A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global sports equipment market was worth USD 79.2 billion in 2020 and is further projected to reach USD 122.5 billion by 2027, at a CAGR of 6.6% during the forecast period (2021-2027). Increasing awareness of the benefits of sports and the need to engage in sports with proper equipment is driving the market. Moreover, people’s desire to give up sedentary lifestyles, coupled with their awareness of the benefits of working out, is also driving the market’s expansion. Additionally, a variety of innovations in sports equipment segments also contribute to the market’s growth. Furthermore, the rising incomes of people in developing countries and their ability to spend on health and fitness also aids the growth of the global sports equipment market.
Other factors driving market growth include government initiatives to make recreational activities part of school and college curricula. Furthermore, a number of initiatives have been taken to popularize sports in various countries to motivate young athletes. Allocating substantial funds for the development of sports infrastructure, in addition to organizing multiple sports events, is also an important factor contributing to the growth of the global sports equipment market.
Increase in Sports and Fitness Awareness Across the World Favoring Market Growth
With every passing day, the working-class population is becoming more health-conscious. It is attributable to their sedentary lifestyles over the years that have caused them to suffer severe health consequences, including obesity, fluctuating blood pressures, developing high cholesterol levels, etc. All of these factors can have adverse effects in the long run. People around the world have thus been increasingly focusing on fitness, both at home and through playing outdoor sports. Furthermore, the industry is experiencing commendable growth around the world as people adopt sports and recreational activities in order to stay healthy and even for stress management purposes.
Increasing Popularity of Sports Events Across the Globe Driving the Market Forward
People around the world are fond of watching or engaging in entertainment programs. However, watching their favorite team compete with others in a sporting event is a highly sought-after option. Millennials around the globe love to admire and emulate their favorite players and entertainers. Moreover, sports events, such as World Cups, the Indian Premier League (IPL), FIFA, Olympics. etc., have influenced people to step out and work on their fitness. A report stated that the opening game of the IPL 2020 drew approximately 158 million viewers in comparison to 131 million viewers of the opener of the IPL 2019. This depicted a roughly 21% increase in viewership. As a result, sports are becoming more popular, creating opportunities for the global sports equipment market. Global media coverage has ultimately increased the popularity and global reach of sports, encouraging young people to actively take part in sports.
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Global Sports Equipment Market: By Distribution Channel
Based on the distribution channel, the global sports equipment market is categorized into three main segmentsâ€”online stores, specialty and sports shops, and department and discount shops. Online consumers can browse hundreds of products from various brands in their online store. This has opened a lot of opportunities for the global sports equipment market. However, online platforms are less popular with people who prefer visiting a store to compare products in person before making a purchase.
Moreover, specialty and sports shops can expose customers to a wide range of sporting equipment of different brands under one roof. Due to this reason, the specialty and sports shop segment holds the largest market share. Moreover, online stores have also seen a sudden surge due to digitization and depict the fastest growth in this segment.
Impact of COVID-19
Several economies around the world have been impacted by the COVID-19 pandemic. As soon as the coronavirus was declared a pandemic, several countries had to enforce nationwide lockdowns in response to high infection rates, adversely impacting public health systems and industrial supply chains. Due to the unprecedented disruption of supply chains caused by the nationwide lockdowns and curfews imposed by the COVID-19 outbreak, sports equipment and accessories had to witness checkered growth throughout the pandemic. Sales of equipment for sports declined as a result of consumers’ prudence in spending. In addition, many big sporting events were canceled during the first wave of pandemic, thereby abruptly impacting the global sports equipment market.
North America Leads the Global Sports Equipment Market
The global sports equipment industry is grouped into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among these continents, North America dominates the global sports equipmentmarket. Because of the high levels of income and spending power of the North American people, the Sports Equipment industry in North America is growing substantially. The countries in this region are also experiencing an increase in health-related issues like obesity and hypertension. Thus, a huge portion of the North American population is now determined to stay fit.
Additionally, the global sports equipment market in the Asia Pacific is catching up at the fastest rate due to the rising popularity of sports events, coupled with increasing awareness regarding health and fitness. As a result of the availability of infrastructure and high demand among sports and fitness enthusiasts, many key players in the region have expressed interest in expanding their business.
The high growth potential of the sports equipment market has attracted a host of new entrants, resulting in a remunerative opportunity. The entry of new players has resulted in more competitive business practices among the big players. Some of the key players in the global sports equipment market are Adidas AG, Amer Sports, Callaway Golf Co., Sumitomo Rubber Industries Limited, Nike, Inc., Puma SE,Mizuno Corporation, Sports Direct International PLC, Under Armor, Yonex Co., Ltd., and other prominent players.
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