Sports Equipment Market to Achieve US$ 220.35 Billion at 6.9% CAGR by 2034: Fact.MR Analysis

Rockville , March 01, 2024 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, the global Sports Equipment Market size is estimated to reach US$ 113.07 billion in 2024. Worldwide demand for sports equipment is projected to increase at a CAGR of 6.9% through 2034.

The increasing number of health issues related to leisurely lifestyles, such as stress and obesity, is prompting a greater interest in outdoor and fitness activities among people across the world. As a result, there is a growing demand for a variety of sports and fitness equipment. The popularity of major global sporting events such as the Soccer World Cup, Olympic Games, and Cricket World Cup is also playing a significant role in driving global demand for sports equipment.

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Key Segments of Sports Equipment Market Research Report

The availability of well-known international sports equipment brands is adding to the demand for these products. Active participation of women in sports is also emerging as a crucial factor contributing to market growth. This trend not only reflects a societal shift toward a more inclusive sports culture but also signifies a broader customer base for sports equipment manufacturers.

Convergence of health awareness, global sports enthusiasm, and the increasing presence of recognized sports brands are shaping the dynamic growth trajectory of the market for sports equipment. As more individuals embrace active lifestyles, demand for diverse and high-quality sports gear is projected to rise, making it a vibrant and evolving industry.

Key Takeaways from Market Study

• The global sports equipment market is projected to expand at a CAGR of 6.9% through 2034.
• Global sales of sports equipment are estimated at US$ 113.07 billion in 2024.
• The market is forecasted to reach US$ 220.35 billion by 2034-end.
• The North American market is projected to expand at a CAGR of 7.8% through 2034.
• Sticks, bats, and clubs are projected to collectively account for a 22.4% market share in 2024.
• East Asia is forecasted to account for 23.1% of the global market share by 2034.

“The popularity of sports is driven by health trends, social media influence, and celebrity endorsements, leading to the constant rise in sports equipment sales across the world,” says a Fact.MR analyst.

Market Developments

PUMA.SE, Nike Inc., Jarden Corporation, Amer Sports, and Under Armour are leading manufacturers of sports equipment. Companies are continuously launching new and innovative products and also partnering with sports celebrities to promote their brands.

• Puma extended its partnership with W Series and signed Finnish driver Emma Kimiläinen for the Puma W Series Team in 2022.
• DICK'S Sporting Goods, a leading sporting goods retailer in the United States, launched VRST, an innovative men's athletic apparel brand designed in 2021.

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United States' Impact on Global Sports Equipment Market

According to Fact.MR's latest analysis, East Asia is forecasted to claim 23.1% of the sports equipment market share by 2034.

The production of sports equipment spans across various regions globally, including Southeast Asia, Central and South America, and Australia. This diversified manufacturing landscape enables the market to meet growing demands and reduce dependence on specific sourcing hubs.

In the United States, a pervasive sports and fitness culture drives consistent demand for a wide array of sports equipment. With a population actively participating in numerous sports and recreational activities, there's a continuous requirement for high-quality gear.

Moreover, the nation's robust economy and affluent disposable income levels enable consumers to invest in online sports equipment, bolstering sales for both basic and advanced gear. The American consumer's penchant for embracing the latest fitness trends and technologies further fuels innovation and product development among sports equipment manufacturers.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the sports equipment market for 2018 to 2023 and forecasts market statistics for 2024 to 2034.

The study divulges essential insights into the market based on product (balls, sticks, bats & clubs, nets & goals, rods & tackles), sales channel (multi-brand stores, mono-brand stores, sporting goods stores, online retail), and end user (men, women, teens), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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03/01/2024 12:00

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