Smart Sports Equipment Market Size, Share & Trends Report

Smart Sports Equipment Market Size, Share & Trends Analysis Report By Product (Balls, Golf Stick, Hockey Stick, Rackets & Bats), By Distribution Channel, By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: May, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-464-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 80

Report Overview

The global smart sports equipment market size was valued at USD 2.16 billion in 2019 and is expected to grow at compound annual growth rate (CAGR) of 8.1% from 2020 to 2027. Rising prominence of sports as a principle vertical market for the connected objects and the Internet of Things is popularizing the concept of smart sports equipment. Increasing demand for tracking fitness and athletic performance for evaluating health metrics is boosting the adoption of the product.

U.S. smart sports equipment market size

The ability of these products to provide a personalized feedback to the users is driving the demand for the smart sports equipment. In addition, shifting customers’ preference for sports as a lifestyle in order to maintain health is paving the way for the growth of smart sports equipment industry.

Advancements in the sensor technology have introduced multitude of sports equipment, such as ball games, golf stick, tennis racket, and cricket bats. This technology ensures the ability of the equipment to measure motion through vibration sensors and record detailed biometric data, which can be analyzed to determine data for every shot and all other performance related statistics of the athlete. These technical developments in the sports equipment industry are resulting in higher traction of smart sports equipment, and thus attracting a large consumer base towards different sports.

Availability of on-field cameras and tracking sensors embedded into these sports equipment help track players and their statistics in real time, thereby allowing coaches and managers to quickly assess undervalued players and dial-in dynamics, which needs to be improved. For instance, Major League Baseball introduced StatCast by rolling out cameras and radar equipment to every team's ballpark in order to gather and display previously immeasurable aspects of the game. This analysis help pinpoint areas of improvement, award outstanding players, and tweak lineups. Thus, increasing scale of development in the industry is causing greater adoption of these smart sports equipment.

Additionally, increasing disposable income and rising consumer spending across emerging markets, such as India, China, and the Middle Eastern countries, are expected to bolster the demand for smart sporting equipment. These countries have also been hosting a variety of sporting events and have developed infrastructure to attract more people to participate in sports, subsequently triggering the growth of the market in the region.

Product Insights

Golf stick dominated the smart sports equipment market and accounted for 29.9% share of the global revenue in 2019. Increasing penetration of smart golf stick with smart golf clubs has proposed a realistic training and playing experience through its Wi-Fi compatible features. These smart golf club helps provide easy access to high-end practice tools for beginners as well as seasoned golfers. Rising consumer attraction towards golf as a sport is expected to have a positive impact on the adoption of smart equipment, like golf sticks. According to the National Golf Foundation, 36% of the U.S. population, which is over 107 million people, have played, watched, or read about golf in 2019.

Balls are expected to expand at the fastest CAGR of 9.7% from 2020 to 2027. Rising penetration of smart balls in the field of basketball, football, and soccer ball is increasing the adoption of smart sports equipment among players. For instance, in 2017, DribbleUp, Inc. launched Smart Soccer Ball with a companion smartphone app that optically tracks its movement. Moreover, various other innovative features combined in these smart balls to enhance the player’s learning is ramping up the sales of these equipment. For instance, the 94Fifty Sensor Basketball tracks the number of shots over a set time span, along with monitoring the arc.

Distribution Channel Insights

Franchise stores accounted for the largest share of 55.6% in 2019 and is likely to maintain its lead during the forecast period. Manufacturers in the industry operate majorly through their company owned franchise stores on account of niche product, which results in higher penetration of smart sports equipment in franchise stores.

For instance, InfoMotion Sports Technologies, creator of 94Fifty smart sensor basketball, has made the equipment available at Apple stores and Amazon for USD 300. Whereas, other companies, such as Wilson Sporting Goods, have rolled out their display of products through their company stores and other stores, such as Dick’s Sporting Goods, Sports Authority, and Academy Sports stores. Rising popularity of sporting events, such as cricket, basketball, and football, across the globe is projected to be one of the key factors contributing to the growth of the segment.

Global smart sports equipment market share

Specialty stores are expected to expand at the fastest CAGR of 9.5% over the forecast period. Growing popularity of these sporting equipment among younger consumers has increased the visibility and availability of different smart sporting equipment, such as smart tennis racket, smart golf stick, and smart helmets.

Online distribution channel is projected to expand at a CAGR of 8.6% from 2020 to 2027 owing to rising influence of digital media and marketing. Increasing internet penetration in various countries, such as India, China, Canada, and Brazil, has been driving online sales channel over the past few years. Strong presence of online retailers such as Amazon, DICK'S Sporting Goods, Tennishub, and other online portals has made the access easier for purchasing these equipment, which is likely to positively impact the segment growth over the forecast period.

Moreover, increasing promotion and advertisements through social media have greatly influenced consumers to purchase these sporting equipment. Rising awareness of tech-savvy products and trackers through media bloggers and famous personalities has urged consumers to invest in these technologically advanced sports equipment in order to channelize their healthy lifestyle. Online retail channel is widely used in developed countries, such as U.S., Germany, and U.K., for purchasing sporting equipment and devices. The channel is poised to emerge as a steady revenue generating source for smart sports equipment over the forecast period.

Regional Insights

North America accounted for the largest share of 35.1% in 2019. Increasing number of consumers seeking improvement in their sport in order to facilitate a career in their desired sport through learning and practicing healthy exercise has fueled the market growth in this region. Additionally, continuous increase in sports participation in countries, such as U.S. and Canada, is likely to drive the market in North America.

Asia Pacific is expected to expand at the fastest CAGR of 8.7% over the forecast period. Rising popularity of sports tech events in the region is bound to increase the adoption of smart and connected sporting equipment. For instance, Sports Tech Asia (STA) is a leading event on sports technology industry, which focuses on outdoor technology, intellectual sports, and smart fashion with advanced sports technology and materials. STA gathers global quality suppliers and buyers at one stop with the latest sports technology, which further promotes the development of sports industry chain.

Key Companies & Market Share Insights

The global market is characterized by high competition due to the presence of top players.The leading players in the market are stressing on product innovation as a result of new product development that helps gain a greater market share at the global level. New product launches in the market help keep the interest alive of the consumers on account of increasing preference for different sports and fitness enhancement in majority of the regions.

For instance, in November 2019, StanceBeam, a technology startup company based in India, introduced StanceBeam Striker, a smart cricket bat sensor, which is connected to a shot analysis app. The IoT supporting device helps provide useable, real-time, and 360-degree batting performance data analytics to players as well as coaches. Some of the prominent players in the smart sports equipment market include:

  • InfoMotion Sports Technologies

  • Golfsmith International Holdings, Inc.

  • DribbleUp, Inc.

  • Adidas AG

  • Wilson Sporting Goods

  • BABOLAT VS S.A.

  • HockeyShot Inc.

  • Riddell

  • Zepp Labs, Inc.

  • Gridiron Technologies

Smart Sports Equipment Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 2.28 billion

Revenue forecast in 2027

USD 4.04 billion

Growth Rate

CAGR of 8.1% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million/billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, distribution channel, and region

Regional scope

North America, Europe, Asia Pacific, Central & South America, and MEA

Country scope

U.S.; U.K.; Germany; China; India; Brazil

Key companies profiled

InfoMotion Sports Technologies; Golfsmith International Holdings, Inc.; DribbleUp, Inc.; Adidas AG; Wilson Sporting Goods; BABOLAT VS S.A.; HockeyShot Inc.; Riddell; Zepp Labs, Inc.; and Gridiron Technologies

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global smart sports equipment market report on the basis of product, distribution channel, and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2027)

    • Balls

    • Golf Stick

    • Hockey Stick

    • Rackets & Bats

    • Others

  • Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

    • Franchise Stores

    • Specialty Stores

    • Online

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      •  U.S.

    • Europe

      • Germany

      •  U.K.

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

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