Sports Equipment Market Size, Share, Growth, Trends, and Forecast 2030

Sports Equipment Industry Prospective:

The global sports equipment market size was worth around USD 220.57 billion in 2022 and is predicted to grow to around USD 337.73 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.47% between 2023 and 2030.

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Sports Equipment Market: Overview

Sports equipment consists of commodities or goods used in sports events. They aid athlete’s performance and protect against injuries. Sports equipment are essential items that must be available at a sporting event as it is practically impossible to play the sport in the absence of critical sports equipment. For every sport, official sports regulatory bodies draft sports equipment that is essential for playing the sport. Some common examples of sports equipment include cycles for racing, cleats for players performing on a field, bats, balls, nets, and other items.

Every set of sports equipment is unique to the sport and is determined by the activities that are involved in the event. The market for sports equipment has witnessed a steady growth rate in the last decade as sports popularity has surged at a rapid rate. Sports equipment can be divided into multiple categories. The most widely used categories are training equipment, protective equipment, player equipment, and customized sports equipment that are manufactured as per the specific needs of the players. The forecast period is showing exceptional signs of growth as sports acceptance continues to soar as a recreational event and on a professional level.

Key Insights:

• As per the analysis shared by our research analyst, the global sports equipment market is estimated to grow annually at a CAGR of around 5.47% over the forecast period (2023-2030)
• In terms of revenue, the global sports equipment market size was valued at around USD 220.57 billion in 2022 and is projected to reach USD 337.73 billion, by 2030.
• The sports equipment market is projected to grow at a significant rate due to the rising health concerns due to a stationary lifestyle
• Based on distribution channel segmentation, specialty & sports shops were predicted to show maximum market share in the year 2022
• Based on product segmentation, ball games were the leading segment in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Sports Equipment Market: Growth Drivers

Rising health concerns due to a stationary lifestyle may fuel market growth

The global sports equipment market is expected to witness higher revenue during the projection period due to rising cases of health concerns caused by stagnant lifestyles. Since COVID-19, the rise of remote work culture has added to the already existing sedentary lifestyle pattern. Working professionals and students tend to sit in one place for longer hours without sufficient movement. Such living patterns lead to several medical issues such as back pain, obesity, cardiovascular diseases (CVDs), stroke, and more serious diseases.

Furthermore, a sedentary lifestyle is also known to have a significant impact on the emotional and mental well-being of a person. People who do not exercise regularly are more at risk of suffering from mental conditions such as elevated stress levels and depression. As awareness about the serious health impact of a sedentary lifestyle has improved over the years, more people are actively participating in some recreational sports that may either include undertaking paid services by trained professionals or improving an existing skill such as swimming or cycling. Owning and using the right sports equipment is necessary for overall performance.

Rising number of international and domestic sport-based events to contribute to market growth

The demand for sports equipment is likely to be influenced by the increasing investments in domestic and international sports events. These tournaments are either sponsored by the regional government or sports-promoting bodies at a local and international level. For instance, in November 2023, the leading boxing agency Ultimate Fighting Championship (UFC) announced that it is planning to host its first after COVID-19 in China at the Shanghai Indoor Stadium in December 2023.

Another example of initiatives that may promote growth in the global sports equipment market is the formation of the Africa Investment under the guidance of 8 members that are the Forum Islamic Development Bank, African Development Bank Group Development Bank of Southern, Afreximbank, Africa50, Trade, European Investment Bank, Africa Finance Corporation.

Sports Equipment Market: Restraints

High cost of the equipment to restrict market growth

The global sports equipment industry is expected to be restricted due to the high cost of equipment used in sports events. This includes clothing material, shoes, accessories, and items that facilitate the sports.

As per research, the average cost of professional hockey sticks used in the National Hockey League (NHL) has a starting cost of over USD 180. Research also suggests that players tend to use as much as 60 sticks per year thus amounting to a total cost of over USD 23000. Sports equipment made for non-professionals is also relatively expensive thus restricting market adoption.

Sports Equipment Market: Opportunities

Increased supply and demand of customized sports equipment to deliver expansion possibilities

The global sports equipment market players will encounter new growth opportunities owing to the increasing demand and supply of customized sports equipment. It includes developing sports equipment that meets the physical and medical needs of the players. Additionally, non-professional buyers also spend heavily on sports equipment specially customized as per their requirements.

In August 2022, Nike designed a customized tennis outfit specially designed for record-holding tennis player Serena Williams. The new outfit was encrusted with crystals and diamonds. It was inspired by costumes used in figure skating and was made of 6 layers as the player had 6 titles corresponding to the US Open.

In November 2023, SquadLocker, a leading provider of team gear and apparel customized for teams, announced a collaboration with the world’s leading provider of luxury athletic wear, Wilson. Both companies will launch an exclusive line of Wilson brand sublimated uniforms for volleyball and basketball. The products can only be bought from SquadLocker.

Growing demand for sports equipment specially designed for paraplegic sports teams holds tremendous growth opportunities

The global industry for sports equipment is further projected to grow owing to the rising investments in paraplegic sports and providing participation opportunities to differently-abled players. In December 2021, UK Sport announced that it would make an additional investment of £11.2m as funds directed toward Paralympic and Olympic sports to be held in Paris in 2024.

In October 2022, the French government was praised by the International Paralympic Committee (IPC) for its measures adopted to promote and improve the rights of people with disabilities thus contributing to the global sports equipment market growth.

Sports Equipment Market: Challenges

High competition in the market and segmentation caused by counterfeit equipment makers to challenge market growth

The global sports equipment industry will be challenged as the market reaches high levels of saturation filled with several players. This leads to extreme price competition thus making it difficult for companies to attract more customers. Additionally, the industry is further impacted by the increasing number of counterfeit equipment sellers especially targeting online buyers.

Sports Equipment Market: Segmentation

The global sports equipment market is segmented based on distribution channel, product, and region.

Based on distribution channel, the global market is divided into specialty & sports shops, online retail, and department & discount stores. In 2022, the highest growth rate was observed in the specialty & sports shops segment. It dominated more than 45.5% of the total share. These stores are equipped with a large number of products and their variations. Specialty & sports shops specialize in materials used during sport and hence their product quality is better than other product providers. The online segment is projected to grow at a CAGR of more than 7.46% during the projection period.

Based on product, the global market is divided into athletic training equipment, fitness/strength equipment, ball games, ball over net games, and others. In 2022, the highest growth was registered in the ball games segment. More than 35% of the final revenue was led by the ball games in 2022 due to the higher popularity of ball-oriented games including football, cricket, baseball, and other sports. Currently, the most commercialized games across the globe are cricket and football and enjoy a massive fan following.

Sports Equipment Market: Report Scope

Sports Equipment Market: Regional Analysis

North America to emerge as the highest revenue-generating industry

The global sports equipment market will be led by North America during the forecast period. In 2022, around 32% of the global revenue was registered in North America. The key reason is the existence and growing dominance of globally popular sports equipment brands in the US region as well as certain companies in Canada. Sports equipment made in the United States is popular across the globe. Companies such as Nike, Adidas, Converse, ASICS, Under Armour, Reebok, and Champion are leading sponsors for players and teams playing at the international level.

In October 2023, UCF Athletics, a Florida-based school for women's track and field sports, announced that it was extending its partnership with Nike for another 5 years until 2029. In November 2023, the sports equipment company signed another 10-year deal with Football Australia as the official sponsor. The importance of the Asia-Pacific region in the sports equipment industry remains unparalleled since countries in the region are the main manufacturing sites for sports goods. China and India are the leading regional contributors.

Sports Equipment Market: Competitive Analysis

The global sports equipment market is led by players like:

• Under Armour
• Nike
• Reebok
• Adidas
• ASICS
• Puma
• Rawlings
• New Balance
• Franklin Sports
• Wilson
• Mizuno
• Babolat
• Easton Sports
• Yonex
• Head

The global sports equipment market is segmented as follows:

By Distribution Channel

• Specialty & Sports Shops
• Online Retail
• Department & Discount Stores

By Product

• Athletic Training Equipment
• Fitness/Strength Equipment
• Ball Games
• Ball Over Net Games
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa