With the global sports equipment market 2020 in a panic by the Covid-19 pandemic, the market has become a more striking way to go globally. So far, in 2020, new listings of factors have raised colossal possibilities for the global sports equipment market to accomplish USD 88.4 billion by 2024 at a pace of 3.2%, finds Market Research Future in its latest reports. The development of the market would take place between 2019 and 2024.
Sports Equipment Growth Parameters
The global sports equipment market includes adventure sports, equipment for ball sports, golf, fitness, winter sports, and other sports equipment, such as billiards, archery, wheel sports, bowling, indoor games, and pogo sticks. Among the diverse sports equipment segments, ball sports grab the leading market share.
Escalating media coverage of assorted global sports events such as the Commonwealth Games, Olympic Games, and FIFA World Cup motivates the youth to take part in sports. The sports equipment industry is hastily acceptance of new technologies and adapting its products to keep pace with hastily changing global trends. These factors have been measured as prime factors for the growth of the market broadly.
On the other hand, the global sports equipment market is observing extensive growth over the last few years. In fact, escalating the contribution to mounting consumer awareness about health and fitness, sports activities, and appearance of e-commerce are some of the more prime drivers impelling the growth of the sports equipment market.
Moreover, product improvement through several R&D activities and the emergence of e-commerce is possible to firewood growth of the sports equipment industry in the future. North America is the foremost market for sports equipment. In the North America region, the U.S. and Canada lead the sports equipment market. The Asia Pacific is estimated to be the highest growing market for sports equipment during the assessment period.
Chief vendors operating in the global sports equipment industry include Daei Sportswear & Equipment (Iran), Nike, Inc. (US), Adidas AG (Germany), ANTA Sports Products Limited (China), Callaway Golf Company (US), Quiksilver, Inc. (Australia), BPS Direct, LLC (US), Sports Direct International plc (UK), Globeride, Inc. (Japan), Yonex Co., Ltd (Japan), MIZUNO Corporation (Japan), and New Balance Athletics, Inc. (US).
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The global sports equipment industry has been studied under segments such as type, distribution, and channel.
Depending on the type segment, the market has included sticks, nets and goalposts, balls, bats, & clubs, sports gear, and more. Among these, the balls segment is expected to be the largest and fastest-growing market in the review period.
Depending on the distribution channel segment, the market has included store-based and non-store-based. The store-based segment has included hypermarkets and supermarkets, specialty stores, and more. However, the non-store-based segment might register the elevated growth rate during the foretell period.
The global market has been studied for four key regions— Asia-Pacific, Europe, North America, and the rest of the world.
North America grabs the prevalent market share for sports equipment. The developed markets in the U.S. and European countries lead the sports equipment market. The U.S and Canada are the major markets for sports equipment in North America. Demand for sports equipment in the emerging economies of Asia Pacific is expected to confirm lofty growth prospects during the forecast period. From 2010 through 2013, the sports equipment industry in the Asia Pacific experienced a superior expansion rate as compared to the other regions, including North America and Europe. Countries such as India, China, Japan, and Australia are witnessing fast economic growth. This, in turn, is expected to coerce the sports equipment market in Asia Pacific additionally.
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