SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Sports Gloves - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 14; Released: May 2021
Executive Pool: 3289
Companies: 38 - Players covered include Adidas America Inc; All-Star Sporting Goods; AML Group Ltd; Everlast Worldwide Inc; Gloves n Gloves; Grays of Cambridge; Hirzl AG; Kathmandu Outdoor; Mizuno Corporation; Nike Inc; Rawlings; SELECT SPORT A/S; TH-SPORT (H.K.) Ltd; Under Armour Inc; Wilson Sporting Goods and Others.
Coverage: All major geographies and key segments
Segments: Product (Boxing Gloves, Baseball Gloves, Hockey Gloves, Cricket Gloves, and Other Products); Distribution Channel (Offline, Online)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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Global Sports Gloves Market to Reach $1.6 Billion by 2026
Gloves are defined as protective wear for the hands covering the wrist, palms and fingers. Sports gloves are worn by athletes by playing for protection against injuries and for better game performance. Types of sports which require gloves include boxing, cricket, hockey, goal keeping in football/soccer, baseball, cycling, motor racing, skating, skiing, handball, rowing, golf, and weightlifting, among others. In addition to gloves, protective sportswear also includes head gear, gum shields, shin pads, shoulder pads, and joint supports. Key functionality and benefits offered by gloves include protection against nerve and musculoskeletal damage, injuries disorders and pain; firmer grip and anti-slippage, protection against cold in case of winter sports and heat and UV protection in case of summer sports; preventing and combating hand fatigue; and helping in enhancing and optimizing athlete performance. Popular fabrics used for manufacturing gloves include cotton, Polyester, Acrylic, PVC, leather, fleece, knitted wool, Cow hide, Deer skin, Pig's leather, Goat's leather, grain leather, split leather, Polyurethane (PU) laminated onto a polyester or polyamide, Polyurethane (PU) fibre mixed with polyester or polyamide.
Amid the COVID-19 crisis, the global market for Sports Gloves estimated at US$1.3 Billion in the year 2020, is projected to reach a revised size of US$1.6 Billion by 2026, growing at a CAGR of 3.5% over the analysis period. Boxing Gloves, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$641.9 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Baseball Gloves segment is readjusted to a revised 3.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $443.4 Million in 2021, While China is Forecast to Reach $178.6 Million by 2026
The Sports Gloves market in the U.S. is estimated at US$443.4 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$178.6 Million by the year 2026 trailing a CAGR of 6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.1% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.
Given the importance of exercise and outdoor activity in boosting immunity, participation in sports as part of fitness regimes will grow. In the post COVID-19 period, focus on health and fitness will be the new normal fully ingrained into the lifestyle of people of all ages age groups. The pandemic has highlighted the importance of routine exercise and weight management in building strong immunity against new and unknown viruses. Types of sports which will witness increase in participations rates will include Tennis, Rowing, Cycling, Biking, Mountain Climbing, Hiking, Squash, Cross-Country Skiing, skating, baseball etc., all of which require the use of gloves as the most common and must have protective wear for safe indulgence in these sports and games.
The expected increase in gym enrollments will also benefit demand for gym gloves also known as fitness and workout gloves. With growing concerns over shared gym accessories like gloves and risk of infections, consumers will purchase their own gym gear and accessories. Gloves are often used during weightlifting and when operating other rope based equipment to prevent injuries, cuts and bruises to hands. Gym gloves play a vital role in protecting hands and providing firmer and improved grip on gym equipment. Gloves also provide wrist support and prevent ligament related injuries. In times of COVID-19, it also protects against the risk of using shared equipment. Gloves also help decrease hand pain and increase workout intensity and results in better workout performance and outcome. Gloves also prevent workout calluses which although not dangerous can result in painful crack and open wounds which can impede further training or progress. Weight lifting gloves especially protects fingers from undue stress and helps the athlete increase tolerance to weight load gradually. Gloves will also eliminate the need for the use of gym chalk powder which typically used to increase grip and reduce sweating. Especially in times of COVID-19, chalk related allergies such as cough and sneezing can be effectively prevented. Gloves also increase stability and reduce the risk of dropping weights such as barbell or dumbbell onto the foot, chest, lap or head.
Hockey Gloves Segment to Reach $277.9 Million by 2026
In the global Hockey Gloves segment, USA, Canada, Japan, China and Europe will drive the 3.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$183.4 Million in the year 2020 will reach a projected size of US$228.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$38.2 Million by the year 2026, while Latin America will expand at a 5.3% CAGR through the analysis period. More
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