“New trends and innovations like smart devices and shoes that use IoT and AI are likely to shape the market in the years to come.”
According to a new report from Allied Market Research titled “Sports equipment and shoes market: Global Opportunity Analysis and Industry Forecast, 2021–2025“The sports equipment and footwear market size was $ 224.7 billion in 2018 and is projected to reach $ 323.4 billion by 2025, a CAGR of 8.6% from 2021 to 2025.
The alarming rise in obesity prevalence, particularly in urban areas, complements the growth in the fitness and exercise equipment market. A shocking increase in the number of obese people has been observed around the world. According to the WHO, over 340 million children and adolescents between the ages of 5 and 19 were overweight or obese in 2016. Obesity has been linked to a number of health problems such as sudden cardiac arrest, high blood pressure, hypotension, and diabetes. To lose weight, relieve stress, and improve blood circulation, obese people tend to use fitness and exercise equipment, which is fueling global demand in the sports equipment and footwear market.
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Dedicated players in the sports equipment and footwear industries use a variety of marketing strategies to increase their product penetration among consumers. These strategies include celebrity support, event organization, and social media marketing. In addition, leading players in the industry are now investing heavily in digital platforms to market their products. In addition, leading players in the fitness industry are live streaming online workouts to promote their brands to the target audience. For example, Technogym – a company specializing in equipment manufacturing and digital technologies for fitness, sport and health – presented the new digital platform TECHNOGYM LIVE, which enables end users to have fitness sessions at home. In addition, leading players in the industry are integrating their platforms to offer additional training experiences such as group cycling, running, rowing and boxing. Investments in such corporate activities have resulted in widespread promotions that are likely to fuel the expansion of the sports equipment and footwear market in the years to come.
The sports equipment and shoes market includes sports shoes, including hiking / running shoes, sneakers, cross training / fitness shoes / aerobic shoes, hiking shoes / boots, basketball shoes, sports sandals, tennis shoes, boat / deck shoes, hunting shoes, baseball shoes, skateboarding shoes , Golf shoes, soccer shoes, cheerleading shoes, cycling shoes, water sports shoes, bowling shoes, running shoes, volleyball shoes and wrestling shoes.
In addition, the sports and equipment considered for the global analysis include archery, backpacks, badminton sets, baseball, basketballs, bicycles, billiards / pool cue sticks, binoculars, bowling, sports, sunglasses, fishing, soccer balls, golf, sports helmets , Ice hockey, inline skates, lacrosse sticks, paintball guns, sticks, scooters and skateboards.
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The sports sector was hard hit during the outbreak of the COVID-19 pandemic. Many sporting events were postponed or canceled during the outbreak. For example, the Tokyo Summer Olympics and Paralympic Games were canceled due to this global health crisis that hampered the growth of the market. In addition, the global sports equipment and footwear market has been hard hit as the outbreak has resulted in the closure of sports facilities, state sports activities, gyms, gyms, parks, and schools and colleges. This further led to a decline in participation in regular physical or sporting activities, which in turn hampered demand in the sports equipment and footwear market.
Main results of the study
- By region, outside of the US dominates in terms of world market share and is expected to maintain its dominance for the sports equipment and footwear market during the forecast period.
- By product type, the equipment segment led the way in 2018 in terms of sports equipment and footwear market share; and is expected to grow with robust CAGR over the forecast years.
- The D2C channel has gained a lot of attraction in both market categories and is likely to create rewarding sports equipment and footwear market opportunities for the dedicated gamers.
- Those in the industry are likely to diversify their supply chains and raw material sourcing to reduce the risk of future supply chain disruptions.
Key players researched for Sports Equipment and Shoes market analysis include Adidas AG, Asics Corporation, Brooks Running Company, Fila Holding Corporation, Li Ning Company Limited, New Balance, Inc. Nike, Inc., Puma Se, Skechers USA, Inc., Under Armor, Inc., Callaway, Samsonite, Yonex Co., Ltd., Mizuno Corporation, Precor, Inc., Nautilus International, Inc. and Cybex International, Inc.
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Allied Market Research (AMR) is a full-service market research and management consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global companies as well as medium and small companies unsurpassed quality of “market research reports” and “business intelligence solutions”. AMR has a specific intent to provide business insights and advisory services to help its clients make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services in 11 industries including life sciences, consumer products, materials and chemicals, construction and manufacturing, food and beverage, energy and energy, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense as well BFSI.
We have professional business relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our methodology for obtaining secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.
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