The global sports and leisure equipment market is expected to witness a surge in growth over the forecast period. An upsurge in awareness about health and fitness among the general public is estimated to drive the market for the next seven years. The desire for a healthy lifestyle and better living can be attributed to the prominent reasons for this upsurge. Subsequently, it has created a high market potential for sports and leisure equipment. Growing interest in physical fitness and well being has incited growth in the market for sports equipment and products used for recreational & leisure purposes. Potential customers, athletes, and gym personnel now demand products that are tailored to meet their needs and expectations. Owing to this, major market vendors have accentuated the manufacture of customized sports and leisure equipment & products that meet the customers’ requirements.
Globally improving economic scenario has created a pool of opportunities for both equipment retailers and the general public, and consequently has impelled market growth. Sports, besides providing health benefits, are now perceived as an outlet for personal accomplishments, fashion statements, and medium of social engagement. Furthermore, rise in adult participation in sporting and leisure activities has fueled the growth of the sports and leisure equipment market. Use of carbon fiber in sports equipment has accelerated market augmentation. In addition, the sports & leisure equipment market is gaining momentum due to ingress of light-weight sports equipment. These are portable and deliver highly in terms of performance and subsequently have taken the market by storm. Furthermore, they provide flexibility and better control. An increase in per capita income, globally, is expected to drive the market growth over the projected period.
The global sports and leisure equipment industry can be classified on the basis of products offered. These products comprise ball sports, adventure sports, winter sports, fitness equipment, and golf equipment. In terms of revenue, the segment for ball sports contributes the most to the entire sports & leisure equipment market. The reason can be attributed to the variety of diverse sports included in the ball sports segment. It comprises baseball, softball, volleyball, basketball, and football. In addition, sports equipment can include sports apparel, footwear, and related equipment. Growing concern with regard to health and fitness has accelerated the demand for fitness equipment. Winter sports segment comprises sports activities such as alpine skiing, hiking, snowboarding, and cross-country skiing. However, the market for the winter sports segment is relatively low since the segment is constrained with regional and seasonal restrictions.
A sizeable increase in the use of counterfeit sports and leisure equipment is expected to pose as a major threat to market growth. The sports and leisure equipment market is highly vulnerable to prevailing economic conditions. The global recession and tough macroeconomic conditions have adversely impacted the sports and leisure equipment market growth. Fake equipment adversely affects the revenues as well as the brand name of the vendor.
Higher disposable incomes among the population in North American countries such as the U.S. and Canada is expected to bolster the market growth in this region. Soaring fascination for mountaineering and skiing activities has impelled growth for the winter sports segment. High public inclination towards sporting activities such as adventure sports and other recreational activities has propelled growth in the European region. In the Asia Pacific region, countries such as India, China, and Japan are expected to witness surges in demand. Improving economic conditions and rising GDP levels in these countries can be attributed as key reasons leading to market growth. These countries, being developing economies, possess high potential and abundant opportunities for market growth. These opportunities are anticipated to drive the sports and leisure equipment market growth in the Asia Pacific region.
Major market players predominating the global sports and leisure market are Adidas AG, Billabong International Limited, Cabela’s Inc., Callaway Golf Co., Dunlop Sports Group Americas Inc., Daiwa Seiko Corp., Kingswood Leisure Services, Nike Inc., Ningbo Supermax Sports & Leisure Equipment Co. Ltd., Premier Ports Services, Puma EC, The Forzani Group Limited, Sports Direct International PLC, and Yonex Co. Limited.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
ESOMAR & Great Work to Place Certified
ISO 9001:2015 & 27001:2022 Certified
"The quality of research they have done for us has been excellent."
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.