SPORTS EQUIPMENT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The sports equipment market is estimated to be valued at USD 400.31 Bn in 2024 and is expected to reach USD 622.08 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
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The sports equipment market has been witnessing consistent growth over the past few years. The growing health consciousness among people and promotion of sports at grassroot levels has significantly increased participation in sports worldwide. This has driven the demand for advanced and innovative sports equipment for various sports such as cricket, basketball, tennis and others. Moreover, rising number of international sports tournaments and events have also boosted the consumption of high-quality sports equipment globally. Manufacturers are increasingly focusing on product premiumization through advanced technology and design innovations to meet the evolving needs of customers. This has also attracted several new entrants in the lucrative sports equipment market.
Increasing popularity of recreational sports
The rising interest in recreational sports across both developed and developing countries has been a key driver behind the growing sports equipment market. In the modern world, people are getting increasingly health conscious and are realizing the importance of managing stress through physical activities. Sports provide an excellent medium for staying physically fit and active in a fun and engaging manner. The growing dominance of recreation and leisure has fueled the demand for various sports and exercises like badminton, tennis, swimming, gym workouts, etc. This has translated to higher demand for related sports equipment.
Another important factor is greater exposure to international sports and leagues through television and digital media. Earlier, only a handful of sports like cricket, football, and basketball were popular. However, now niche sports have also found followers with people trying them out individually or in community clubs. Social media further promotes an active lifestyle and different categories of sports gear regularly get highlighted and reviewed online. Young population is especially drawing inspiration from international athletes and their sportsperson role models to take up new recreational activities. This widens the potential customer base for varied sports products.
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Inclusion and diversity in sports
The sports equipment market is witnessing diversification to cater to the wide-ranging needs of an inclusive audience. Traditionally, certain sports and equipment designs tended to exclude people based on physical abilities, cultural sensitivities, or economic access. However, the rising focus on equality and representation across segments has fostered higher participation. This has significantly expanded the customer base and opportunities for the market.
Key Takeaways from Analyst:
The sports equipment market continues to grow steadily driven by rising health consciousness and increasing participation in sports and fitness activities globally. The penetration of sports in education curriculums and corporate wellness programs has also boosted demand. The market is witnessing high demand for gear and apparel from both young recreational athletes as well as professional players.
North America remains the dominant region in the sports equipment market owing to mature markets and high per-capita spending power on sports and fitness. However, Asia Pacific is expected to be the fastest growing market in the coming years led by countries like India and China. With improving standards of living and lifestyle changes, participation in sports is surging rapidly in Asia Pacific, creating new opportunities for players.
Product innovation holds the key and players need to focus on developing advanced, customized, and niche equipment and apparel to appeal new enthusiasts, leveraging technologies like 3D printing, lightweight materials, and responsive design. Frequent new product launches tied with targeted marketing campaigns would be integral to resonating with different consumer segments.
Market Challenges: High cost of specialized sports equipment
The cost of specialized sports equipment required for different sports has been rising significantly over the past few years. Equipment needed for niche and professional level sports like golf, tennis, cricket, hockey, etc. requires specialized gear which is often very expensive. For example, a decent set of golf clubs suitable for serious amateur golfers can easily cost upwards of US$1,000. Similarly, a set of cricket gear including bat, pads, gloves, helmet, etc. of good quality for a young aspiring player is likely to set back their family by at least US$ 500-600. Such high initial investments especially for discretionary sporting goods is putting them out of reach of many middle-income households and amateur sports enthusiasts. This high specialized sports equipment cost is proving to be a major barrier in encouraging widespread participation in these sports at grassroot levels.
Market Opportunities: Emergence of new types of sports
The emergence of new types of sports is presenting significant opportunities for growth in the sports equipment market. Alternative and action sports that have gained huge popularity in recent years such as skateboarding, BMX, surfing, parkour, etc. are opening up new avenues for equipment demand. These sports appeal mainly to the younger demographic who are early adopters of the latest trends and are driving force behind sales.
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Insights by Product Type: Popularity and Wide Participation Base
In terms of product type, ball games segment is expected to contribute the 37.6% share of the sports equipment market in 2024, owing to several factors. Ball games require some basic equipment like balls and goals/nets which makes it affordable for people from all economic backgrounds to participate. The easy to learn rules also ensure that people of all age groups can quickly get involved in a game. This has resulted in ball games becoming widely popular recreational and social activities among both kids and adults. The popularity of professional leagues of games like football, basketball and cricket further drives interest among fans who are motivated to take up these sports. Equipment manufacturers catering to ball games benefit from the large and growing customer base. Innovation in ball design and quality has also enhanced the game experience. With ball games engaging millions of participants worldwide regularly, the demand for replacement equipment remains steady. This consistent sales volume makes ball games the largest segment in the sports equipment product type portfolio.
Insights by Distribution Channel: Segment growth is driven by Ease and Convenience
Online retail segment is expected to contribute 34.4% share of the sports equipment market in 2024 due to convenience and greater product selection. Sports equipment customers, both amateur players and professionals, now prefer doing most of their shopping online. They find it more convenient to browse through a huge inventory of products from leading brands and private labels available on various sports portals and retailer websites. Many online stores also offer customized options to meet specific requirements. Choosing from a wide assortment and having products delivered directly avoids time spent visiting multiple brick-and-mortar stores. Online platforms providing price comparison has made customers more value-conscious. Sports companies have also improved their digital marketing and streamlined online shopping processes including fast delivery. As online shopping for all product categories grows exponentially, it constitutes the major channel driving sports equipment sales worldwide.
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North America has established itself as the dominant region in the global sports equipment market. The region is expected to account for 41.2% of the market share in 2024. The large population and high participation rates in sports such as basketball, American football, baseball, and ice hockey have driven the consistent demand for equipment over the years. Major brands like Nike, Adidas, and Under Armour originate from this region and have strong distribution networks across countries. Furthermore, equipment endorsed by popular leagues and athletes attract fans and casual players alike.
Meanwhile, the Asia Pacific region has emerged as the fastest growing market for sports equipment globally. Countries like China, India, and Japan have seen increasing disposable incomes and larger youth populations adopting active lifestyles in recent times. Since these nations are hotbeds of popular sports like cricket, football, badminton, and basketball, their demand has surged dramatically. Local manufacturing has also proliferated to meet this homegrown appetite. Export hubs are taking shape as well, with established Asian brands breaking into international geographies.
Sports Equipment Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 400.31 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 6.5% | 2031 Value Projection: | US$ 622.08 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Nike Inc., Adidas AG, Amer Sports, New Balance Athletics, Inc., Daei Sportswear & Equipment, Kering S.A., Sports Direct International plc, Black Diamond Equipment, Ltd, ANTA Sports Products Limited, Yonex Co., Ltd, Adidas AG , MIZUNO Corporation, Quiksilver, Inc., Globeride, Inc., Callaway Golf Company, Shenzhen Taishan Sports Technology Co., Ltd, Callaway Golf Co., BPS Direct, LLC, Yonex Co., Ltd, and Under Armour |
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| Growth Drivers: |
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| Restraints & Challenges: |
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*Definition: The sports equipment market caters to the needs of both amateur and professional athletes. It comprises a wide range of gear and accessories required for playing different sports like football, basketball, cricket, tennis, swimming, gym equipment, and others. Manufacturers in this market produce top-quality equipment using innovative materials to ensure maximum performance, durability, and safety. The products undergo rigorous testing to meet the industry standards. Besides core sports gear, the market also offers complementary products like apparel, shoes, protective gear, and other training essentials.
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About Author
Sakshi Suryawanshi is a Research Consultant with 6 years of extensive experience in market research and consulting. She is proficient in market estimation, competitive analysis, and patent analysis. Sakshi excels in identifying market trends and evaluating competitive landscapes to provide actionable insights that drive strategic decision-making. Her expertise helps businesses navigate complex market dynamics and achieve their objectives effectively.
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