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Sports Equipment Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global sports equipment market was valued at USD 131.2 billion in 2022 and is projected to expand at a CAGR of 6.4% from 2023 to 2030. The market is driven by factors such as the increasing number of sports events and tournaments, the growing popularity of outdoor activities, and the rising demand for technologically advanced sports equipment.
The increasing awareness of health benefits is further driving the market. With the help of sports equipment, the risk of chronic diseases such as heart diseases, diabetes, and hypertension can be reduced, thereby increasing its demand among people. Furthermore, the rising disposable incomes and the increasing number of health clubs and fitness centers are expected to further drive the demand for sports equipment.
The rising popularity of team sports and sports clubs has further increased the demand for sports equipment. Furthermore, with the rising trend of adventure sports, the demand for sports equipment is further rising. The increasing number of adventure sports events and the growing interest of people in such events are expected to further drive the demand.
The growing popularity of e-commerce platforms is providing a boost to the market. The increasing number of sports equipment manufacturers selling their products on e-commerce platforms is helping to increase the sales of sports equipment. Furthermore, the availability of a wide variety of products on these platforms is further driving the demand.
In addition, the rising trend of customization has led to the development of innovative products. Manufacturers are customizing their products to suit the needs of customers. For instance, some manufacturers are developing customized sports apparel to provide better comfort while playing. This is helping to improve the performance of players and driving the demand for sports equipment.
Moreover, the increasing number of collaborations between sports equipment manufacturers and sports teams is further boosting the market. Such collaborations enable sports equipment manufacturers to gain access to the latest technologies for better product design and research. Additionally, the rising trend of sponsorship is helping to promote sports equipment brands, thus driving the market.
Product Insights
The apparel segment accounted for the highest share of the market in 2022. This can be attributed to the increasing demand for comfortable and stylish sports apparel among athletes and consumers. According to an article published by the American Council on Exercise, in January 2020, almost two-thirds of the consumers prefer to purchase apparel from their favourite sports teams. Furthermore, the availability of sports apparel in various sizes, colours, and varieties is driving the market growth.
The sports footwear segment is expected to witness the fastest CAGR of 7.1% over the forecast period. This can be ascribed to the increasing demand for specialized sports shoes from athletes and consumers. According to an article published by The Guardian, in June 2019, sports shoes help athletes to perform better, improve their performance, and reduce the risk of injury. Moreover, rising demand for stylish and comfortable sports footwear among the youth population is driving the market growth.
Distribution Channel Insights
The specialty stores segment accounted for the largest share of the sports equipment market in 2022. Specialty stores such as Dick’s Sporting Goods, Modell’s Sporting Goods, and Sports Direct offer a wide range of sports equipment and accessories. These stores provide customers with a physical retail environment to purchase sports equipment, thereby driving their sales. In addition, these stores offer a wide variety of product options and sport-specific apparel and footwear.
The online segment is expected to register the highest CAGR over the forecast period due to the rising penetration of the internet and growing popularity of e-commerce platforms. The emergence of e-commerce has enabled convenience for customers to purchase various sports equipment from the comfort of their homes. Furthermore, the presence of numerous online vendors, such as Amazon, eBay, and Decathlon, offering a wide range of products at competitive prices is a major factor driving the growth of the segment.
Type Insights
The sports apparel segment is anticipated to account for the largest share in the market in 2022. The surge in the demand for sports apparel such as shirts, shorts, socks, and other apparel is driven by the increasing number of sports activities across the globe. Moreover, the availability of a wide variety of sports apparel in terms of color, size, and style is further propelling the segment growth. For instance, Adidas AG, a leading sports apparel company, offers a wide range of sports apparel such as tracksuits, t-shirts, shorts, and other apparels.
The sports footwear segment is expected to register the highest CAGR of 11.4% during the forecast period. The increasing demand for sports footwear across the globe is attributed to the growing awareness about the importance of sports and fitness activities. Furthermore, the rising trend of outdoor activities among youth and the availability of technologically advanced sports footwear is further driving the segment growth. For instance, Nike, Inc., a leading manufacturer of sports footwear, offers a wide range of sports footwear such as running, cross training, and other sports shoes.
Regional Insights
Europe is expected to witness a significant growth in the market on account of its well-established sports industry. The presence of key players, such as Puma, Adidas, and Nike, is expected to drive the market growth. The region has a high number of participants in several sports activities which is expected to increase the demand for sports equipment. Furthermore, the increasing number of sports facilities is further expected to propel the market growth.
Asia Pacific is anticipated to witness rapid growth during the forecast period. An increase in the number of participants in sports activities, coupled with the growing popularity of sports in countries, such as India, China, and Japan, is expected to boost the demand for sports equipment in the region. Furthermore, the rising disposable income of the population in the region is expected to further fuel market growth. For instance, in May 2021, Japan-based company Yonex launched a new range of badminton equipment, including rackets, shoes, and apparel.
Financial Projections
In this part of the sports equipment 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 business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a sports equipment business comes from the sale of sports equipment, sporting apparel, and accessories. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the sports equipment business running will be described. The list of operating expenses includes inventory costs, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the 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, Nike Inc. launched the Air Jordan basketball shoe series.
– In August 2022, Adidas AG launched the Predator series of football boots designed to provide superior grip on wet and dry surfaces.
– In October 2022, Wilson Sporting Goods launched the ProStaff golf clubs designed for better accuracy and control.
Some of the prominent players in the sports equipment market include:
– Nike Inc.
– Adidas AG
– Wilson Sporting Goods
– Callaway Golf Company
– Puma SE
– Under Armour, Inc.
– Amer Sports Corporation
– Hillrom Holdings, Inc.
– VF Corporation
– Columbia Sportswear Company
Global 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 sports equipment products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Athletic Apparel
– Protective Gear
– Sporting Goods
– Exercise & Fitness Equipment
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Casual Sports
– Competitive Sports
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Sports Equipment Innovation?
[A]: The sports equipment market is driven by the introduction of innovative products with advanced features, such as improved durability and lightweight material. Manufacturers are focusing on providing customer-centric solutions that enhance the user experience and help athletes maximize performance. For example, there has been an increased demand for sports equipment with advanced materials such as carbon fiber and metal alloys, which offer better performance and durability. Additionally, manufacturers are also introducing products with smart technology such as fitness trackers and sensors, which provide real-time data on performance.
[Q]: Who are the Key Players in the Sports Equipment Market?
[A]: The key players in the sports equipment market are Adidas AG, Nike Inc., Amer Sports Corporation, ASICS Corporation, Rossignol Group, and Callaway Golf Company.
[Q]: Which Region Offers the Largest Opportunity for Sales of Sports Equipment?
[A]: North America is expected to be the largest regional market for sports equipment due to the presence of large sports equipment companies and the presence of a large population of sports enthusiasts.
[Q]: What are the factors driving the sports equipment market?
[A]: The increasing penetration of online retail, rising disposable incomes, and increasing popularity of sports are some of the factors driving the market growth. Additionally, the emergence of smart sports equipment with advanced features and improved performance is expected to further fuel the market growth.
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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