Global sports equipment market consists of equipment for ball sports, adventure sports, fitness, golf, winter sports, and other sports equipment, including archery, billiards, bowling, wheel sports, pogo sticks, and indoor games
New York, NY -- (SBWIRE) -- 11/28/2017 -- The global sports equipment market is witnessing considerable growth over the last few years. Increasing the participation in sports activities, growing consumer awareness about health and fitness, and emergence of e-commerce are some of the key drivers impelling growth of the sports equipment market. However, increasing availability of counterfeit products and rising prices of sports equipment are restraining the growth of this market to some extent. The global sports equipment market consists of equipment for ball sports, adventure sports, fitness, golf, winter sports, and other sports equipment, including archery, billiards, bowling, wheel sports, pogo sticks, and indoor games.
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Among the various sports equipment segments, ball sports hold the largest market share. Increasing media coverage of various global sports events such as the Olympic Games, Commonwealth Games, and FIFA World Cup encourages the youth to take part in sports. The sports equipment industry is swiftly embracing new technologies and adapting its products in order to keep pace with rapidly changing global trends.
Moreover, product improvement through R&D activities and an emergence of e-commerce is likely to fuel growth of the sports equipment market in the near future. North America is the major market for sports equipment, followed by Europe and Asia Pacific. In North America, the U.S. and Canada dominate the sports equipment market. Asia Pacific is expected to be the fastest growing market for sports equipment during the forecast period.
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The sports equipment market is segmented on the basis of product (ball sports, adventure sports, fitness equipment, golf equipment, winter sports, and other sports equipment) and region (North America, Europe, Asia-Pacific, and Rest of the World). In terms of revenue, the global market for sports equipment grew from USD 61,778.7 million in 2010 to USD 66,528.8 million in 2013. It is expected to grow to USD 81,821.0 million in 2020 expanding at a CAGR of 3.0%. The ball sports equipment segment is expected to be the market's most lucrative during the forecast period. This segment is expected to grow from an estimated USD 17,592.6 million in 2014 to USD 21,778.6 million by 2020 at a CAGR of 3.6%.