Global Sports Protective Equipment Market: Snapshot
The global sports protective equipment market is witnessing a strong rise on the ground of to the growing interest of young generation in various types of sports, increasing need for sporting goods, and the bolstering popularity of sports leagues. In addition to this, the rising number of sports events is expected to fuel the demand for sports protective equipment significantly over the next few years. The growing awareness among consumers regarding safety and security during games is also projected to reflect positively on the sales of sport protective equipment, worldwide, in the near future.
The global market for sports protective equipment stood at US$7.10 bn in 2016. Expanding at a CAGR of 3.80% between 2017 and 2025, this market is likely to rise to US$9.82 bn by the end of 2025.
Water Sports and Racing to Report High Demand for Sports Protective Equipment
Sports protective equipment are extensively utilized in water sports and racing, ball games, and mountaineering and rock climbing. Among these, the demand for sports protective equipment is higher in water sports and racing. Analysts anticipate this trend to remain so over the next few years. Coasteering, snorkeling, water skiing, and jet skiing are some of the most popular water sports while racing sports include running, car racing, cycling, skating, motorsport.
Thailand, the U.S., India, Mauritius, and Australia are some of the famous destinations for water sports across the world. The tourism industry in these countries is fairly strong and, owing to this, a fair amount of tourists engage themselves in water sports every year, which in turn, calls for the usage of protective equipment.
Europe to Continue Leading Global Sports Protective Equipment Market
Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America are the key regional markets for sports protective equipment across the world. Europe, among these, has emerged as the leading regional market. In 2016, it acquired a share of more than 41% in the overall market, thanks to the increasing interest of the youth towards water sports and racing. With this region poised to host a number of major sports events in the coming years, it is expected to maintain its dominance over the global market for sports protective equipment in the years to come.
Asia Pacific and North America are the other prominent regional markets for sports protective equipment in the world. China and India are the prime domestic markets for sports protective equipment in Asia Pacific. The increasing support from the government to encourage sports activities is likely to boost the sports protective equipment market in Asia Pacific over the next few years. The North America market, on the other hand, is likely to be driven by the increasing number of high-profile sporting events in the near future.
The global market for sports protective equipment is marked by some strong competition from the major players operating in it. Frequent mergers and acquisitions, partnerships and joint venture, product innovation, research and development, geographical expansion are some of the key the strategies adopted by the leading players to ensure long term sustenance in this market. Nike Inc., Adidas AG, Puma SE, Asics Corp., Amer Sports Corp., Xenith, Under Armour Inc., McDavid Inc., Mueller Sports Medicine Inc., and Grays International are some of the prominent vendors of sports protective equipment across the world.
Global Sports Protective Equipment Market: Overview
Sports equipment market is anticipated to observe steady growth during the forecast period. Growing participation in sports activities coupled with rising awareness about safety offered by these products is stimulating the demand for sport protective equipment market globally. In addition, rapid growth of the e-commerce industry has further attributed to the growth of this market at present. Online distribution channel offers various benefits such as variety of product offering, numerous options such as different brand, color, size, price variation, easy delivery, time saving and others. Growth of the e-commerce industry has allowed the manufacturers to reach out to a wider customer base and offer various products as per consumer’s preference, which is also responsible for the growth of the market.
Moreover, many manufacturers are focused on introducing light weight sports protective equipment and its offers high performance due to their flexibility and stiffness. This factor is likely to push the demand forward for such products. However, rise in the number of counterfeit products over the years had led to the disruption of the brand image of the major manufacturers, which is hampering the growth of the market at present. However, the impact of this driver is expected to minimize by the end of the forecast period. Moreover, counterfeit products slow down the economy of a country as well.
Global Sports Protective Equipment Market: Segmentation
The global sports protective equipment market is segregated on the basis of product type into head protection, hand protection, lower body protection and others. Head protection held the majority market share whereas lower body protection is likely to be the most attractive segment and is anticipated to witness the most rapid growth rate during the forecast period. The demand for hand protection is fairly high among the consumers owing to their application in various sports activities. Following lower body protection is the others segment, which is experiencing a steady growth in demand across the globe. Others segment includes mouth guard, eye protection and footwear. In terms of application the sports protective equipment market is segmented by water sports and racing, ball games, mountaineering and rock climbing and others.
Sports protective equipment mostly used in water sports and racing application, therefore this segment held the largest market share in 2016 and it is expected a steady growth during the forecast period. Water sports includes coasteering, snorkeling, water skiing, jet skiing and others. Some of the countries famous for water sports such as Thailand, U.S.A., India, Mauritius, Australia and others. These countries are famous for tourism business this fuelling the growth of the water sports industry.. Cricket, football, basketball, tennis, baseball, soccer and others are famous ball sports. Sports protective equipments used in ball games are mainly for head protection, hand protection and shin protection. The others segments include wrestling, boxing, and fencing. Head protection, hand protection, protective clothes are used in these sports segments.
Companies Mentioned in the Report
The major vendors in the global sports protective equipment Market are Nike Inc., Adidas AG, Puma SE, Asics Corporation, Amer Sports Corporation, Xenith, Under Armour Inc., McDavid Inc., Mueller Sports Medicine Inc. and Grays International among others. Some of the key strategies adopted by these companies include mergers and acquisitions, joint ventures and partnerships, product innovations, and geographical expansions.
For instance, Nike Inc., constantly strives to add new products in its sports protective footwear segment in order to increase its competitiveness in the market. Additionally, Adidas AG is continuously focused on introducing new products to expand its product portfolio in order to penetrate in the new market. Moreover, Puma SE constantly strives to add new products to its protective footwear segment in order to increase its customer base globally.
The segments covered in the global sports protective equipment market are as follows:
- Head Protection
- Hand Protection
- Lower Body Protection
- Water Sports & Racing
- Ball Games
- Mountaineering and Rock Climbing
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America