The global sports equipment market was valued at US$ 84 Bn in 2021, and is expected to surge at a healthy CAGR of more than 7% through 2031 to reach a market worth of US$ 168 Bn.
Sports equipment market report by Persistence Market Research provides a detailed assessment and projects market valuation and other crucial metrics to gain knowledgeable insights. By 2031, this analysis predicts the market to expand 2.5X the speed as compared to the past 5 years.
The sports equipment industry is predicted to almost double in valuation by the end of 2031 from US$ 84 Bn in 2021. Japan is expected to be valued at US$ 5 Bn while Germany is expected to amount for 7.6% of the global market share.
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FACTS AT A GLANCE
Companies:Amer Sports.,Adidas AG.,Callaway Golf Company.,PUMA SE.,Cabela’s Incorporated.,GLOBERIDE, Inc.,MIZUNO Corporation.,Nike Inc.,Jarden Corporation.,YONEX Co., Ltd.,Others
Coverage: All major geographies and key segments
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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Sports Equipment Market: Report Scope
The global sports equipment market is witnessing considerable growth over the last few years. Increasing participation in sports activities, growing consumer awareness about health and fitness, and the emergence of e-commerce are some of the key drivers impelling growth of the sports equipment market. However, increasing availability of counterfeit products and rising prices of sports equipment are restraining the growth of this market to some extent.
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.
Among the various sports equipment segments, ball sports hold the largest market share. 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. The sports equipment industry is swiftly embracing new technologies and adapting its products in order to keep pace with rapidly changing global trends.
North America holds the largest market share for sports equipment, followed by Europe and Asia Pacific. Developed markets in the U.S. and European countries dominate the sports equipment market. The U.S and Canada are the largest markets for sports equipment in North America. Demand for sports equipment in the developing economies of Asia Pacific is expected to show high growth prospects during the forecast period.
During 2016–2020, the sports equipment market in Asia Pacific experienced greater growth rate as compared to that of other regions, including North America and Europe. Countries such as Japan, China, India, and Australia are witnessing rapid economic growth. This, in turn, is expected to further drive the sports equipment market in Asia Pacific.
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