Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Sports are not just physical activities alone. They have a major role to play in making people confident, flexible, attentive and happy but in most of the schools, the games period is for relaxation. It is for stopping the unexciting academic lessons. A sport as a career choice is still not a well-paid option in many of the countries. Sports impart many life skills needed for good conduct in the society. When people play sports, they imbibe abilities such as honesty, teamwork, leadership, and strategic planning. These skills are helpful in every part of life. Children in sports learn to follow the rules and respect teammates and opponents. As adults, they will not readily resort to dubious and corrupt practices.
The growth of the Sports Equipment market can be credited to surge in sports and fitness awareness across the world. Moreover, growing expenses on sports training and development among children due to rising awareness about the advantages of sports activities is likely to fuel the demand. Furthermore, shifting pattern of educational system aids the growth of the sport industry and industries related to it. The rise in state, national, and international level competitions led by various governments all over the globe results in improved participation and interest of the youth in sports activities. This in turn drives the Sports Equipment and apparel market demand, which significantly contributes to the overall growth of the market.
The study analyses Global Sports Equipment market based on product, distribution channel and geography.
Based on the type of product, the market has been segmented into ball over net games, ball games, fitness/strength equipment, athletic training equipment, and others. The ball games segment is likely to dominate the market as ball games are generally watched all over the world, the revenue generated from this segment is remarkably higher than rest of the segments.
Following this segment, was the fitness equipment segment that is anticipated to spectate substantial growth over the forecast period. In recent times, a drastic change has been witnessed in lifestyles of urban population, owing to rigorous, complex, and chiefly sedentary work cultures. Rising health concerns together with growing disposable incomes of consumers are further boosting their inclination towards sports and fitness.
The online retail segment is anticipated to grow at a rapid pace during the forecast period. Using mobile phones and other electronic devices by consumers to search and shop online for products (including sports equipment) is increasing significantly. Owing to this change in consumer spending, sports brands are now concentrating on consolidating their presence in online retail.
However, the specialty & sports shops segment is anticipated to dominate the sports equipment market. These stores have a comprehensive collection of products and provide essential support and information to consumers through expert customer service personnel. Besides, convenience provided by this distribution channel and its capability to stock popular brands have been supplementing the growth of this segment.
Geographically, the market is studied for the key countries of North America, Europe, Asia Pacific and Rest of the World. North America is projected to hold a significant market share for the Sports Equipment as it is an already reputable sports equipment market globally. Europe and Asia Pacific are likely to follow North America as a majority of consumers are settled in these regions. Moreover, growing health awareness among people and rising problem of obesity are fueling the demand of sports equipment.
Robust global worries about the pandemic coronavirus have significantly but negatively inclined the global functioning of the consumer goods industry and the mentality of consumers. Moreover, factors such as consumer uncertainties, demand-supply volatility, trade and logistics, raw material supply and on the economic front, although prices of sports equipment produce have remained stable, a prolonged outbreak of COVID-19 will lead to economic instability. While the short-term impacts are more evident, it is yet to be understood what impacts and what magnitude of impact the outbreak of COVID-19 will have on the supply chain in the long term.
Adidias AG, Amer Sports, Callaway Golf Co., Sumitomo Rubber Industries Ltd., Nike, Inc., Puma SE, Mizuno Corporation, Sports Direct International PLC, Under Armour, Yonex Co., Ltd. among others are the major players active in the Sports Equipment market.
The study analyses Global Sports Equipment market based on product, distribution channel and geography. Based on the type of product, the market has been segmented into ball over net games, ball games, fitness/strength equipment, athletic training equipment, and others. The ball games segment is likely to dominate the market. The online retail segment is anticipated to grow at a rapid pace during the forecast period. Geographically, the market is studied for the key countries of North America, Europe, Asia Pacific and Rest of the World. North America is projected to hold a significant market share for the Sports Equipment Market.
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