Gymnastics is recreational sporting activity which requires flexibility, balance, agility, strength, and coordination. This sport contributes to the overall development of the body which includes shoulders, chest, arms, abdominal muscles etc. Gymnastics events are governed by Federation Internationale de Gymnastique (FIG). Gymnastics equipment is essentially used while carrying out gymnastic activities.
Key factors driving the gymnastics equipment market include increase in investments in recreational sporting activities, sports infrastructural development, rise in participation of female athletes in gymnastics, mushrooming gymnastics clubs across the world, and increasing number of championship initiatives. Evolution in e-commerce has created huge opportunities for producers and suppliers in the industry. In order to cater to a comprehensive range of customers across the globe, manufacturers and distributors of gymnastics equipment are focusing on selling their products on e-commerce websites. This factor is anticipated to create growth opportunities for the market during the forecast period. Promotion of gymnastics equipment through various online channels and documentaries, movies, and shows highlighting benefits of gymnastics is having a significant impact on youngsters which is projected to offer lucrative opportunities to the gymnastics equipment market in the next few years. On the other hand, unawareness about gymnastics in small countries is one of the major factors hampering the growth of the gymnastics equipment market.
The global gymnastics equipment market can be segmented based on product, distribution channel, and region. In terms of product, the gymnastics equipment market can be categorized into Balance Beam, Athletic Bars, Vault, Pommel Horse, Rings, and Floor. In terms of distribution channel, the gymnastics equipment market can be bifurcated into online and offline. Based on region, the global gymnastics equipment market can be segregated into Europe, North America, Asia Pacific, South America, and Middle East & Africa. In terms of revenue, Europe and North America are anticipated to hold major share of the market for gymnastics equipment in the near future. The sport is already popular in these geographies and governments of various countries are providing world class infrastructure and amenities to gymnasts. This is expected to boost the demand for gymnastics equipment during the forecast period. The gymnastics equipment market in Asia Pacific is estimated to expand at a considerable pace during the forecast period, due to increase in awareness about the sport, and promotional activities conducted by the governments of different countries. Developing countries such as Japan, India, and China have provided good platforms to athletes by conducting different championships and events. This is expected to augment the demand for gymnastics equipment in these countries from 2018 to 2026. The gymnastics equipment market in South America is projected to show moderate growth in the near future. Brazil and Chile are focusing on building infrastructure for athletes which is likely to boost the demand for gymnastics equipment in the region during the forecast period.
Prominent players operating in the global gymnastics equipment market are American Athletic Inc, Norberts Athletic Products Inc, Mizuno Corporation, Continental Sports Ltd, Abeo SA, Kubler Sport Gmbh, Marty Sports, Banfer GmbH, Taishan Sports Industry Co. Ltd, Pe Redskaber A/S, Romsports, Skyline Athletics Inc, AK Athletics Equipment Inc, and, Sport System Srl. These players are estimated to face tough competition in the near future due to presence of a large number of local players in the market. Major brands are likely to focus on innovation of new products and research & development activities to strengthen their foothold in the global gymnastics equipment market. Companies are undertaking mergers and acquisitions, and joint ventures with local players to expand their product portfolio. Producers in developing countries are focusing on reducing their cost of production and increase profitability for the sustainable growth of their business.
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