Ball sports equipment ‘largest segment’ by 2020
OPPORTUNITIES are emerging in the global sports equipment market for Australian designers and manufacturers – especially in the ball sports segment.
A new report from Persistence Market Research has found the global sports equipment market was valued at US$66,528.8 million in 2013 and is expected to expand at a compound annual growth rate (CAGR) of 3 percent from 2014 to 2020, reaching US$81,821.0 million by 2020.
Ball sports hold the largest share in the sports equipment market, at over 26 percent. This segment is projected to increase from US$17,592.6 million in 2014 to US$21,778.6 million in 2020, at a CAGR of 3.6 percent.
Persistence Market Research has tracked considerable growth in the global sports equipment market over the last few years, putting that down to increasing participation in sports activities, growing consumer awareness about health and fitness, and the emergence of e-commerce capabilities in the sector.
“However, increasing availability of counterfeit products and rising prices of sports equipment are restraining the growth of this market to some extent,” the report summarised.
The global sports equipment market consists of equipment for ball sports, adventure sports, fitness, golf, winter sports, and others sports, including archery, billiards, bowling, wheel sports, pogo sticks, and indoor games.
“The ball sports equipment segment is expected to be the market’s most lucrative during the forecast period,” the Persistence report said. “This segment is expected to account for approximately 26.6 percent share in the global sports equipment market in 2020.”
Increasing media coverage of various global sports events such as the Olympic Games, Commonwealth Games, and FIFA World Cups encourage the youth to take part in various sports, according to the research.
The sports equipment industry is swiftly embracing new technologies and adapting its products in order to keep pace with rapidly changing global trends – and it is in this area that Australian sports equipment manufacturers and marketers see both opportunities and threats.
Another trend Australian companies should note is the recent growing trend of combining casual and athletic designs. Major sports equipment manufacturers merge sports products with leisurewear to meet the demand for fashionable sportswear.
North America holds the largest market share for sports equipment, followed by Europe and Asia Pacific. Developed markets in the US and European countries currently dominate the sports equipment market.
The US and Canada are the largest markets for sports equipment in North America.
According to the United Nations World Tourism Organization (UNWTO), in 2010, Europe, Latin America, and North America together accounted for approximately 70 percent of the global adventure sports segment.
Persistence Market Research showed demand for sports equipment in the developing economies of Asia Pacific is expected to show high growth prospects during the forecast period. Japan, China, India, and Australia, with their economic growth, were expected to drive the sports equipment market in this region.
The sports equipment market is segmented on the basis of product (ball sports, adventure sports, fitness equipment, golf equipment, winter sports, and other sports equipment) and region (North America, Europe, Asia Pacific, and Rest of the World). Persistence pointed out that the sports equipment market was largely fragmented, but its major players included Amer Sports, Adidas AG, Callaway Golf Company, PUMA SE, Cabela’s Incorporated, Globeride Inc, Mizuno Corporation, Nike Inc, Jarden Corporation, and Yonex Co.
Persistence Market Research is a US-based full-service market intelligence firm specialising in syndicated research, custom research, and consulting services. Persistence has market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
In terms of revenue, the global market for sports equipment grew from USD 61,778.7 million in 2010 to USD 66,528.8 million in 2013. It is expected to grow to USD 81,821.0 million in 2020 expanding at a CAGR of 3.0%. Ball sports hold the largest share in the sports equipment market. This segment is projected to increase from USD 17,592.6 million in 2014 to USD 21,778.6 million in 2020, at a CAGR of 3.6%.
Browse the full report with TOC: http://www.persistencemarketresearch.com/market-research/sports-equipments-market.asp