LONDON: With sport and athletics being taken up as professional, recreational, health and stress management activities across the globe at an increasing rate, the global sports equipment market is estimated to be valued at $89.22 billion by the year 2025, according to a report by American market research and consulting company Grand View Research Inc.
As a result, the industry will register a compound annual growth rate (CAGR) of 3.5% till that year. Widespread media coverage of several global sports events, such as FIFA World Cup, Commonwealth Games, and Olympic Games amplifies the popularity and expands the global reach of sports, thereby encouraging youth to take part in them.
In recent times, government institutions are making recreational activities an obligatory inclusion in curriculum of schools and colleges. Besides this, they are taking initiatives to popularize adoption of sports activities in their countries and motivate young athletes.
These initiatives include allocating substantial funds for the development of sports infrastructure, apart from organizing several sports events.
Additionally, an increase in people’s participation has been noted in various ball games such as basketball and football, owing to enhanced standards of living and a greater willingness to spend on leisure activities. Emerging economies such as India, China, and Brazil are observing improvements in living standards, which is projected to boost the sports equipment market growth.
However, in recent times, a proliferation of counterfeit products, in addition to rising product prices, is estimated to negatively impact the market over the forecast period. Nevertheless, enhancement and innovation of products, thanks to usage of better quality raw materials, are poised to offer new opportunities to the market.
Companies are focusing on expanding their market presence through mergers and acquisitions and are also increasingly investing in research and development activities for improving their products for enhanced durability and comfort.
Rising disposable income, convenience of shopping, and ease of internet connectivity are supporting development of the e-commerce and m-commerce industries. These factors render the process of purchasing sports equipment online more convenient for end users.
