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Sports Protective Equipment Market Expected to Reach $10,171 Million, by 2026
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The sports protective equipment market is projected to grow from $7,518 million in 2018 to $10,171 million by 2026, driven by increased sports participation and online retail growth.
Upper and lower extremity sports gear emerges to be a lucrative business segment, globally, due to increase in demand for knee braces and elbow braces. Helmets & other headgears show impressive penetration in Europe on account of cycling trends
A new report published by Allied Market Research, titled, “Sports Protective Equipment Market by Product Type, Area of Protection, and Distribution Channel: Global Opportunity Analysis and Industry Forecasts, 2018–2026,” projects that the global sports protective equipment market was valued at $7,518 million in 2018 and estimated to reach $10,171 million by 2026. Sports protective equipment market trends are expected to be progressive over the next few years. LAMEA is expected to witness the highest growth rate, owing to the increase in popularity of sports such as baseball and basketball in Brazil.
Rise in participation in sports activities, growth in consumer spending on sports gear, increase in health consciousness among consumers, prominence of national & international sports events foster the growth of sports protective equipment industry. However, availability of cheap and counterfeit products restrains the market growth. Increase in penetration of online retail is expected to offer lucrative opportunities for growth.
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The sports protective equipment market is segmented by product type into helmets & other headgear, protective eyewear, face protection & mouth guards, and pads, guards, and chest protectors & gloves. Among these, product segment comprising pads, guards, chest protectors & gloves accounted for the largest sports equipment market size, by value, owing to the extensive penetration of these equipment in diverse sports such as ice hockey, football, cricket, baseball, and other sports. Protective eyewear product segment follows pads, guards, chest protectors, & gloves segment, in terms of the sports protective equipment market size, owing to its rapid adoption among recreational users and other sports enthusiasts as a fashion trend.
The global sports protective equipment market is categorized based on the area of protection into head & face protective equipment, trunk & thorax protective equipment, upper extremity protective equipment, and lower extremity protective equipment. The head & face segment accounted for over half of the total market sports equipment market size in 2018, fueling the market growth. Upper and lower extremity protective equipment are expected to witness higher growth rates during the forecast period on account of the rapid adoption of knee and elbow braces as a preventive measure in sports.
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The sports protective equipment gear is distributed through diverse channels, namely, specialty retail stores, multi-retail stores, and online stores & others. Specialty retail stores generated the highest revenue in 2018, since it is a traditional channel for the purchase of sports products, and is expected to grow at a CAGR of 3.5%. Online retail stores & others is expected to witness relatively higher growth owing to the extensive penetration of smartphones and tablets, and the increased convenience offered by this channel to choose from a variety of products.
North America accounted for over 35% of the sports protective equipment market share, and is anticipated to maintain its dominance throughout the forecast period. Sports protective equipment market analysis has been provided for all the four regions covered in the report. Countries analyzed under the North American geographical segment are the U.S., Canada, and Mexico. Under Europe, market size and forecast are provided for UK, Germany, France Italy, and rest of Europe.
Prevalence of sports culture and high per capita income has led to higher adoption of sports protective equipment in North America and Western Europe. Countries covered in Asia-Pacific include Japan, China, Australia, India, and rest of Asia-Pacific. Japan, China, and Australia are the leading markets for sports protective equipment in the region. LAMEA includes Brazil, Middle-East, and rest of LAMEA.
Key Findings of the Sports Protective Equipment Market:
Leading players profiled in the report include Adidas Ag, Nike Inc., Under Armour Inc., Puma SE, Amer Sports Corporation, Asics Corporation, Vista Outdoor, BRG Sports, Xenith, and Shock Doctor (Bregal Partners).
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The article discusses the growth and trends in the sports protective equipment market, projected to reach $10,171 million by 2026.
Increased sports participation, consumer spending on sports gear, and online retail growth are key drivers.
The LAMEA region is expected to witness the highest growth rate due to rising popularity of sports.
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