Pune India, Dec. 01, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East, and Africa. These are the key regions where the Sports Equipment market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Sports Equipment market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, route of administration, facility of use, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating 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 Armour, Yonex Co., Ltd among others. To achieve a substantial market share in the worldwide Sports Equipment market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Galderma is one of the most significant manufacturers and distributors present in the global Sports Equipment market.
Sports equipment which is also known as sporting goods, include sports apparel, tools, gear, and materials which are widely being used to compete in a sports activity of keep a person healthy and fit. It is alos used to protect a protect a person from any injury during the sports activity. The increasing adoption of emerging sports technologies and latest trends among youth is expected to drive the market’s growth.
The growing participation of people in sports and recreational activities drives the marke’s growth. Furthermore, the factors such as the openness to constantly changing trends, swift adoption of modern technologies, growing stress management, rising health awareness, and sedentary lifestyles of the younger generation impacts the growth of the market. In addition, rising disposal income, the improving living standards, and rapid urbanizations across several regions is expected to provide lucrative growth opportunities to the sports equipment market during the forecast period.
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Scope of Sports Equipment Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Product type and distribution channel|
|Regions Covered||North America, Europe, Asia-Pacific, South America and Middle-East and Africa|
|Major Players||Adidas AG, Amer Sports, Callaway Golf Co., Sumitomo Rubber Industries Limited, Nike, Inc., Puma SE, Mizuno Corporation, Sports Direct International PLC, Under Armour, Yonex Co., Ltd. among others|
Ball Games products segment is expected to be the fastest growing segment in 2021.
The product type segment includes ball games, ball over net games, athletic training equipment, and fitness/strength equipment. Ball games segment is expected to witness highest growth rate during the forecast period. The increasing interest of people in ball games such as basketball, football, cricket, etc. propels the segment’s growth. Furthermore, these games are easy to play and the equipments are also cheaper when compared to other sports equipments, supplementing the segment’s growth.
Specialty & sports shops segment is expected to be the fastest growing segment in 2021.
The distribution Channel segment includes online retail, specialty & sports shops, and department & discount stores. Specialty & sports shops segment is expected to witness highest CAGR during the forecast period. The specialty & sports shops offer wide range of sports equipments and apparels from various brands which dries the segment’s growth. Moreover, these shops also arrange for the equipments ordered by the consumer in short notice and the products can be also be replaced easily in case of any defect, supplementing the growth of this segment.
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Sports Equipment include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region witnessed a major share. This is mainly attributed to increased preference for leading a healthy lifestyle by engaging in some kind of sport activity. However, Asia-Pacific is expected to witness considerable growth rate during the forecast period. Growing demand from emerging markets such as India and China coupled with increasing number of international sports held in the Asia Pacific region has driven growth of Asia-Pacific Sports Equipment market.
Germany’s Sports Equipment market size was valued at USD 11.6 billion in 2021 and is expected to reach USD 22.77 billion by 2029, at a CAGR of 8.8% from 2022 to 2029. Germany is one of the leading nations in the Europe Sports Equipment market. The factors such as huge participation and spectatorship of football, economic growth, and increasing focus on health and wellness among the population are fueling the growth of the Germany Sports Equipment market.
In addition, the popularity of the NBA (National Basketball Association) has increased the fan base for sports in Germany. There is also an increase in the European sports fan base, driving the market’s growth in the region. For instance, in July 2021, Fanatics, in association with NBA, announced the opening the first NBA store in the United Kingdom. This store is located in London’s shopping area at 14-16 Foubert’s Place.
China’s Sports Equipment market was valued at USD 2.05 billion in 2021 and is expected to reach USD 3.05 billion by 2029, at a CAGR of 5.1% from 2022 to 2029. China is one of the largest Sports Equipment market. This is mainly attributed to the introduction of several key initiatives that are aimed at boosting the sports industry. For instance, in August 2021, the government of China announced its ambitious plan to make a 5 trillion yuan sports industry by 2025. This size of the sports industry is about 69.5% higher than the size in 2019. Such government funding and policy assistance is expected to fuel the growth of the overall Sports Equipment industry in the country.
India’s Sports Equipment market size was valued at USD 3.9 billion in 2021 and is expected to reach USD 7.7 billion by 2029, at a CAGR of 8.9% from 2022 to 2029. India is one of the strongest growing economies in Asia. In addition, the emerging popularity of cricket and other sports in this country is expected to create lucrative growth opportunities for the market. The rising need for sports equipment and apparel to use while playing sports to prevent injuries is expected to drive the market’s growth in the region.
Covid-19 had a major impact on almost all the industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the healthcare sector have seen increased revenue due to significant changes in consumer preferences toward healthcare services. In addition, the pandemic has led to significant healthcare spending growth across developing and developed countries.
Furthermore, the increasing need for building a strong immune system and keeping healthy and fit boosted the growth of the global sports equipment market.
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