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

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.