouraged not just competitively but as a way of resolving international conflicts are also anticipated to propel product demand significantly. Further, increasing usage of carbon fiber in sports equipment may favorably impact demand.
North America is estimated to account for majority market share closely followed by Europe and Asia pacific. Developed markets in the U.S. and European countries are expected to dominate the industry in terms of volume and revenue. However, Asia Pacific is expected to exhibit high growth over the forecast period owing to strong economic growth and rising consumer disposable income, especially in developing countries such as India, China and Japan. Further, high demand in Australia owing to increased focus on sports is also estimated to spur demand. Growing consumer willingness to spend on apparels and other related products may also spur product demand in the region.
The industry is fragmented with several key players, including PUMA SE, Fortune Brands Inc., Nike Inc., MIZUNO Corporation, Jarden Corporation, GLOBERIDE Inc., Daiwa Seiko Corp., Callaway Golf Company, Cabela’s Incorporated, JJB Sports plc, Sports Direct International plc, YONEX Co. Ltd., Dunlop Sports Group Americas Inc., Amer Sports and Adidas AG.
Manufacturers emphasize on embracing new technologies and adapting its products in order to keep pace with the rapidly changing global trends. Vendors also experience a growing trend towards combining casual and athletic designs.
Major players in the industry merge sports products with leisure wear to meet the demand for fashionable sportswear. Companies also invest heavily in research and development activities in order to improve their products for enhanced durability and comfort.
Manufacturers are increasingly developing lightweight sports equipment offering high performance due to their excellent stiffness, ample control, flexibility and high strength. Increasing demand for these products may also escalate industry growth over the forecast period. For instance, Terra Nova Equipment Ltd. has recently launched the world's lightest tents, which are becoming very popular among mountaineers.
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