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Sports Equipment Market: Segmented By Product Type (Ball Games, Ball Over Net Games, Fitness/ strength Equipment, Athletic Training Equipment): By Type (Racing Sports, Ball Sports, Water Sports, Extreme Sports and Others): By End Use (Household and Commercial): By Distribution (Online Retail, Specialty and Sports Shops, Department and Discount Stores): Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
Sports Equipment Market to surpass USD 143104.75 million by 2031 from USD 78683.2 million in 2021 at a CAGR of 6.16% within the coming years, i.e., 2021-31.
Sports Equipment are the apparatuses, material, apparel, tools, and gear used to contest in a sport and varies depending on the sports. Wearing an appropriate gear lessens the chance of getting injured, enabling you to focus more on the game and not worry about accidents that might happen.
The broad expansion, together with increasing inclination towards sports and rise in technology, should enhance to the demand for Sports Equipment Market. The rising demand for such a friendly and convenience product and rising consumption of sports Equipment in emerging countries are making the growth during the timeframe.
Sports Equipment Market is segmented by product type into Ball Games, Ball Over Net Games, Fitness/ strength Equipment, Athletic Training Equipment. The Ball Games segment is projected to lead the global market. Since ball games are popularly watched all over the world, the revenue generated from this segment is notably higher than rest of the segment. Growing global popularity of sporting event such as football, cricket, basketball and other is projected to be one of the major components contributing to the expansion of the segment.
Based on end-use type the market is categorized as household and commercial. The Commercial segment is estimated to lead the End User segment. Increasing media coverage in Various global sports events encourages youth to take part in sports. This embraces a swift increase in commercial sports equipment. Consumers are spending more on portable goods that make their life easy. These features of Sports Equipment help household consumers to choose this. Hence, the demand for Sports Equipment Market increased.
Raising Awareness
Rising awareness in terms of overall health and fitness is one of the main growth components for stimulants of the market. In addition to this, continuous improvement in materials used for manufacturing of sports equipment are helping enhance product performance, thus boosting the demand rate. For instance, with advancements in sensor technologies, consumers are increasingly demanding equipment that can provide them with applicable vision into performance.
Sensor Technology
The sensor technology has advanced to a range that it can be incorporated into a host of sports equipment such as tennis rackets, golf clubs, swimming goggles, fishing rods, and others. These sensors are cable of measuring signals and copy detailed biometric data, which can be scrutinized to control glitches arising from a swing, or stroke, cat performed by athlete.
Inclination Towards Leisure Activity
There are some restraints that can affect the market demand of Sports Equipment. This includes growing acceleration towards leisure activities such as virtual reality games, watching movies, and music festivals, and many others. These activities hamper the Sports Equipment Market. In addition to this, some of the sports equipment are costly and unaffordable by middle-class people. All factors hinder the Sports Equipment Market.
Impact of the COVID-19 on the Sports Equipment Market
The world market for Sports Equipment Market has been severely affected by the outbreak of the COVID19 pandemic. The suspension of industrial activity affected the Sports Equipment Market due to weak consumer confidence, store closures, and depletion of consumer incomes. Global GDP has changed consumer behavior and reduced demand for Sports Equipment. To curb the spread of the coronavirus, the governments of several countries have imposed travel restrictions that severely affect the supply of raw materials for coffee makers. Situation will in control after the pandemic.
Aldi Einkauf GmbH & Co oHG
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Sports Equipment Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East, and Africa. North America is estimated to contribute the largest share of the Sports Equipment Market during the forecast period. Growing consumers spending on sports goods is helping the regional health awareness among public and rising problem of obesity are prinking up demand for sports equipment in this region.
| Report Attribute | Details |
| Market size value in 2021 | USD 78683.2 million |
| Revenue forecast in 2031 | USD 143104.75 million |
| Growth Rate | CAGR of 6.16% from 2021 to 2031 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product Type, Distribution, End User and Region |
| Region scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA) |
| Key companies profiled | Rallye SA, Lidl Dienstleistung GmbH & Co KG, FILA Holdings Corporation, BasicNet SpA, Carrefour SA, Aeon Co., Ltd, Mizuno Corporation, Seven & I Holdings Co. Ltd, Globeride, Inc. |
The Sports Equipment Market size was estimated at USD 78683.2 million in 2021 and is expected to reach USD 143104.75 million by 2031.
Key players: Rallye SA, Lidl Dienstleistung GmbH & Co KG, FILA Holdings Corporation, BasicNet SpA, Carrefour SA, Aeon Co., Ltd, Mizuno Corporation, Seven & I Holdings Co. Ltd, Globeride, Inc., and others.
Ball Games segment and Commercial Industry segment are anticipated to hold the largest Sports Equipment Market.
Drivers: Raising Awareness and Sensor Technology
Sports Equipment are the apparatuses, material, apparel, tools, and gear used to contest in a sport and varies depending on the sports. Wearing an appropriate gear lessens the chance of getting injured, enabling you to focus more on the game and not worry about accidents that might happen.
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