Catalysts of Growth: AI-Enabled Innovations Transform Sports Protective Gear Landscape 2023 to 2027

DUBLIN, Aug. 15, 2023 /PRNewswire/ -- The "Sports Protective Gear Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

The global sports protective gear market is set to demonstrate resilience and growth, projecting an increase from $3.72 billion in 2022 to $4.02 billion in 2023, exhibiting a robust compound annual growth rate (CAGR) of 8.0%.

This growth unfolds despite the challenging geopolitical landscape caused by the Russia-Ukraine conflict, which has cast uncertainties on the global economic recovery following the COVID-19 pandemic. The ongoing conflict has unleashed economic sanctions on multiple countries, triggered a surge in commodity prices, and disrupted supply chains, culminating in widespread inflation across goods and services and affecting markets across the world.

Market Outlook

The steadfast nature of the sports protective gear market extends to its projection for the future. By 2027, the market is poised to ascend to a value of $5.35 billion, charting a CAGR of 7.4%. This projection is a testament to the industry's capacity to navigate the turbulent circumstances and emerge stronger.

The research landscape for the sports protective gear market includes a series of newly unveiled reports, collectively offering a wealth of data for stakeholders. This invaluable information encompasses global market size, regional market shares, competitor analysis with respect to market share, meticulous market segment insights, emerging trends, and avenues for growth within the sports protective gear industry. The comprehensive research report paints a vivid picture of the present and future scenarios shaping the industry.

Technological innovation emerges as a key driving force in the global sports protective gear market. Industry giants are directing their focus towards integrating artificial intelligence into protective gear to augment the experience of athletes and sports professionals.

Notably, in August 2021, India-based Venture Catalysts, a company dedicated to technology commercialization through entrepreneurship, invested in Altor, a startup specializing in IoT and AI-enabled smart helmets. These helmets boast features that ensure rider comfort and road safety. Altor's patented technology swiftly detects accidents, promptly notifies emergency contacts, and accurately pinpoints accident locations. Such investments pave the way for pioneering products within the realm of sports protective gear.

Strategic acquisitions further contribute to the industry's dynamic landscape. In December 2020, Innovatus Capital Partners established Certor Sports, LLC, a US-based sports goods manufacturer, to acquire the assets of Kranos Corporation. Kranos Corporation, a US-based company, specializes in manufacturing protective gear for diverse sports. This strategic move by Innovatus Capital Partners enhances the industry's ability to deliver superior products and solutions.

Geographic Outlook

Asia-Pacific took the lead in the sports protective gear market in 2022, while North America is projected to spearhead growth in the forecast period. The geographical scope of the sports protective gear market report spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Nations featured in the comprehensive sports protective gear market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The ascent of the sports protective gear market is further propelled by an upsurge in the participation of individuals in sports and recreational activities.

The COVID-19 pandemic catalyzed this trend by granting individuals more leisure time for such pursuits. Sports protective gear plays a pivotal role in ensuring safe gameplay and preventing injuries. According to the U.S. Bureau of Labor Statistics (BLS), individuals aged 15 and above engaged in leisure and sporting activities for an average of 32 minutes more per day in 2020, amidst the pandemic, compared to 2019. This surge in sports and recreational participation is poised to drive the growth of the sports protective gear market.

The sports protective gear market encompasses a diverse range of products, including shoulder guards, elbow guards, shin guards, knee pads, wrist guards, and spinal vests. The market value encompasses goods sold by creators or manufacturers to downstream entities, including wholesalers, distributors, retailers, and end consumers, along with associated services.

In summary, the global sports protective gear market defies geopolitical turbulence and economic uncertainties, embracing innovation, acquisitions, and heightened participation to drive growth.

A selection of companies mentioned in this report includes

• Adidas AG
• Amer Sports Oyj
• ASICS Corporation
• Bauer Hockey LLC
• BRG Sports
• Dunlop Sport
• Franklin Sports
• Mizuno Corporation
• Nike Inc
• Puma SE
• Under Armour Inc
• Vista Outdoor Inc
• Xenith LLC
• Mcdavid USA
• Yonex Company Limited
• ZAMST
• Kawasaki
• Mueller

For more information about this report visit https://www.researchandmarkets.com/r/o5dsgh

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