Sports equipment market outlook is expected to remain steady on the back of increased participation in sports and recreational activities in the wake of growing health awareness and stress management associated with sports activities. That, combined with the increasing importance of sports as an entertainment source is set to drive demand for sports equipment in the coming years.
Current, sports equipment marketplace has the presence of several established players. Also, a strong global footprint through an extensive partnership with distributors aids in maintaining the market status-quo of industry titans. Market players are engaged in further strengthening their dealership network through their participation in retail, e-commerce, wholesale and specialty sports store.
Media coverage of global sports events plays a significant role in increasing popularity as well as participation of sports among consumers. Further, the sports equipment market witnesses seasonal surge in demand during popular international sports events such as FIFA World Cup, Olympic Games and Commonwealth Games.
Macroeconomic factors such as expanding middle-class and improving economic conditions have led to ameliorating living standards that allow more number of consumers to invest in discretionary hobbies such as popular sports – baseball, football, golf and others.
Smart Sports Equipment Market to Witness Subdued Growth
According to the study, the smart sports equipment market is expected to grow at a subdued rate and generate revenues worth over US$ 1.2 billion by 2022. Major challenges impeding the growth of the smart sports equipment market include technological barriers which show a limited number of smart sports equipment present in the market.
Sports that have the penetration of smart equipment include baseball, golf, tennis, hockey and soccer wherein smart equipment such as smart baseball bat, golf stick, tennis racket, hockey stick, soccer ball and smart rope.
Smart Golf Sticks and Baseball Bats to Hold Two-Fifth of Global Revenues
The study opines that sales of smart baseball bats and golf sticks are expected to remain higher during the forecast period against the backdrop of increasing popularity of the sports. Also, significant reward money on international events of these sports allures stakeholders to adopt smart sports equipment that are sensor-equipped and deliver highly efficient and detailed data-driven analysis of the entire sports event.
The study evaluations find that smart golf sticks will remain the top-selling smart sports equipment by the end of the forecast period. Collectively, sales of smart baseballs and smart baseball bats are expected to have garnered revenues worth over US$ 240 million in 2018.
Real-time Data Synching – Highly Sought-after Connectivity Feature
Performance analysis of athletes plays a crucial role in deciding future tactics of the sports to play and win the competitive landscape of sports. With the advent of smart sports equipment that offer real-time data synching, this performance analysis of individual athletes have become efficient wherein coach can analyze the real-time movement and plan future movements and tactics. The study estimates that by the end of 2022, real-time data synching feature will account for half the global smart sports equipment market share.
According to report highlights, Europe accounts for the largest revenue share in the smart sports equipment market. Imposing performance of European athletes is said to gain significant traction of Europeans consumers. That, combined with the region’s advanced sports industry significantly contributes to the significant revenues of smart sports equipment market in Europe.
As compared to Europe, market for smart sports equipment is likely to grow at a rapid pace in the Asia Pacific excluding Japan (APEJ) region. The study opines that countries in APEJ will present significant demand for smart sports equipment in future, equaling revenues worth over US$ 300 million with over 3% CAGR.
Developing countries in the region are witnessing a significant expansion of middle class and rising standards of living, thereby presenting gainful opportunities for the sports industry as well as smart sports equipment manufacturers.
Aforementioned insights are derived from Fact.MR’s smart sports equipment market report. The report analyses the smart sports equipment market for the period of 2017-2022.