According to a new report published by Reports Monitor titled, “ Global Sports Equipment Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global sports equipment market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Sporting equipment also known as sporting goods includes several forms depending upon the sport, but it is necessary to complete the sport. The equipment ranges from the ball and nets to protective gear as helmets. Sporting equipment can be used to help the athletes play the sport. Sports equipment has more demand owing to sports starting to occupy additional protective gear for preventing from injuries. It may be found in several department store. The global sports equipment market consists of several equipments for winter sports, ball sports, adventure sports, fitness, golf and other sports equipment. Is also includes pogo sticks, archery, billiards, bowling, wheel sports, and indoor games.
The sports equipment industry is swiftly embracing new technologies and adapting its products in order to keep pace with rapidly changing global trends. Increase in media coverage of several global sports events like FIFA world cup, Olympic games, and commonwealth games encourages the youth to participate in sports. The sports equipment industry is suddenly embracing newer technologies and adapting its products to keep pace regarding hastily changing global trends. Emergence of e-commerce, growing consumer awareness about health and fitness, increase in the involvement in sports activities are the key drivers propelling the growth of sports equipment market. Increasing availability of counterfeit products and rising prices of sports equipment are the factors hindering the growth of the market.
Emergence of e-commerce that offers several benefits as well as convenience like more variety, easy delivery, and time saving is also expected to drive industry growth. E-commerce has enabled the industry to reach out to a wider customer base, which is expected to add up toward the development of this industry.
The global sports equipment market is segmented on the basis of product, application and region. Based on product, the market is segmented into ball sports equipments, adventure sports equipments, fitness equipments, winter sports equipments and others. On the basis of application, the global sports equipment market is segmented into exclusive stores, sports equipment stores and online retailing stores. Additionally, the market is divided on the basis of regions covering North America, Asia-pacific, Europe, South America and Middle East and Africa.
The global sports equipment market is segmented based on regions such as North America, Asia-pacific, Europe, South America and Middle East and Africa. North America is estimated to grow rapidly in the market followed by the growth in the market of Europe and Asia pacific region. Advanced markets in the U.S. and European countries are anticipated to demonstrate a rise in the industry in terms of revenue and volume. While, Asia Pacific is predicted to show high growth owing to rising consumer disposable and income strong economic growth, particularly in developing countries such as India, Japan and China. Moreover, growing demand in Australia due to the increased focus on sports is also estimated to impel the demand. Growing consumer eagerness to spend on apparels and other related products may also drive the product demand in the region.
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