According to a new market report published by Transparency Market Research titled ‘Sports Protective Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,’ the global sports protective equipment market is expected to reach a value of US$ 10.3 Bn by 2026. The market is estimated to expand at a CAGR of 4.2% during the forecast period from 2018 to 2026. In terms of volume, the market is expected to reach 275.0 million units by 2026. The market in Asia Pacific is projected to expand at a rapid pace during forecast period.
Sports protective equipment is equipment or tools used for the safety and security of the players while playing sports. It protects platers from any kind of injury while playing sports. This equipment is made for different parts of the body. Rise in demand for sports protective equipment is due to increase in demand for sporting goods, rise in penetration of sports in emerging markets, increasing popularity of sports leagues, and economic development.
The sports protective equipment market can be segmented based on product, application, and geography. Based on product, the market can be classified into hand protection, head protection, lower body protection, and others. The others segment includes protective footwear, leg protection, mouth guards, and eye protection. The head protection segment is expected to hold a major share in the global sports protective equipment market during the forecast period and is estimated to bring in revenues of nearly US$ 2.7 Bn by the end of 2020.
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In 2016, North America held a significant market share of the global sports protective equipment market due to increase in awareness about fitness and healthy lifestyle among people and the need for people to protect themselves while playing sports. Furthermore, rise in interest and participation in sports activities is resulting in the expansion of the market. Product innovation is one of the key factors pushing demand for sports protective equipment at the global level. In addition, researchers and manufacturers are also trying to design sports protective equipment with essential assistance features such as comfort and light weight with extra protective gear. Hence, new products are gradually replacing old ones, creating a significant opportunity for manufacturers during the forecast period.
The head protection equipment segment is expected to expand at a significant CAGR during the forecast period as eye and head protection is essential. Asia Pacific is anticipated to be a rapidly expanding region of the market during the forecast period owing to new tournaments and events organized in the region. Moreover, consumer expenditure on sports protective equipment and sportswear has increased in Asia Pacific. The market in Middle East & Africa is anticipated to expand at a significant pace between 2018 and 2026.
However, the region is expected to account for a limited market share. An increasing trend toward the adoption of sports protective equipment is observed across Asia Pacific and South America. Globally, rise in demand for sports protective equipment is due to strict regulations by sports organizations regarding the use of protective equipment. The market is focusing on creating new and innovative products that are light weight and also protect the body parts of the players.
Leading sports protective equipment manufacturers are identifying the potential and developing new and innovative products for better safety of players on the field. Through strategic association partnerships, sport protective equipment manufacturers are expected to more effectively develop sport services and products, commercialize and access new technologies, distribute and create media advertising, improve marketing and sales activities, expand internationally, and organize customer service.
However, higher product prices and availability of cheaper substitutes are likely to restrain the sports protective equipment market in the coming years.
North America dominated the sports protective equipment market in 2017. In the North American region, the U.S. is anticipated to drive the sports protective equipment market due to strict rules associated with the protection of players from injuries while playing sports. Asia Pacific provides substantial expansion opportunities to the sports protective equipment market with a rise in health and fitness awareness among people.
Key players operating in the global sports protective equipment market include Nike Inc., Adidas AG, Puma SE, Asics Corp., Amer Sports Corp., Xenith, Under Armour Inc., McDavid Inc., Mueller Sports Medicine Inc., and Grays International.