Sports Protective Gear Market: Global Industry Analysis and Forecast (2023-2029)

Sports Protective Gear Market was valued nearly US$ 2.87 Bn in 2022. Sports Protective Gear Market size is estimated to grow at a CAGR of 8.5 % & is expected to reach at US$ 5.08 Bn. by 2029.
Sports Protective Gear Market Overview:
The sports sector is one of the world's fastest growing industries. Sports were originally used in military training to build mental and physical abilities. Due to increased health awareness and sports management, an increasing number of people are participating in sports and recreational activities. Consumers obtain benefits from sports such as improved physical and mental health, teamwork, responsibility, and a positive self-image. Sportswear and sports equipment, as well as leisure clothing and accessories, are becoming increasingly popular among consumers. Various organizations and federations have made it mandatory to wear sports equipment as required by the sport as a result of advancements in the sports sector. While participating in sports, the equipment provides protection from injury.To know about the Research Methodology :- Request Free Sample Report

The sports equipment industry is growing due to rising interest in sports and rising disposable income. Various governments have made investments in games and sports in the hopes of increasing player engagement and, as a result, driving the market. The sports equipment and apparel market is expected to rise due to an increase in demand for high-performance sports products that are both sturdy and lightweight. New technologies such as artificial intelligence Chatbots, augmented and virtual reality applications, and voice-controlled devices will aid athletes in improving their performance and encouraging them to participate in sports.

Other market trends include sports sponsorship to stimulate young players and a growing number of governments using sports as a strategy for physical development of their citizens. The increase in the number of tournaments and matches is predicted to give young athletes more opportunities, increasing the market for sports equipment and apparel. Kneepads, helmets, and other goods are being redesigned to be more comfortable and lightweight.

Because there are so many different sports practiced around the world, the sports equipment market is highly fragmented. Different types of equipment are required for different sports. Sports equipment sales have surged as a result of the online distribution channel. Because of the increasing penetration of the internet and the large discounts offered by these companies, consumers prefer to shop at online stores.

There are numerous factors that can influence the demand for sporting goods and gear. Consumers are becoming more interested in alternative leisure activities such as watching movies, playing virtual reality games, and attending music festivals. Furthermore, some sports equipment is expensive and out of reach for most individuals. Some manufacturers may raise the weight of the equipment to increase the level of protection while playing the sport, which can cause discomfort to the player.
COVID-19 Impact on Sports Protective Gear Market:
In 2020, the sportswear market was severely impacted by the COVID-19 epidemic, with most brands reporting lower sales. Depending on how accessible certain sports were in a locked-down setting, they were influenced to varied degrees. Individual outdoor activities & home workouts both showed a growth in popularity. Due to the postponing or cancellation of major athletic events, team sports and indoor sports struggled. Women's apparel was one of the new options that arose from the increased attention on activities like home workouts, running, yoga, & Pilates.

The pandemic's influence extends beyond transient performance; it has expedited changes that will have long-term consequences for businesses across the athletic goods supply chain. COVID-19 has heralded the industry's new normal, which is defined by aspects such as digital commerce, rising demand for sustainable products, and rising engagement in individual sports and forms of exercise. To succeed in this new climate, the sector must adjust its client pitch as well as its operating capabilities.

The physical activity gap is an opportunity to make healthy lifestyles more accessible to everyone. COVID-19 has resulted in considerable changes in physical activity. Around 40% of people are less active, whereas the other 30% are more active. Unfortunately, there is already a physical activity difference connected to economic levels, with less-affluent households exercising less. The crisis will push more people into lower-income groups, widening the disparity in physical activity. To combat physical inertia, the athletic goods business should adopt a multistakeholder strategy, particularly in the communities left behind.

The COVID-19-accelerated next normal is sustainability. Consumers are increasingly concerned about sustainability, and businesses have responded by producing more sustainable products—a trend hastened by the pandemic. The onus is now on businesses to ensure long-term supply chains. Because recycling is likely to be a bottleneck, brands must embrace new ideas like direct-to-consumer circularity.

Fitness and exercise communities that are digitally enabled take centre stage. Physical distance and stay-at-home requirements drove a significant movement toward digital fitness during the previous year. Traditional sports and exercise will not be completely replaced by digital fitness, but will be enhanced in a "bionic" hybrid model. Digital exercises will remain popular in 2022 and beyond, especially if they include an engaging and motivational element and allow for distant training in a virtual communal context.

Online, there's been a rapid move to direct to consumer business models. COVID-19-related store closures elevated the online growth curve to a new level, enabling various brands to increase e-tailing and even direct-to-consumer sales. As a result, internet shopping has advanced significantly in the previous year, and many first-time customers will cling to their new habits. With online penetration likely to settle at about 25% in 2021, six times more than it was before to the epidemic, brands and merchants must quickly adapt their business models. Retailers must create smooth and integrated Omni channel experiences, while brands must priorities digital commerce and speed direct to consumer.
Sports Protective Gear Market Regional Overview:
During the forecast period, North America is expected to be the fastest-growing market for sports protective gear. The economies of the United States and Canada are driving up demand for sports protective gear. North America is a major market for sports protective equipment. The United States is the second largest market for sports protective gear in terms of value, owing to its hosting of a variety of athletic events and the development of infrastructure to attract a growing number of people to participate in sports.

The objective of the report is to present a comprehensive analysis of the Sports Protective Gear Market to the stakeholders in the Sales Channel. The past and current status of the Sales Channel with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the Sales Channel with a dedicated study of key players which include Market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the Sales Channel to the decision-makers.

The report also helps in understanding the Sports Protective Gear Market dynamics, structure by analyzing the Market segments and project the Sports Protective Gear Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Sports Protective Gear Market make the report investor’s guide.
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Sports Protective Gear Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 2.87 Bn.


Forecast Period 2023 to 2029 CAGR:
8.5%
Market Size in 2029:
US $ 5.08 Bn.


 Segments Covered:
by Type
• Helmets
• Shin Guards
• Knee Pads


by Sports Type
• Soccer
• Skating
• Cycling


by Sales Channel
• Exclusive Stores
• Multi-retail Stores
• E-commerce Portals



Sports Protective Gear Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Sports Protective Gear Market Key Players
• Adidas AG
• Amer Sports Corporation
• Asics
• BRG Sports
• Nike, Inc
• Puma SE
• Under Armour, Inc.
• Others

Frequently Asked Questions:

1. Which region has the largest share in Global Sports Protective Gear Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Sports Protective Gear Market?
Ans: The Global Sports Protective Gear Market is growing at a CAGR of 8.5% during forecasting period 2023-2029.

3. What is scope of the Global Sports Protective Gear Market report?
Ans: Global Sports Protective Gear Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Sports Protective Gear Market?
Ans: The important key players in the Global Sports Protective Gear Market are – Adidas AG, Amer Sports Corporation, Asics, BRG Sports, Nike, Inc, Puma SE, Under Armour, Inc., and Others

5. What is the study period of this Market?
Ans: The Global Sports Protective Gear Market is studied from 2022 to 2029.