The sports equipment market is experiencing significant growth owing to rising participation in physical activities and increasing disposable income. According to a report by Grand View Research, the global sports equipment market is expected to reach USD 89.22 billion by 2025, growing at a CAGR of 3.3% from 2019 to 2025.
The market is segmented based on the type of sports equipment such as balls, bats, ball bats, bats, and others. The largest segment in this market is the ball segment, which accounts for a large share of the revenue of the sports equipment industry. Geographically, the sports equipment market is segmented into North America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to witness substantial growth owing to rising youth population and surging participation in physical activities.
Rising health awareness and promotion of physical activity as a way to reduce stress drive the growth of the sports equipment market. The use of exercise equipment in fitness centers and gyms is also driving the growth of the market. However, high cost of sports equipment, especially for high-end branded products, is expected to restrain the growth of the market. Counterfeit products also pose a major threat to the industry as they are often priced lower than genuine sports equipment but are of inferior quality and durability, adversely affecting brand image.
In conclusion, the sports equipment market is growing owing to the growing popularity of physical activity, rising health awareness, and promotion of sports as a form of stress management. However, high cost of sports equipment and threat of counterfeit products will pose challenges to the growth of the industry.
Post time: Mar-10-2023