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Smart Sports Equipment Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global smart sports equipment market was valued at USD 5.2 billion in 2022 and is projected to expand at a CAGR of 11.3% from 2023 to 2030. Smart sports equipment has revolutionized the sports industry. It includes various sports equipment that records and displays data, such as speed, distance, and performance, in real-time. Growing awareness about the health benefits of sports activities is fueling the demand for these products. Additionally, the increasing penetration of smartphones and other connected devices is also driving the growth of the market.
The increasing use of Artificial Intelligence (AI) to analyze and monitor performance is a key factor driving the market growth. For instance, in April 2021, Garmin launched the Instinct Solar, a rugged smartwatch powered by the sun and AI. The watch offers a battery life of up to 24 days and is capable of tracking more than 20 sports and activities. Such innovative technological advancements are likely to drive the market over the forecast period.
The increasing demand for virtual sports and esports is also accelerating the market growth. For instance, in February 2021, PlaySight launched PlaySight SmartCourt, a smart court system for esports and virtual sports. This system is used to capture sports data and analyze the performance of players in real-time. Furthermore, the burgeoning demand for fitness equipment is also expected to fuel the market growth. For instance, in May 2021, Nautilus Inc. launched connected fitness solutions, such as the Bowflex Max Trainer M8 and the Bowflex C6 bike. Both offer interactive programs and a wide range of connectivity options.
Moreover, the increasing focus on sports analytics among players and coaches is also driving the market growth. Sports analytics is used to track the performance of players and their opponents and to optimize their training and practice sessions. For instance, in February 2021, Criclytics launched an AI-driven performance analysis platform to provide insights into players’ strength, weaknesses, and potential.
Furthermore, developments in the field of virtual reality (VR) and augmented reality (AR) are also driving the market growth. For instance, in April 2021, Ubisoft announced a collaboration with the International Basketball Federation (FIBA) to develop a new AR mobile basketball game. This will enable players to practice basketball drills and to play in virtual courts with real-life professional players. Such advancements are anticipated to offer lucrative opportunities for the market.
Product Insights
The smart apparel segment accounted for the largest revenue share of 38.0% in 2022. This can be attributed to the increasing popularity of smart sports apparel such as fitness bands and watches, among athletes and fitness enthusiasts. According to an article published by the World Economic Forum, in April 2020, the market for smart sports apparel is estimated to be worth over US$12 billion by 2025. Furthermore, the increasing demand for advanced sports apparel with features such as temperature control, real-time tracking, and motion control is also expected to boost the segment growth over the forecast period.
The smart training gear segment is also anticipated to witness considerable growth over the forecast period. Smart training gear comprises smart sensors, smart gloves, and other related products. According to an article published by the National Center for Biotechnology Information, in March 2020, the smart training gear market is expected to witness robust growth owing to the increasing demand from fitness centers, health clubs, and gyms. The growing popularity of fitness clubs and the increasing demand for wearable fitness gadgets are some of the factors driving the segment growth.
Distribution Channel Insights
The physical stores segment is expected to account for the major share in the smart sports equipment products market in 2022. Physical stores offer a wide range of smart sports equipment products, which are advantageous for consumers, as they can test the product before making the purchase decision. Furthermore, customers get the opportunity to compare different products from different brands, and a physical store provides an interactive environment for customers to ask and get answers to their queries from the store personnel.
The online segment is expected to register a high CAGR during the forecast period. The increasing use of smartphones and internet access worldwide has resulted in the growth of e-commerce platforms. This has enabled customers to easily access and purchase sports equipment products from the comfort of their homes. Furthermore, several e-commerce sites are providing discounts and offers on smart sports equipment products to attract customers. This, in turn, is expected to drive the market growth during the forecast period.
Type Insights
The smart sports equipment market is segmented by type into wearables, apparel, and equipment.
The wearables segment accounted for the largest share of the global smart sports equipment market in 2021 and is expected to remain dominant over the forecast period. The high demand for wearables can be attributed to their convenience and portability, as well as the availability of sophisticated products such as smartwatches, activity trackers, and heart-rate monitors. Additionally, the emergence of advanced sensors and improved battery life is expected to further drive the demand for wearables over the forecast period.
The apparel segment is projected to witness the highest growth rate over the forecast period. The increasing popularity of connected apparel, such as connected shirts, leggings, and sports bras, is augmenting the segment growth. Additionally, the increasing demand for smart fabrics and the availability of advanced technologies such as nanotechnology and biometrics are expected to further drive the segment growth.
The equipment segment is projected to register a moderate growth rate over the forecast period. The increasing adoption of advanced technologies such as machine learning, artificial intelligence, and predictive analytics in sports equipment is driving the segment growth. Additionally, the emergence of connected and automated sports equipment such as connected bats and balls is further expected to propel the segment growth.
Regional Insights
Asia Pacific is expected to be the largest regional market and is estimated to register the highest CAGR during the forecast period. The growth of the market in the region is attributed to the increasing trend of fitness monitoring among consumers. With the rising awareness of the health benefits of sports and fitness activities, the demand for smart sports equipment has been increasing in the region. Additionally, the presence of prominent players, such as Samsung Electronics, Sony Corporation, and GoPro, is further driving the growth of the market.
North America is expected to be the second largest region in terms of market share. The growing demand for technologically advanced sports equipment in the region is driving the growth of the market. The availability of advanced sports and fitness products, such as smartwatches and virtual reality headsets, is further fueling the growth of the market in the region. Additionally, the presence of prominent players, such as Microsoft Corporation and Apple Inc., is expected to drive the market growth in the region.
Financial Projections
In this part of the Smart Sports Equipment Products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the Smart Sports Equipment Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Smart Sports Equipment Products business comes from the sales of the products, as well as sponsorships, advertising, and promotions. You can also include other sources of profit such as the sale of merchandise, leasing the products, and consulting services.
Projecting Expenses
In this section, all the regular expenses related to keeping the Smart Sports Equipment Products business running will be described. The list of operating expenses includes production costs, advertising and marketing, employee wages and benefits, inventory costs, rent and utilities, and other administrative and operational expenses.
Key companies & market share insights
Some of the key companies operating in the smart sports equipment market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Sony Corporation launched the Xperia Sports Watch, which provides real-time performance analysis and customized training plans.
– In August 2022, Samsung Electronics Co. Ltd. launched the Galaxy Fit2 fitness band, which provides real-time tracking of fitness and health metrics.
– In October 2022, Garmin Ltd. launched the Garmin Vector smart pedal system which provides cyclists with real-time power and cadence data.
Some of the prominent players in the smart sports equipment market include:
– Sony Corporation
– Samsung Electronics Co. Ltd.
– Garmin Ltd.
– Fitbit, Inc.
– Under Armour, Inc.
– Apple Inc.
– Polar Electro Oy
– Mio Global
– NXP Semiconductors
– Adidas AG
Global Smart Sports Equipment Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global men’s smart sports equipment products market based on product type, distribution channel, end use, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Wearable Devices
– Smart Shoes
– Smart Clothing
– Smart Accessories
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Retail Outlets
– Online
– Others
3. End Use Outlook (Revenue, USD Million, 2017 – 2030)
– Amateur
– Professional
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Drivers of the Smart Sports Equipment Market?
[A]: The smart sports equipment market is driven by the growing demand for connected sports devices, increasing adoption of wearable technology, growing popularity of endurance sports, and increasing purchasing power of consumers. The smart sports equipment market is also driven by the rising demand for accurate and real-time performance data and the rising trend of online shopping.
[Q]: What are the Key Players in the Smart Sports Equipment Market?
[A]: Some of the major players in the smart sports equipment market are Adidas AG, Nike Inc., Under Armour Inc., Fitbit Inc., Salomon Group, Garmin Ltd., Sony Corporation, TomTom International BV, ASICS Corporation, and Zepp Labs.
[Q]: What is the Potential Impact of Emerging Technologies on the Smart Sports Equipment Market?
[A]: The emergence of advanced technologies such as Augmented Reality (AR) and Virtual Reality (VR) are expected to have a major impact on the smart sports equipment market. The use of AR and VR technologies will enable sports equipment manufacturers to create immersive gaming experiences for athletes and fans alike. Additionally, the use of Machine Learning (ML) and Artificial Intelligence (AI) technologies will enable smart sports equipment to provide real-time performance data and insights.
[Q]: What are the Major Challenges Faced by Players in the Smart Sports Equipment Market?
[A]: The major challenges faced by players in the smart sports equipment market include high product cost, limited battery life, and lack of standardization in data communication protocols. Additionally, the failure of the equipment to provide accurate and real-time performance data is also expected to hinder the growth of the smart sports equipment market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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