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SPORTS EQUIPMENT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Sports Equipment Market, By Product Type (Athletic training equipment, Ball games, Ball over net games, and Others), By Distribution Channel (Online retail, Specialty & sports shops, Department & discount stores, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

  • Published In : Jul 2024
  • Code : CMI7183
  • Pages :135
  • Formats :
      Excel and PDF
  • Industry : Consumer Goods

Sports Equipment Market Size and Trends

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.

Sports Equipment Market Key Factors

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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.

Market Concentration and Competitive Landscape

Sports Equipment Market Concentration By Players

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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.

Sports Equipment Market By Product Type

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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.

Regional Insights

Sports Equipment Market Regional Insights

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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.

Market Report Scope

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:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, Israel, and Rest of Middle East & Africa
Segments covered:
  • By Product Type: Athletic training equipment , Ball games , Ball over net games, and Others
  • By Distribution Channel: Online retail , Specialty & sports shops , Department & discount stores, and Others 
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

Growth Drivers:
  • Increasing popularity of recreational sports
  • Inclusion and diversity in sports 
Restraints & Challenges:
  • High cost of specialized sports equipment
  • Seasonality in demand 

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Sports Equipment Industry News

  • In May 2024, Blinkit added Sports Goods, Athleisure Wear To Quick Commerce Cart
  • In 2023, IKEA launched its first-ever sports collection
  • In 2022, Puma extended its partnership with W Series, the international single-seater motor racing championship for female drivers.
  • In 2022, DICK'S Sporting Goods, the largest U.S.-based, omni-channel sporting goods retailer, announced the introduction of VRST, a men's athletic apparel brand built for the modern active man who lives life on-the-go. VRST is available exclusively on VRST.com and dicks.com and will roll out to more than 400 DICK'S stores nationwide over the coming weeks.

*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.

Market Segmentation

  •  Product Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Athletic training equipment
    • Ball games
    • Ball over net games
    • Others
  •  Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
    • Online retail
    • Specialty & sports shops
    • Department & discount stores
    • Others
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa
      • GCC Countries
      • Israel
      • Rest of Middle East & Africa
  • Key Players Insights
    • 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
    • Under Armour

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About Author

Sakshi Suryawanshi

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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Frequently Asked Questions

The global Sports Equipment Market size is estimated to be valued at USD 400.31 billion in 2024 and is expected to reach USD 622.08 billion in 2031.

The CAGR of the global sports equipment market is projected to be 6.5% from 2024 to 2031.

Increasing popularity of recreational sports and inclusion and diversity in sports are the major factors driving the growth of the global sports equipment market.

High cost of specialized sports equipment and seasonality in demand are the major factors hampering the growth of the global sports equipment market.

In terms of product type, ball games is estimated to dominate the market revenue share in 2024.

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 are the major players.

North America is expected to lead the global sports equipment market.
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