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Rapid technological advances and continuous innovation to keep pace with dynamic consumer preferences are having an impact on the market, according to a new report released by Grand View Research.
The globe Sporting goods market Size is expected to reach $ 89.22 billion from 2025, according to a new report from Grand View Research, Inc., Registration a CAGR of 3.5% over the forecast period. Due to the increasing acceptance of sports and leisure activities by people for coping with stress and increasing health awareness, the industry is experiencing significant growth worldwide. Widespread media coverage of several global sporting events such as the FIFA World Cup, Commonwealth Games and the Olympic Games increases the popularity and global reach of the sport, thereby encouraging youth to participate in the sport.
Recently, government institutions have made recreational activities a compulsory part of the curriculum in schools and colleges. In addition, they take initiatives to publicize the acceptance of sporting activities in their countries and to motivate young athletes. These initiatives include providing significant funding for the development of sports infrastructure, apart from the organization of several sporting events.
In addition, there has been an increase in participation in various sports such as golf, basketball and soccer due to the increased standard of living and greater willingness to spend money on recreational activities. Emerging economies like India, China and Brazil are seeing improvements in living standards that should spur growth in the sporting goods market.
Recently, however, it has been estimated that in addition to rising product prices, an increase in counterfeit products in the forecast period will have a negative impact on the market. Nevertheless, the improvement and innovation of products thanks to the use of raw materials of better quality will open up new opportunities in the market.
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Sports Equipment Market Report Highlights
â¢ The sporting goods market is expected to be one CAGR exceed 3.0% in the forecast period due to the increasing incidence of chronic diseases and obesity. As people all over the world become more and more adoptive â¢ Leading a healthier lifestyle, maintaining a healthy body, and losing weight is becoming increasingly popular in order to achieve the above goals
â¢ Based on the product type, the segment of balls is expected to dominate the market throughout the forecast period. The burgeoning popularity of ball games like soccer and basketball is expected to fuel the growth of the segment
â¢ Increasing disposable income, convenient shopping and easy internet connections are supporting the development of the e-commerce and m-commerce industries. These factors make purchasing sports equipment online more convenient for end consumers
â¢ The increasing tendency / disposition of consumers to adopt healthier lifestyles resulting in the purchase of sports equipment and other related goods is one of the key factors driving the market in APAC
â¢ The market is highly competitive due to the presence of numerous players including Nike, Inc .; Puma SE; Adidas AG; Billabong International Limited; Callaway Golf Co .; Jarden Corporation; Sports Direct International; Taishan sport. Low entry and exit barriers in this market continue to increase competition
â¢ Companies are focusing on expanding their market presence through mergers and acquisitions and are increasingly investing in research and development activities to improve their products for greater durability and comfort.
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Sports equipment market segmentation
Grand View Research has segmented the global sports equipment market by product, sales channel and region:
Sports Equipment Product Outlook (Revenue, $ Billion, 2014-2025)
â¢ Ball over net games
â¢ Ball games
â¢ Fitness / weight machines
â¢ Athletic training equipment
Outlook on the sales channel for sporting goods (sales, billion USD, 2014-2025)
â¢ Online retail
â¢ Specialty & sports shops
â¢ Department stores & discounters
Regional Outlook for Sports Equipment (Revenue, Billion USD, 2014-2025)
â¢ North America
â¢ Great Britain
â¢ Asia Pacific
â¢ New Zealand
â¢ Latin America
â¢ Middle East & Africa
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