Sports Equipment Market Dominated by Asia Pacific, North America
The global sports equipment market is expected to exhibit a steady 3.2% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global sports equipment market is studied in detail in the report, which provides readers a clear view into the historical growth trajectory of the market as well as studied forecasts regarding the probable future growth trajectory of the market. The major players in the market are also studied in the report, in addition to the major drivers and restraints affecting the market growth.
The global sports equipment market is mainly driven by the increasing interest in active lifestyles among consumers. Many consumers around the world are picking up sports as a way to stay healthy and fit, leading to a growing demand from the sports equipment market. Sports that require minimal equipment, such as football, tennis, and badminton are becoming increasingly popular in several parts of the world. This is a major driver for the sports equipment market.
The increasing development of better sports equipment is likely to be a major driver for the global sports equipment market over the forecast period. While sports implements have traditionally been made by hand, the advent of machines and industrial manufacturing has served to elevate the quality of the products produced in the global market. Increasing research into the materials used to produce sports equipment has also resulted in the development of hybrid materials and manufacturing techniques that allow for the production of stronger, more capable sports equipment. This has been a major driver for the sports equipment market over the historical review period. On the other hand, the increasing presence of counterfeiters in the sports equipment market is likely to be a key market restraint in the coming years. High-volume markets such as Asia Pacific are a promising environment for counterfeiters, as government regulation is lax and consumer awareness is also not as high as in North America or Europe.
Competitive Analysis:
Leading players in the global sports equipment market include Kering S.A., Nike Inc., ANTA Sports Products Limited, Adidas AG, Quicksilver Inc., Callaway Golf Company, Sports Direct International plc, BPS Direct LLC, Shenzhen Taishan Sports Technology Co. Ltd., Globeride Inc., Mizuno Corporation, Yonex Co. Ltd., Black Diamond Equipment Ltd., New Balance Athletics Inc., and Daei Sportswear and Equipment.
In September 2019, Barstool Sports implemented Yamaha’s UC conferencing equipment as part of a partnership between the two companies.
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Segmentation:
The global sports equipment market is segmented on the basis of type, distribution channel, and region.
By type, the sports equipment market is segmented into balls, sticks, bats and clubs, nets and goalposts, sports gear, and others. The balls segment is the leading revenue generator in the global sports equipment market and is likely to remain the leading segment in the coming years due to the integral role of balls in any sport.
By distribution channel, the global sports equipment market is segmented into store-based and non-store based. The traditional store-based distribution dominates the global sports equipment market at present. However, the non-store based segment is growing quickly and is expected to exhibit a higher growth rate over the forecast period from 2019 to 2024. The increasing availability of better customer care and the option to return and replace items in online shopping portals is likely to be the major driver for the non-store based segment over the forecast period.
Regional Analysis:
North America is the dominant revenue generator in the global sports equipment market, followed by Asia Pacific. The high volume of sports enthusiasts in North America is a major driver for the global sports equipment market. In addition, the strong presence of licensing requirements and regulations also drives up the market for sports equipment in North America. While the market in Asia Pacific is comparable to or even larger than North America in terms of consumer numbers, a large part of the sports equipment sales in Asia Pacific are unlicensed, leading to a loss for authorized sports equipment market players.
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