Global Sports Protective Equipment Market: Snapshot
The global sports protective equipment market is witnessing a strong rise on the ground of to the growing interest of young generation in various types of sports, increasing need for sporting goods, and the bolstering popularity of sports leagues. In addition to this, the rising number of sports events is expected to fuel the demand for sports protective equipment significantly over the next few years. The growing awareness among consumers regarding safety and security during games is also projected to reflect positively on the sales of sport protective equipment, worldwide, in the near future.
The global market for sports protective equipment stood at US$7.10 bn in 2016. Expanding at a CAGR of 3.80% between 2017 and 2025, this market is likely to rise to US$9.82 bn by the end of 2025.
Water Sports and Racing to Report High Demand for Sports Protective Equipment
Sports protective equipment are extensively utilized in water sports and racing, ball games, and mountaineering and rock climbing. Among these, the demand for sports protective equipment is higher in water sports and racing. Analysts anticipate this trend to remain so over the next few years. Coasteering, snorkeling, water skiing, and jet skiing are some of the most popular water sports while racing sports include running, car racing, cycling, skating, motorsport.
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Thailand, the U.S., India, Mauritius, and Australia are some of the famous destinations for water sports across the world. The tourism industry in these countries is fairly strong and, owing to this, a fair amount of tourists engage themselves in water sports every year, which in turn, calls for the usage of protective equipment.
Europe to Continue Leading Global Sports Protective Equipment Market
Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America are the key regional markets for sports protective equipment across the world. Europe, among these, has emerged as the leading regional market. In 2016, it acquired a share of more than 41% in the overall market, thanks to the increasing interest of the youth towards water sports and racing. With this region poised to host a number of major sports events in the coming years, it is expected to maintain its dominance over the global market for sports protective equipment in the years to come.
Asia Pacific and North America are the other prominent regional markets for sports protective equipment in the world. China and India are the prime domestic markets for sports protective equipment in Asia Pacific. The increasing support from the government to encourage sports activities is likely to boost the sports protective equipment market in Asia Pacific over the next few years. The North America market, on the other hand, is likely to be driven by the increasing number of high-profile sporting events in the near future.
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The global market for sports protective equipment is marked by some strong competition from the major players operating in it. Frequent mergers and acquisitions, partnerships and joint venture, product innovation, research and development, geographical expansion are some of the key the strategies adopted by the leading players to ensure long term sustenance in this market. Nike Inc., Adidas AG, Puma SE, Asics Corp., Amer Sports Corp., Xenith, Under Armour Inc., McDavid Inc., Mueller Sports Medicine Inc., and Grays International are some of the prominent vendors of sports protective equipment across the world.