The global sports equipment market size is expected to reach USD 89.22 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 3.5% over the forecast period. The industry is witnessing a considerable growth across the globe owing to increasing adoption of sports and recreational activities by people for stress management and growing health awareness. Widespread media coverage of several global sports events, such as FIFA World Cup, Commonwealth Games, and Olympic Games, amplifies the popularity and expands the global reach of sports, thereby encouraging youth to take part in sports.
In recent times, government institutions are making recreational activities an obligatory inclusion in curriculum of schools and colleges. Besides this, they are taking initiatives to popularize adoption of sports activities in their countries and motivate young athletes. These initiatives include allocating substantial funds for the development of sports infrastructure, apart from organizing several sports events.
Additionally, an increase in people’s participation has been noted in various sports such as golf, basketball, and football, owing to enhanced standards of living and a greater willingness to spend on leisure activities. Emerging economies such as India, China, and Brazil are observing improvements in living standards, which is projected to boost the sports equipment market growth.
However, in recent times, a proliferation of counterfeit products, in addition to rising product prices, is estimated to negatively impact the market over the forecast period. Nevertheless, enhancement and innovation of products, thanks to usage of better quality raw materials, are poised to offer new opportunities to the market.
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Further key findings from the report suggest:
The sports equipment market is anticipated to post a CAGR exceeding 3.0% during the forecast period, on account of increasing occurrence of chronic diseases and obesity. With people across the world growing more inclined to adopt healthier lifestyles, maintain a healthy body, and lose weight, sports is growing in popularity as a means to achieve the aforementioned objectives
On the basis of product type, the balls game segment is expected to dominate the market throughout the forecast period. Burgeoning popularity of ball games such as football and basketball is projected to spur the growth of the segment
Rising disposable income, convenience of shopping, and ease of internet connectivity are supporting development of the e-commerce and m-commerce industries. These factors render the process of purchasing sports equipment online more convenient for end users
Increasing tendency/predisposition of consumers to adopt healthier lifestyles, resulting in requirement of purchasing sports equipment and other related goods, is one of the key factors propelling the market in APAC
The market is noting intense competition owing to presence of numerous players including Nike, Inc.; Puma SE; Adidas AG; Billabong International Limited; Callaway Golf Co.; Jarden Corporation; Sports Direct International; Taishan Sports. Low entry and exit barriers in this market further contribute to increase in competition
Companies are focusing on expanding their market presence through mergers and acquisitions and are also increasingly investing in research and development activities for improving their products for enhanced durability and comfort.
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, 2014 - 2025)
Ball over net games
Athletic training equipment
Sports Equipment Distribution Channel Outlook (Revenue, USD Billion, 2014 - 2025)
Specialty & sports shops
Department & discount stores
Sports Equipment Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Middle East & Africa
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