Sports equipment is essential for individuals who engage in sports activities. The sports equipment market has been growing steadily in recent years, and it is projected to continue growing in the future. According to Persistence Market Research, the sports equipment market generated a revenue of US$ 89,292.0 Mn in 2022. The demand for sports equipment will accelerate, with the top market players holding a prominent share of the sports equipment market in 2022. The global market for sports equipment is expected to reach US$ 178,508.2 Mn by 2033, growing at a ~6.5% CAGR from 2023 to 2033.
The sports equipment market can be divided into various segments, including equipment for team sports, individual sports, fitness, and others. The most popular team sports are football, basketball, volleyball, and cricket, while individual sports include tennis, golf, and swimming.
The increasing popularity of sports and the growing number of people participating in sports activities are driving the growth of the sports equipment market. Moreover, the increasing focus on health and fitness is also a major factor contributing to the growth of this market.
The market for sports equipment is highly competitive, with a large number of players vying for a share of the market. Major players in the sports equipment market include Amer Sports., Adidas AG, Callaway Golf Company, PUMA SE, Cabela’s incorporated, GLOBERIDE, Inc., MIZUNO Corporation, Nike Inc., Jarden Corporation, YONEX Co., Ltd., Others. These companies offer a wide range of sports equipment for various sports activities, including clothing, footwear, and accessories.
The growing demand for sports equipment has also led to an increase in the availability of sports equipment online. Online retailing has become an important sales channel for sports equipment, and many players in the market are focusing on expanding their online presence.
In recent years, there has been a growing focus on sustainability and eco-friendliness in the sports equipment market. Companies are increasingly using sustainable materials in their products, and there is a growing demand for eco-friendly sports equipment.
In conclusion, the sports equipment market is growing rapidly, driven by the increasing popularity of sports and the growing focus on health and fitness. The market is highly competitive, with a large number of players vying for a share of the market. Online retailing has become an important sales channel, and there is a growing focus on sustainability and eco-friendliness in the market. As the market continues to grow, we can expect to see more innovations and advancements in sports equipment technology.