Smart Sports Equipment Market to Reach $5.44 Billion by 2030

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Sep 06, 2022, 06:45 ET

DUBLIN, Sept. 6, 2022 /PRNewswire/ -- The "Smart Sports Equipment Market By Product Type, By Distribution Channel, By End-use, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global smart sports equipment market size is expected to reach USD 5.44 Billion in 2030 and register a revenue CAGR of 9.2% from 2020 to 2030. The increasing penetration of smart devices and the rapid growth in the sports industry are playing a significant role in promoting the adoption of smart sports equipment globally.

Increasing demand for smart running shoes, fitness trackers, and other smart sports equipment is projected to fuel the growth of the smart sports equipment market. Technological advancements, growing awareness of the benefits of physical activity, and the popularity of connected devices are some of the other factors driving market growth.

The adoption of smart sports equipment is growing among professional athletes and fitness enthusiasts alike. These gadgets not only help in tracking fitness goals and progress, but also provide real-time feedback and guidance. This is helping to improve the overall performance of users. In addition, the introduction of new products with advanced features is further boosting market growth.

However, high costs associated with smart sports equipment and lack of awareness among consumers are some of the factors restraining market growth. Nevertheless, increasing partnerships between technology companies and sports organizations are creating new opportunities in the market.

Increasing consumer preference for latest technologies in sports equipment and fitness gadgets is projected to fuel the demand for smart sports equipment during the forecast period. The market is bifurcated into three categories, including fitness and wellness, outdoor, and indoor, based on application.

Among these, the fitness and wellness segment accounted for a major share of the global market in 2015 and is anticipated to grow at a rapid pace during the forecast period. This is owing to the growing health awareness among people and their willingness to invest in fitness and wellness activities, which has resulted in the increased demand for smart sports equipment. In addition, government initiatives toward fitness are also projected to propel the growth of this segment during the forecast period.

The following are the key driving factors for the growth of the smart sports equipment market:

Increasing focus on fitness and well-being among individuals
Rapid growth in the sports industry globally
Technological advancements in smart sports equipment
Increased investment by major players in the development of smart sports equipment
Increasing adoption of smart sports equipment by major sports organizations
Partnership and collaboration between sports equipment manufacturers and technology providers

For this report, the publisher has segmented the global smart sports equipment market based on product type, distribution channel, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2030)

Smart Hockey Sticks
Smart Golf Sticks
Smart Rackets & Bats
Smart Balls
Others

Distribution Channel Outlook (Revenue, USD Billion; 2018-2030)

Franchise Stores
Specialty Stores
Others

End-use Outlook (Revenue, USD Billion; 2018-2030)

Men
Women

Regional Outlook (Revenue, USD Billion; 2018-2030)
North America

U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
BENELUX
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
Rest of MEA

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Smart Sports Equipment Market Segmentation & Impact Analysis

Chapter 5. Smart Sports Equipment Market By Product Type Insights & Trends

Chapter 6. Smart Sports Equipment Market By Distribution Channel Insights & Trends

Chapter 7. Smart Sports Equipment Market By End-use Insights & Trends

Chapter 8. Smart Sports Equipment Market Regional Outlook

8.1. Smart Sports Equipment Market Share By Region, 2018 & 2030

8.3.8. Italy

Chapter 9. Competitive Landscape

Chapter 10. Company Profiles

Companies Mentioned