Sports Equipment Market Size by Product Type (Ball Games, Ball Over Net Games, Athletic Training Equipment, Fitness/Strength Equipment), By Distribution Channel (Online retail, Specialty & sports shops, Department & discount stores), End-User, Regions, Segmentation, and Projection till 2029
CAGR: 6.9%Current Market Size: USD 329.90 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021
Global Sports Equipment Market- Market Overview:
The Global Sports Equipment market is expected to grow from USD 329.90 billion in 2021 to USD 562.60 billion by 2029, at a CAGR of 6.9% during the Projection period 2022-2029. Rapid technological advancements and continuous innovation drive this market growth to keep pace with the preferences of dynamic consumers.
Sports equipment, also known as sporting goods, includes sports apparel, tools, gear, and materials widely used to compete in a sports activity to keep a person healthy and fit. Sports equipment is also used as protective gear or tools to assist the sportsperson in playing the sport. Sports equipment is also used to protect and prevent injuries while playing any sports. This equipment can be found online or in any special sporting equipment shop or department store. The market for sports equipment has witnessed a high demand in recent years owing to the increasing importance of sports and fitness activities and awareness about the benefits of a healthy lifestyle. Furthermore, the growing popularity of national and international events, such as the Olympic Games, Soccer World Cup, and Cricket World Cup, provide impetus to the market’s growth.
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Market Dynamics:
Drivers:
- Increasing awareness regarding the health benefits of sports activities
Playing sports has several advantages for the human body as it helps reduce fat and keep a person healthy by controlling the body weight. Hence, an increasing number of people are participating in sports activities to improve fitness and health. In addition, the rising number of national and international events also increases the demand for sports equipment among consumers driving the market’s growth. Several sports activities, when played regularly, helps decrease the risk of diabetes, reduce blood pressure, improve heart function, and reduce stress levels.
Moreover, consumer interest has increased in health and wellness due to the COVID-19 pandemic. This was attributed to the extensive studies which linked obesity to the higher incidence of death and serious illness from COVID-19. Such factors contributed to the growth of the global Sports Equipment market.
Restraints:
- Increasing preferences for indoor sports
The increasing preferences for indoor activities, such as playing video games, board games, mobile phone games, etc., are restraining the market’s growth. The rapid penetration of the internet adversely affects the market growth as the youth and children as continuously glued to their mobile screens and hardly go out to play any sports. In addition, the rising demand for watching movies, virtual reality gaming, live music shows, and others restrains the growth of the sports equipment market.
Opportunities:
- Upsurge in investment in the sports industry
The sports sector has attracted significant investment capital over the past few years. More than half of the deals have been acquisitions of teams, leagues, or media partnerships; the rest have focused on related aspects of the sports ecosystem, such as online betting, fitness hardware and software, and technology that supports digitally enhanced fan experiences. In addition, governments are also putting laws into place that support the development of sports infrastructure and Sports Equipment which will be expected to present a market expansion potential for the sports equipment market.
Challenges
- Impact of COVID-19 pandemic
The COVID-19 pandemic has posed significant challenges in the global Sports Equipment industry. This has forced everyone associated with the sports industry to work from home, and players were compelled to follow quarantine restrictions imposed by government orders. Moreover, the factories manufacturing sports equipment were temporarily closed to stop the spread of the disease, which challenged the market’s growth. There was also disruption in the raw material supply chain as most of the raw materials used for making sports equipment were received from China, which completely stopped during the Covid-19 pandemic.
Segmentation Analysis:
The global Sports Equipment market has been segmented based on product type, distribution channel, and region.
By Product Type
The product type segment includes ball games, ball over net games, athletic training equipment, and fitness/strength equipment. The Ball Games segment led the Sports Equipment market with a market share of around 35.6% in 2021. The increasing popularity of ball games such as cricket, football, basketball, volleyball, tennis, etc., propels the demand for the segment. Furthermore, these games are easy to play, and the equipment is also cheaper when compared to other sports equipment, supplementing the segment’s growth.
By Distribution Channel
The distribution Channel segment includes online retail, specialty & sports shops, and department & discount stores. The specialty & sports shops segment led the Sports Equipment market with a market share of around 45.8% in 2021. The specialty & sports shops have various options of branded sports equipment and provide consumers with the required information and support. Moreover, these shops also arrange for the equipment ordered by the consumer on short notice, and the products can also be replaced easily in case of any defect, supplementing the growth of this segment.
By Regional Analysis:
The regions analyzed for the Sports Equipment market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the Sports Equipment market and held a 36.05% share of the market revenue in 2021.
- The north American region has registered the highest value for the year 2021. The huge popularity of sports such as basketball, football, basketball, hockey, cricket, and lacrosse in this region is mainly fueling the growth of the Sports Equipment market. In addition, the government's focus on building arenas to provide enhanced sporting experience to citizens further created the demand for Sports Equipment in the region.
- Asia-Pacific is expected to witness a considerable growth rate during the Projection period. The ongoing political, social, and economic significance of the sports industry in the Asia-Pacific has mainly boosted demand for Sports Equipment in countries such as China, India, and Japan, among others. In addition, major global sports mega-events are repeatedly being hosted in Asia-Pacific countries propelling the market’s growth.
Global Sports Equipment Market- Country Analysis
- Germany
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 of the first NBA store in the United Kingdom. This store is located in London’s shopping area at 14-16 Foubert’s Place.
- China
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 markets. 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 are expected to fuel the growth of the overall Sports Equipment industry in the country.
- India
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.
Key Industry Players Analysis:
To increase their market position in the global Sports Equipment business, top companies are focusing on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, and partnerships, joint ventures, etc.
- 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
Latest Development:
- In March 2021, DICK'S Sporting Goods, the largest U.S.-based, omni-channel sporting goods retailer, announced the introduction of VRST, a men's athletic apparel brand built for the modern active man who lives life on-the-go.
- In June 2021, JD Sports Group recently acquired Deporvillage, an online-only retailer of outdoor sporting equipment. Under this acquisition, the company will acquire 80% of the stake, while 0% will be retained by Deporvillage founders Xavier Pladellorens and Ángel Corcuera.
Report Metrics
|
Report Attribute |
Details |
|
Study Period |
2021-2029 |
|
Base year |
2021 |
|
CAGR (%) |
6.9% |
|
Market Size |
329.90 billion in 2021 |
|
Projection period |
2022-2029 |
|
Projection unit |
Value (USD) |
|
Segments covered |
Product type, distribution channel, facility of use, and Regions |
|
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
|
Companies covered |
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 |
|
By Product Type |
? Ball over net games ? Ball games ? Fitness/Strength equipment ? Athletic training equipment |
|
By Distribution Channel |
? Online retail ? Specialty & sports shops ? Department & discount stores |
|
Regional scope |
? North America ? Europe ? Asia-Pacific ? South America ? Middle East and Africa |
Scope of the Report
Global Sports Equipment Market by Product Type:
- Ball over net games
- Ball games
- Fitness/Strength equipment
- Athletic training equipment
Global Sports Equipment Market by Distribution Channel:
- Online retail
- Specialty & sports shops
- Department & discount stores
Global Sports Equipment Market by Region:
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
Frequently Asked Questions
What is the market size of the Sports Equipment market?
Global Sports Equipment market is expected to reach USD 329.90 billion in 2021 to USD 562.60 billion by 2029, at a CAGR of 6.9% from 2022 to 2029.
Which is leading region for the global sports equipment market?
North America is the leading Region for the sports equipment market.
What is the most significant medium to sell Sports Equipment?
Specialty & sports shops segment witnessed a significant share in the Sports Equipment market, with a market share of around 45.8% in 2021.
Which are the leading market players active in the Sports Equipment market?
Leading market players active 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.
What are the driving factors for the market�s growth during the Projection period?
Upsurge in investment in sports industry, supportive government initiatives, and growth potential of developing countries are projected to influence the market during the Projection period.
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