Sports are a binding interest for a sizeable portion of the global population. High viewing figures for global sports tournaments reflect the massive global interest in sports. This interest also manifests in the growing demand from the global sports equipment market. The massive global sports equipment market was worth more than US$61,000 million in 2010 and grew to US$66,528.8 million in 2013. Keeping up a considerable 3% CAGR, the market is expected to grow to US$81,821 million from 2014 to 2020.
The ball sports equipment segment held more than a quarter of the global market in 2013, totaling more than US$17,000 million. This segment is expected to grow to US$21,778.6 million by 2020 at a CAGR of 3.6%, slightly higher than that of the global market.
The dominance of ball sports can be explained through the prime growth drivers of the global sports equipment market.
Increasing Participation in Sports Activities: Due to the growing interest in sporting events such as the FIFA World Cup and other European soccer tournaments, the Summer and Winter Olympic Games, the NBA, and the ICC Cricket World Cup, many youngsters are getting encouraged to participate in a sporting activity. Usually, due to the prevalence of ball sports in the media, they end up participating in a ball sport such as football, soccer, baseball, or basketball. This helps the market for ball sports equipment.
Growing Awareness about Fitness: Participation in sports is now being thought of as an enjoyable way of getting some exercise. Parents increasingly encourage their kids to participate in sports and very often participate in sports themselves. The fitness benefits offered by ball sports such as football, soccer, and basketball help increase participation in them, boosting the sports equipment market.
Ease of Purchasing Sports Equipment Online: Due to the emergence of e-commerce, buying high-quality sports equipment has never been easier. This helps the overall sports equipment market expand its consumer and the ball sports equipment benefits due to the popularity of ball sports among consumers.
Even the major restraint on the global sports equipment market – the rising prices of high-quality equipment – doesn’t heavily affect the sales of ball sports equipment. Many ball sports, such as soccer, baseball, and basketball need minimal equipment, particularly due to the lack of the need for protective equipment. While the complicated equipment necessary in other sports such as field and ice hockey and winter sports restricts their appeal to consumers, most ball sports can be played with the bare minimum: the ball.
The global sports equipment market is expected to be shaped in the coming years by technological innovation making the equipment more convenient and safer for consumers. The growing usage of lightweight carbon fiber in sports equipment such as canoes, helmets, and other protective sports equipment is a major trend to that end.
North America dominates the global sports equipment market thanks to the presence of a large population pool interested in sports and financially capable of purchasing sports equipment. Rising prevalence of these very factors in Asia Pacific will help the latter challenge the domination of North America, becoming the fastest growing regional sports equipment market till 2020.