Sport Protection Equipment Market is expected to increase at a 5.0% annual pace in 2023 and close at US$ 8.87 billion, having been valued at US$ 8.42 billion in 2022. Moreover, growth is anticipated to pick up speed at an astounding 5.3% CAGR during the assessment period of 2023–2033 and reach US$ 14.87 billion.
As per Fact.MR, the primary drivers anticipated to fuel the expansion of the Sport Protection Equipment market are the swiftly rising consumer expenditure on sports equipment devices, an increase in both domestic and international sporting events, and a notable surge in consumer consciousness concerning health and fitness.
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The increasing prevalence of health issues related to sedentary lifestyles, such as stress and obesity, is sparking a global interest in outdoor and fitness activities. Consequently, there is a rising demand for various sports and fitness equipment. Major global sporting events like the Soccer World Cup, Olympic Games, and Cricket World Cup significantly boost the worldwide demand for sports equipment.
The presence of well-known international sports equipment brands further fuels this demand. Additionally, the active participation of women in sports is emerging as a crucial growth factor, reflecting a societal shift toward a more inclusive sports culture and broadening the customer base for sports equipment manufacturers.
Key Companies Profiled:
- Armour Inc.
- ASICS Corporation
- Adidas AG
- Shock Doctor Inc.
- Vista Outdoor Inc.
- Mizuno Corp.
- PUMA SE
- Acushnet Holdings Corp
- Amer Sports Corporation
- BRG Sports Inc.
- NIKE Inc.
- Decathlon S.A.
The convergence of health awareness, global enthusiasm for sports, and the increasing presence of recognized sports brands are shaping the dynamic growth trajectory of the sports equipment market. As more individuals adopt active lifestyles, the demand for diverse and high-quality sports gear is expected to rise, making this a vibrant and evolving industry.
Key Takeaways from Market Study:
The global sports equipment market is projected to expand at a CAGR of 6.9% through 2034.
Global sales of sports equipment are estimated at US$ 113.07 billion in 2024.
The market is forecasted to reach US$ 220.35 billion by 2034.
The North American market is projected to expand at a CAGR of 7.8% through 2034.
Sticks, bats, and clubs are projected to collectively account for a 22.4% market share in 2024.
East Asia is forecasted to account for 23.1% of the global market share by 2034.
Market Developments:
Leading manufacturers of sports equipment include PUMA.SE, Nike Inc., Jarden Corporation, Amer Sports, and Under Armour. These companies continuously launch new and innovative products and collaborate with sports celebrities to promote their brands.
In 2022, Puma extended its partnership with W Series and signed Finnish driver Emma Kimiläinen for the Puma W Series Team.
In 2021, DICK'S Sporting Goods, a leading US retailer, launched VRST, an innovative men's athletic apparel brand.
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United States' Impact on the Global Sports Equipment Market:
According to Fact.MR's latest analysis, East Asia is projected to claim 23.1% of the sports equipment market share by 2034.
Sports equipment production spans various global regions, including Southeast Asia, Central and South America, and Australia. This diversified manufacturing landscape helps meet growing demands and reduces dependence on specific sourcing hubs.
In the United States, a strong sports and fitness culture drives consistent demand for a wide range of sports equipment. With a population actively participating in numerous sports and recreational activities, there is a continuous requirement for high-quality gear.
Key Segments Covered in the Sport Protection Equipment Industry Survey:
- By Product Type :
- Helmet
- Protective Eyewear
- Face Protection
- Protective Pads
- Protective Footwear
- Protective Guards
- Gloves
- By Sales Channel :
- Independent Sports Outlet
- Franchised Sports Outlet
- Modern Trade Channels
- Direct to Customer Channel
- Online Sales
- By Design Style :
- Individual
- Institutional
- By Region :
- North America
- Latin America
- Europe
- CIS & Russia
- Asia Pacific
- Middle East & Africa (MEA)
Moreover, the nation's robust economy and high disposable income levels enable consumers to invest in online sports equipment, boosting sales for both basic and advanced gear. The American consumer's enthusiasm for embracing the latest fitness trends and technologies further fuels innovation and product development among sports equipment manufacturers.
