Global Sports Equipment Market Insights Forecasts to 2032.
- The Global Sports Equipment Market Size was valued at USD 332.6 Billion in 2022.
- The Market Size is Growing at a CAGR of 6.5% from 2022 to 2032
- The Worldwide Sports Equipment Market Size is expected to reach USD 625.4 Billion by 2032
- Asia Pacific is Expected To Grow the fastest during the forecast period
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The Global Sports Equipment Market Size is expected to reach USD 625.4 Billion by 2032, at a CAGR of 6.5% during the forecast period 2022 to 2032.
The growing awareness of the benefits of a healthy lifestyle and the importance of sports and fitness activities is driving up demand for such equipment. The growing popularity of national and international events such as the Soccer World Cup, Olympic Games, and Cricket World Cup is also propelling the sports equipment market forward. Rising cases of lifestyle-related health issues, such as stress and obesity, are encouraging more people to participate in outdoor and fitness activities, which is fueling demand for a variety of fitness and sports equipment. The increasing availability of popular international athletic equipment brands is also driving up product demand. Women's sports participation is a significant factor that will almost certainly boost market growth.
Global Sports Equipment Market Report Coverage
|Market Size in 2022:||USD 332.6 Billion|
|Forecast Period 2022-2032 CAGR:||6.5%|
|2032 Value Projection:||USD 332.6 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Product Type, By Distribution Channel, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||Adidas AG, Yonex Co., Ltd, Puma SE, Mizuno Corporation, Amer Sports, Callaway Golf Co., Sumitomo Rubber Industries Limited, Nike, Inc., Sports Direct International PLC, Under Armour and Other Key Vendors.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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There is Increasing awareness regarding the health benefits of sports activities. Playing sports has several benefits for the human body, including the ability to reduce fat and keep a person healthy by controlling body weight. As a result, more people are engaging in sports activities to improve their fitness and health. Furthermore, the increasing number of national and international events increases consumer demand for sports equipment, driving market growth. Several sports, when practiced regularly, help reduce the risk of diabetes, blood pressure, heart function, and stress levels.
The growing preference for indoor activities such as video games, board games, mobile phone games, and so on is limiting market growth. The rapid penetration of the internet has a negative impact on market growth because youth and children are constantly glued to their mobile screens and rarely go out to play sports. Furthermore, rising demand for movie viewing, virtual reality gaming, live music shows, and other activities restrains the growth of the sports equipment market.
By Product Type Insights
The fitness/strength equipment segment dominates the market with the largest revenue share over the forecast period.
Based on product type, the global sports equipment market is segmented into ball over net games, ball games, fitness/strength equipment, athletic training equipment, and others. Among these, the fitness/strength equipment segment is dominating the market with the largest revenue share over the forecast period. Several rigorous, complex, and primarily sedentary work cultures, the urban population's lifestyles have changed dramatically in recent years. Consumers' interest in sports and fitness is growing in tandem with their growing health concerns and disposable incomes.
By Distribution Channel Insights
The online retail segment is expected to hold the rapid revenue growth of the global Sports equipment market during the forecast period.
Based on distribution channel, the global sports equipment market is classified into online retail, specialty & sports shops, department & discount stores, and others. Among these, the online retail segment is expected to grow at a rapid pace during the forecast period. Rising internet usage among consumers, as well as targeted marketing by businesses to reach all customer touchpoints, are expected to fuel the growth of this segment. Furthermore, rising smartphone usage, rising consumer spending, rising internet penetration, and online shopping from e-commerce platforms are likely to drive segment growth over the forecast period.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the largest market share over the forecast period. During the forecast period, because of a growing emphasis on sports, rising spending power, and technological advancements, the United States dominates the regional sports equipment industry. The growing popularity of sports such as football and basketball has pushed the regional administration to build arenas and provide more sporting options to its citizens. This is expected to lead to a positive outlook for market growth over the forecast period. The growing popularity of national and international events such as the Soccer World Cup, Olympic games, and Cricket World Cup is also driving growth in the sports equipment market. Rising cases of lifestyle-related health issues, such as stress and obesity, are encouraging more people to participate in outdoor and fitness activities, fueling demand for various types of fitness and sports equipment. The demand for products is also being boosted by the increased availability of popular international athletic equipment brands. Women's participation in sports is a significant factor that will almost certainly boost market growth.
Asia-Pacific market is expected to grow the fastest during the forecast period. India has made the greatest contribution in terms of cricket equipment. Meanwhile, football equipment accounted for the region's second-largest market share in the entire sports equipment industry. Due to the growing popularity of games and, as a result, the expansion of leagues devoted to them, India has made significant advancements in outdoor equipment in recent years. Furthermore, rising disposable income and consumer spending in emerging markets such as India, China, and the Middle East are expected to drive sporting goods demand.
Europe is expected to grow significantly during the forecast period. Major factors influencing European sporting goods demand include an increase in obesity prevalence, an increase in health and fitness consciousness, an increase in processed food consumption, an increase in disposable income, and an increase in the popularity of sports activities among the general population. The globalization of numerous athletic events in recent years has increased the popularity of various sports, which has significantly increased the demand for sporting goods equipment in Europe.
List of Key Market Players
- Adidas AG
- Yonex Co., Ltd
- Puma SE
- Mizuno Corporation
- Amer Sports
- Callaway Golf Co.
- Sumitomo Rubber Industries Limited
- Nike, Inc.
- Sports Direct International PLC
- Under Armour
Key Market Developments
- In March 2021, DICK'S Sporting Goods, the largest omnichannel sporting goods retailer in the United States, introduced VRST, a men's athletic apparel brand designed for the modern active man who lives life on the go.
- In June 2021, Deporvillage, an online-only retailer of outdoor sporting equipment, was recently acquired by JD Sports Group. The company will acquire 80% of the stake, while the remaining 0% will be retained by Deporvillage founders Xavier Pladellorens and Ngel Corcuera.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global sports equipment market based on the below-mentioned segments:
Sports Equipment Market, Product Type Analysis
- Ball Over Net Games
- Ball Games
- Fitness/Strength Equipment
- Athletic Training Equipment,
Sports Equipment Market, Distribution Channel Analysis
- Online retail
- Specialty & sports shops
- Department & discount stores
Sports Equipment Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the size of the sports equipment market?The global sports equipment market is expected to be worth USD 312.3 billion in 2021 and USD 332.6 billion in 2022.
2. Which segment accounted for the greatest share of the sports equipment market?North America held the largest share of the sports equipment market. This is due to increased consumer participation in sports activities.
3. What factors are driving the sports equipment market?The rising awareness of general health and fitness, as well as the growing popularity of casual and athletic designs in sports equipment, are key factors driving the growth of the sports equipment market.
4. What is the growth rate of the sports equipment market?From 2022 to 2030, the global sports equipment market is expected to grow at a compound annual growth rate of 6.5%, reaching USD 625.4 billion.
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