Report Overview

The global sports equipment market is likely to grow due to the growing acceptance of new sports technologies and the large number of young sports fans who prefer watching television events such as the Olympics, Indian Premier League, and FIFA.

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).Due to the growing acceptance of new sports technologies and the large number of young sports fans who prefer watching television events such as the Olympics, Indian Premier League, and FIFA, the sports equipment and facilities industry is undergoing rapid changes. Sports equipment plays a crucial role in ensuring safety and proper movement during a sporting event. Therefore, sports equipment manufacturers are continuously improving the materials they use for the manufacturing of sports equipment, which improves performance for customers and boosts the market growth. Additionally, the rising awareness regarding general health and fitness and the need to improve the existing equipment, along with customer-centric customization, are pushing the global sports equipment market forward.

Source: BlueWeave Consulting

Global Sports Equipment Market Overview

Sporting equipment is any tool, apparel, gear, or material that minimizes the risk of injury while maximizing the movement of body parts involved in performing a particular sport. Sedentary lifestyles are becoming a major concern among the working-class population; therefore, people have started to play certain sports to stay fit. These sports instruments can be procured through different channels easily. Several companies are now innovating sports equipment to improve the overall experience for sportsmen. With the advancement of sensor technology, many sports equipment such as tennis rackets, golf clubs, fishing rods, and swimming goggles are now equipped with sensors. Athletes use them to measure motion and record detailed biometric data.

Global Sports Equipment Market Trend

Growth Drivers

Increase in Sports and Fitness Awareness Across the World

Global sports equipment market growth is driven by the rising popularity of sports and fitness activities. The World Cup, Indian Premier League, Olympics, etc., have influenced the minds of young people to become more enthusiastic about their favorite sports. Moreover, school and college sports also allow students to compete in various sports.  Additionally, Millennials are aware that a sedentary lifestyle has negative health effects which include hypertension, hypotension, depression, weakness, disturbed body posture, etc. As a result, the health and fitness-conscious Millennials make adequate time to participate in their choice of sport. Since people are increasingly looking to grab the benefits of engaging in sports, the trend is fueling the growth of the global sports equipment market.

Government Initiatives Towards Sports Activities and Events

The global sports equipment market is expected to grow due to the favorable initiatives undertaken by the governments of different countries. Various governments have been attempting to influence citizens in their nations to get involved with sports and physical activities. These initiatives are often undertaken by the government by collaborating with the help of a well-known sportsperson in the country. Additionally, programs like marathons, races, and inter-state competitions for various sports have also acted as a stimulant to the sale of sports equipment across the globe. For instance, India launched “Khelo India” in 2019 to create awareness regarding the importance of sports and physical activities.  Such factors are thereby fueling the growth of the sports equipment market worldwide.

Restraints

Increasing Preference for Indoor and Online Activities

As smartphones and internet facilities have become more common, people have developed a strong preference for being indoors and playing online games, surfing the web, watching movies, etc. The youngsters are the worst impacted by these factors. According to a recent report, by January 2021 there will be 4.66 billion active internet users in the world, which is roughly 59.5% of the world's population. Out of this, 92.6% (4.32 billion) accessed the internet via mobile devices. Since the indoor online games might look more engaging to the people this mayfurther restrain the growth of the global sports equipment market.

Impact of COVID-19

The COVID-19 pandemic has wreaked havoc on several economies around the world. Due to the high infection rates and adverse impact on public health systems, various countries had to enforce nation wide lockdowns, which significantly impacted industrial supply chains, trade, and related services.

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. Moreover, many big sports events were canceled during the first wave of the pandemic, abruptly impacting the global sports equipment market.

Global Sports Equipment Market: By Product

Based on products, the global sports equipment market is grouped into aball over net games, ball games, fitness/strength equipment, athletic training equipment, and others. Among these, the ball gamessegment generated the maximum revenue in the product segment of the sports equipment market, thereby owning the largest market share. The segment is likely to dominate the global sports equipment market even during the forecast period as ball games such as cricket, basketball, and football are popularly watched and played all over the world. Additionally, the global sports equipment market is expected to grow due to improved quality and production of customer-centric equipment.

Source: BlueWeave Consulting

Global Sports Equipment Market: By Distribution Channel

Based on distribution channels, the global sports equipment market is fragmented into online retail, specialty & sports shop, department & discount stores. Among these, the specialty & sports shop segment accounted for the largest share in 2020. Such stores have a comprehensive portfolio of products and provide much-needed support and information to consumers through professional customer staff. They also stock branded equipment that can be analyzed and compared by customers. However, the online sales segment shows the fastest growth. Nowadays, more and more people are browsing and shopping for products online (including sports equipment) using their cell phones or other electronic devices. As a result of the change in consumer shopping patterns, sports equipment companies are now focusing on securing their presence on the internet.

Global Sports Equipment Market: Regional Insights

Geographically, the global sports equipmentmarket is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, North America dominates the global sports equipment market. The market for sporting goods is gaining momentum in the North American region due to increased consumer spending on sporting goods. Furthermore, the growing menace of obesity is making government and nongovernment bodies more aware of the demand for sports equipment in the region. Additionally, the global sports equipment market in the Asia Pacific is also catching up as a result of the increasing disposable income and customer’s desire to stay fit.

Competitive Landscape

There has been an influx of new entrants into the sports equipment market due to its high growth potential. The emergence of new entrants has resulted in healthier competition among long-established service providers in the industry. Some of the key players 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.

Recent Developments

•  In July 2021, the French sports shop chain Decathlon announced its official partnership with the Paris 2024 Olympic and Paralympic Games. Decathlon will provide 45,000 volunteers with sports equipment for the Games in Paris as a result of the partnership.

•  In April 2021, Tennis bodysuits were launched by Adidas with the purpose of improving sustainability. It involves the use of recycled dye technologies for dyeing the garments, thus, causing very little damage to the environment.

Scope of the Report

By Product Type

• A ball over net games
• Ball games
• Fitness/Strength equipment
• Athletic training equipment
• Others

By Distribution channel

• Online retail
• Specialty & sports shops
• Department & discount stores

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa