Press release
Sports Equipment Market Growth Expected at a CAGR of ~6.5% from 2023 to 2033
Request a sample report@ https://www.persistencemarketresearch.com/samples/2794
Market Overview: Innovation and Health Awareness Boost Demand
The sports equipment market saw a revenue of $89,292.0 million in 2022 and is projected to reach $95,096.0 million in 2023. Key drivers of market growth include the rising popularity of sports and fitness activities, particularly as consumers become increasingly aware of the importance of a healthy lifestyle. This trend has accelerated the demand for cutting-edge sports equipment designed to enhance athletic performance and cater to evolving consumer preferences.
The top market players, including Adidas AG, Amer Sports, Callaway Golf Company, Nike Inc., and PUMA SE, have taken significant steps toward sustainability, contributing to market growth. Adidas, for instance, aims to use only recycled plastics in its products by 2024, a move aligned with consumer demand for eco-friendly products.
Impact of COVID-19: Temporary Setbacks, Long-Term Growth
The global pandemic brought challenges to the sports equipment market, with delays in major sporting events like the Olympics. However, the recovery has been steady as market participants adjusted to changing conditions. The report highlights that lifestyle-related health issues, such as obesity and stress, have encouraged more individuals to engage in physical activities, which has been crucial in driving market demand.
Regional Insights: Europe Leads the Way, India Emerging as a Growth Leader
Europe currently holds a significant share of the global sports equipment market, driven by high engagement in outdoor sports and government initiatives promoting fitness. The U.S., with a ~25% share, remains a key market due to rising participation in sports activities, particularly among children and young adults.
Meanwhile, India is expected to exhibit the highest growth, with a projected CAGR of 10.2% during 2023-2033. The expansion of sports infrastructure, increased viewership in rural areas, and government support for sports development are pivotal to the growth of the Indian sports equipment market. Female participation in sports is also on the rise, contributing significantly to market demand.
Product and Sales Channel Insights: Balls and Online Sales Drive Market Expansion
The balls segment dominated the sports equipment market in 2022, accounting for 24.9% of total revenue. This segment is expected to maintain its dominance, with a CAGR of 6.8% over the forecast period. Popular sports such as cricket, football, and basketball are driving demand for sports balls worldwide.
The rise of online retailing is another critical growth factor. Consumers increasingly prefer to purchase sports equipment online, with e-commerce channels offering easy access to a wide range of products, reviews, and price comparisons. This segment is forecasted to grow at a CAGR of 12.3%, driven by increasing internet penetration and mobile commerce activities.
Challenges: Regulatory Standards and Indoor Entertainment Alternatives
Despite promising growth, the market faces challenges. Regulatory standards for sports equipment, particularly in tennis and other racquet sports, pose barriers for manufacturers. Additionally, the growing preference for indoor activities, such as video gaming, may slightly temper the market's expansion, particularly among the youth.
Competition Landscape: Mergers, Acquisitions, and Sustainability Efforts
The global sports equipment market is moderately competitive, with companies employing strategies such as mergers, acquisitions, and partnerships to strengthen their positions. Key players like Harrow Sports Inc. are focusing on expanding their distribution networks, while sustainability efforts are increasingly shaping market strategies. Consumers are becoming more inclined to purchase from brands with eco-friendly products and responsible marketing practices.
Read More; https://www.persistencemarketresearch.com/market-research/sports-equipments-market.asp
Key Segments in the Sports Equipment Market
The market is segmented based on product type, end user, and sales channel:
Product Type: Balls, sticks/bats/clubs, nets/goals, rods/tackles, gears, and other equipment.
End User: Men, women, teens.
Sales Channel: Multi-brand stores, mono-brand stores, franchise stores, company-owned stores, and online retailers.
Conclusion
As consumer preferences shift toward healthier lifestyles and advanced technology continues to reshape the sports equipment landscape, the market is set for robust growth in the coming decade. The increasing participation of women in sports, coupled with the rapid expansion of online sales channels, will further drive demand for innovative sports equipment globally.
Contact Us:
Persistence Market Research
G04 Golden Mile House, Clayponds Lane
Brentford, London, TW8 0GU UK
USA Phone: +1 646-878-6329
UK Phone: +44 203-837-5656
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com
About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Sports Equipment Market Growth Expected at a CAGR of ~6.5% from 2023 to 2033 here
News-ID: 3689601 • Views: …
More Releases from Persistence Market Research
Agarwood Chips Market Set to Reach US$ 87.47 Billion by 2033, Driven by Rising D …
The global agarwood chips market is projected to expand significantly over the next decade, according to a recent study by Persistence Market Research. Valued at US$ 44,050.7 million in 2023, the market is expected to reach US$ 87,467.6 million by 2033, growing at a compound annual growth rate (CAGR) of 7.1% over the forecast period. The increasing cultural and fragrance industry demand, alongside innovations in agarwood-based products, are key factors…
Golf Equipment Market to Reach US$ 19.73 Billion by 2031, Driven by Technologica …
The global golf equipment market is projected to witness steady growth over the forecast period, increasing from US$ 15.72 billion in 2024 to US$ 19.73 billion by 2031, with a compound annual growth rate (CAGR) of 2.3%. This growth is fueled by the rising popularity of golf, advancements in equipment technology, and a growing focus on sustainability.
Request a sample report@ https://www.persistencemarketresearch.com/samples/9734
Key Market Insights: Golf Equipment Growth and Innovations
The global golf…
Algal Oil Market to Witness a 6.2% CAGR, Surging to US$ 243.8 Mn by 2032
The global algal oil market is set to experience significant growth between 2022 and 2032, driven by increasing consumer demand for plant-based alternatives and the rise of veganism. With a compound annual growth rate (CAGR) of 6.2%, the market is expected to expand from a value of USD 133.4 million in 2022 to USD 243.8 million by the end of the forecast period. The increasing use of algal oil in…
Anhydrous Caffeine Market Poised for Growth, Reaching US$ 2.77 Bn by 2030
The global anhydrous caffeine market is on a steady growth trajectory, driven by rising consumer demand across various industries. Currently valued at USD 2.09 billion, the market is projected to expand at a compound annual growth rate (CAGR) of 4.9% over the forecast period, reaching an estimated USD 2.77 billion by 2030. Anhydrous caffeine, known for its dehydrated form and potent stimulant effects, is gaining popularity in multiple sectors, including…
More Releases for CAGR
Cat Litter Box Market | CAGR of 9.1% | Revenue & CAGR of 9.1%
Cat Litter Box Market Report provides precise data about the market size, commercialization aspects and revenue forecast of the industry. The global Cat Litter Box market offers a historical factsheet relevant to the strategic mergers, acquirements, joint venture activities, and partnerships spread in the Cat Litter Box market. The most advanced data has been presented in the study on the revenue numbers, product details, and sales of the major firms.…
Predictive Analytics Market Growing at Strong CAGR of CAGR of 25.31% 2019
Predictive analytics helps to extract information from the existing data. It helps in understanding the pattern and predict the trend or future for the organization. It uses what-if scenarios to predict possible risks involved in the future. Predictive analytics also helps in the optimization of the marketing campaigns and understanding of the customer behaviour for increasing the end-user response and to reduce the churn.
Predictive analytics is segmented into:
Risk management:…
Global Absorption Chillers Market Reflecting a CAGR of 7.6% CAGR through 2025
The demand for thermally-driven chillers in multiple industrial verticals is poised to grow in the immediate future. Considering the rising demand for electrical chillers in commercial, residential as well as industrial settings, the adoption of absorption chillers will gain traction at considerable rate. By consuming lesser energy than conventional electrical chillers, absorption chillers will also garner surplus demand for not using ozone-depleting chlorofluorocarbons (CFC) for chilling purposes. Persistence Market Research’s…
Aircraft Sensors Market Growing at a CAGR of 6.4% CAGR By 2022
The global aircraft sensors market is forecasted to receive a strong push in its growth momentum on the back of advancements in technologies, massive investments forwarded by private equity groups, and the elevation in the demand for aircraft. Adherence to the requirements and regulations of authorities such as local aircraft regulatory bodies and the Federal Aviation Administration (FAA) could pamper the growth of the market. Nonetheless, there could be more…
China Baby Diapers Market Reflecting a CAGR of 19.1% CAGR 2012-2017
The increasing birth rate in China has proven to be a boon for the country’s baby diaper’s market. To provide a comprehensive analysis of the growth trajectory exhibited by the China baby diapers market and study the impact of the dynamic regulatory policies on the market, Transparency Market Research (TMR) has published a report, titled “Baby Diapers Market - China Industry Analysis, Market Size, Share, Growth, Trends And Forecast, 2012…
Ecg Device Market Register a CAGR Growth of 4.1% CAGR by 2024
This region holds highest market share over the forecast period (2016-2024) and is expected to exhibit slow growth rate. The Asia Pacific is expected to be the fastest-growing region for ECG devices owing to its increasing incidence rate of cardiovascular diseases and high population.
ECG devices are experiencing a paradigm technological shift from resting ECG systems to portable Holter monitoring systems, owing to their advantages of patient mobility, low prices and…
