Global Sports Equipment Market is projected to register a growth rate of 3.2% from 2019 to 2024 to reach a market value of USD 88.4 Billion by the end of 2024. The increasing importance and popularity of sports among the sports enthusiasts is offering a lucrative opportunity to market players, thereby encouraging innovative product launches. However, the shift towards game consoles and smartphones from traditional sports is expected to hamper the market growth during the forecast period.
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Some of the key players in the global Sports Equipment Market are Nike, Inc. (US), Kering S.A. (France), Adidas AG (Germany), Shenzhen Taishan Sports Technology Co., LTD (China), Callaway Golf Company (US), Quiksilver, Inc. (Australia), Black Diamond Equipment, Ltd (US), Sports Direct International plc (UK), BPS Direct, LLC (US), MIZUNO Corporation (Japan), Yonex Co., Ltd (Japan), New Balance Athletics, Inc. (US), Daei Sportswear & Equipment (Iran), Globeride, Inc. (Japan), and ANTA Sports Products Limited (China).
The global Sports Equipment Market has been segmented based on type, distribution channel, and region.
Based on type, the global sports equipment market has been segmented into balls, sticks, bats, & clubs, nets and goalposts, sports gear, and others. The balls segment is expected to dominate as well as register the highest CAGR in the global sports equipment market due to the increasing popularity of sports like basketball, cricket, football, tennis, and others around the world. Additionally, the development of smart balls has led to a better quality of the game and provides the player with the required information. For instance, Adidas MiCoach Smart Soccer Ball connects wirelessly to an iPhone application, constantly measuring data about the way a player kicks, and helping the player to improve the spin, foot plant, power, and strike point. Therefore, owing to such factors and rapidly growing smart sports equipment market, it is projected that the market will be able to register a high growth rate during the forecast period.
On the basis of distribution channel, the global sports equipment market has been classified as hypermarkets and supermarkets, specialty stores, and others. The store-based segment is expected to occupy the larger market share as well as grow at the faster rate during the forecast period due to strong vendor networks, high product appeal, and a physical check of the product. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to technological advancements in the e-commerce industry and growing consumer preference for online purchase.
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The global sports equipment market report has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The North American sports equipment market is expected to dominate during the forecast period due to advancements in action sports equipment, including high detail and realism followed by the high spending power of customers in the region. A high number of retail stores as compared to the rest of the world is further expanding the regional sports equipment market size.
The sports equipment market in Asia-Pacific is projected to grow at the fastest rate from 2019 to 2024. A high number of people participating in various sports activities and the inclination of the younger section of the population toward learning sports is expected to assist in expanding the sports equipment industry and render the market to be attractive in terms of growth during the forecast period. Expanding middle class and the rising popularity of innovative sports equipment in China, Hong Kong, Japan, South Korea, and Australia are further bolstering the regional market growth.
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