Smart Sports Equipment Market Outlook By The Business Research Company
The Business Research Company's Smart Sports Equipment research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 9, 2022 /PRNewswire/ -- North America was the largest region in the smart sports equipment market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global smart sport equipment market during the forecast period. The regions covered in the global smart sports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global smart sports equipment market size is expected to grow from $3.46 billion in 2021 to $3.74 billion in 2022 at a compound annual growth rate (CAGR) of 8.2%. The smart sports market size is expected to grow to $5.17 billion in 2026 at a CAGR of 8.4%.
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Smart Sports Equipment Market Segments Overview - https://www.thebusinessresearchcompany.com/report/smart-sports-equipment-global-market-report
The smart sports equipment market consists of sales of smart sports equipment products by entities (organizations, sole traders, and partnerships) that are used to analyze player's performance on the field. Smart sports equipment goes beyond simple metric tracking, such as calories burnt or steps done, to provide with more precise information about form and performance.
The main types of products in the smart sports equipment market are smart balls, smart golf sticks, smart hockey sticks, smart rackets and bats, and other products. Smart balls are a type of intelligent balls with an implanted electronic chip. They are created by integrating smart technology like IoT and data analytics into sports equipment. Smart sports equipment has connectivity features such as smartphone synchronization, wireless synching, and real-time data syncing. These products are distributed through franchise stores, specialty stores, and other stores. Smart sports equipment is used by end-users such as men and women.
Smart Sports Equipment Market Trends
As the smart sports equipment stores market expands, new developing trends are emerging in the sector to keep up with the technological advancements surrounding the market. One such new development is The StanceBeam Striker developed by an Indian technology firm StancceBeam in November 2019. The StanceBeam Striker is a sensor that attaches to the top of any cricket bat and functions as the brain of the smart bat. The 3D sensor is compatible with both iOS and Android versions of the Stance Beam APP ecosystem. The device's smart motion sensors provide a proven collection of data, including 3D swing analysis, bat speed produced power index and shot efficiency.
Smart Sports Equipment Industry Players
Major players in the smart sports equipment market are NIKE Inc., Golfsmith International Holdings Inc, PUMA SE, Adidas AG, Wilson Sporting Goods, BABOLAT VS S.A., HockeyShot Inc., Riddell, Zepp Labs Inc., Gridiron Technologies, MIZUNO Corporation, Amer Sports, Under Armour Inc., InfoMotion Sports Technologies, DribbleUp Inc., BRG Sports, EGYM Inc., Kinexon GmbH, Spektacom Technologies Pvt Ltd, STATSports Group Ltd., Callaway Golf Company, QUATTRIUUM INC., and Game Golf.
In August 2021, Authentic Brands Group (ABG) an American brand management company acquired Reebok from Adidas for up to $2.5 billion. Reebok is a US-based manufacturer of sporting goods that also manufactures smart sports equipment such as smartwatches. The deal enables ABG to bring an iconic sports brand like Reebok under its ever-growing sports products portfolio, which helps in enhancing its athletics equipment and merchandise division. Reebok's headquarters will remain in Boston, and the company's operations in North and Latin America, Asia-Pacific, Europe, and Russia will continue.
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