NEW YORK, Dec. 30, 2015 /PRNewswire/ -- Market outlook of the sports equipment market
Technavio€™s research analyst predicts the global sports equipment market to grow at a CAGR of around 3% during the forecast period. The increased awareness of a healthy lifestyle is a key driver for the growth of this market. A hectic lifestyle coupled with rising health issues such as obesity has created a demand for fitness-related sports equipment. The growing concerns over obesity have led the WHO to declare it formally as a global epidemic. For instance, during 2013, New Zealand accounted for 38% of the world obese population.
The rising demand for lightweight sports equipment is also expected to propel the market growth during the forecast period. Modern lightweight sports equipment help consumers yield high performance due to their excellent stiffness and high strength. Moreover, they also give full control to the user over the equipment and provide them with a high level of flexibility. Carbon fibre is emerging as a popular replacement for traditional metal, wood, and steel in modern sports equipment.
Product segmentation and analysis of the sports equipment market
The ball sports segment dominated the market during 2015, with a market share of 24%. The global popularity of sporting events such as cricket, basketball, and football is the key growth driver for this segment. This research report anticipates the ball sports equipment market to reach a market value of around US $20 billion by the end of 2020.
Segmentation by retail format and analysis of the sports equipment market
Speciality and sports shops
Department and discount stores
Speciality and sports shops accounted for 46% of the market share during 2015. The convenience provided by this distribution channel and its ability to stock popular brands have been driving the growth of this segment. Moreover, these stores provide consumers with numerous discounts on the equipment driving their popularity further.y
Geographical segmentation and analysis of the sports equipment market
North America accounted for around 38% of the market share during 2015 and is expected to reach a revenue of around US $ 31 billion by the end of 2020. People are increasingly becoming health conscious, and there is a growing problem of obesity in the region. Consequently, a greater number of people engage in one or the other sporting activity to remain fit and healthy, which is boosting the growth of the sports equipment market. The growing health related issues in this region has been driving the market growth. For instance, according to Organisation for Economic Co-operation and Development (OECD), around 35% of the American adults were considered to be obese during 2014.
Competitive landscape and key vendors
The global sports equipment market is highly fragmented due to the presence of numerous small and large vendors. With rising competition, the industry has been witnessing consolidation wherein smaller entities are being acquired by or merged with major players.
The leading vendors in the market are -
Other prominent vendors in the market include ASICS, Billabong International, Callaway Golf C, Columbia Sport, Daiwa Seiko, Dunlop Sports Group Americas, New Balance, Puma SE, Quicksilver, Yonex.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global sports equipment market?
What are the key market trends impacting the growth of the sports equipment market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global sports equipment market?
Trending factors influencing the market shares of the APAC, Europe, North America, and ROW?
What are the key outcomes of the five forces analysis of the sports equipment market?
Technavio also offers customization on reports based on specific client requirement.
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