The global smart sports equipment market size is expected to
reach USD 4.04 billion by 2027, expanding at a CAGR of 8.1% during the forecast
period, according to a new report by Grand View Research, Inc. Rising
developments in sports technology through advanced technologies, such as
Internet of Things and Augmented Reality, have developed a keen interest among
consumers in smart sporting equipment. Additionally, increasing consumer
attention towards sports as a lifestyle in order maintain fitness and track
athletic performance is boosting the demand for advanced products.
Shifting preference for
real time performance tracking process has paved the way for technology
integrated sporting equipment over traditional sports equipment, which has
increased the adoption of smart sporting equipment across the globe. These
smart sports equipment, which are digitally connected through sensors, help
sportspersons or athletes to track, monitor, analyze, and improve their
performance. According to a 2017 study by the University of Wollongong,
approximately 50% of youth regularly participate in organized sports in U.S.,
Canada, and England. Thus, rising participation of people, particularly young
consumers, in various sporting activities is likely to positively impact the
growth of the market.
Moreover, rising number of
children indulging in different sporting activities to turn it into a career
option has offered greater prominence to the product, thereby resulting in
higher adoption of smart sports equipment. Newer product launches by
manufacturers in the industry are incorporating advanced features in the
product that support effective performance metrics. For instance, in 2019, KAHA
PTE LTD launched a smart jump rope, Lifeflow. This equipment is embedded with
sensors in the handle, which enables collecting biometric data while skipping.
Golf stick emerged as the
largest product category in the market and was valued at 649.5 million in 2019.
Increasing consumer participation in golf sports is projected to offer
lucrative growth opportunity for smart golf clubs. According to the National
Golf Foundation, 36% of the U.S. population, which is over 107 million people,
have played, watched, or read about golf in 2019.
Franchise stores held the
largest share of 55.6% in 2019 owing to easy availability and wide distribution
network of these stores. High number of manufacturers selling these products
through company owned retail stores owing to the niche product segment is
boosting the sales of these products through franchise stores.
Asia Pacific is expected
to expand at a CAGR of 8.7% from 2020 to 2027. Rising prevalence of sporting
tournaments in the region is increasing awareness related to fitness and
different sporting activities, and thus visits from foreign nationals are
expected to increase the usage of these smart sporting equipment.
For full research report on Smart Sports Equipment Market visit here:
https://www.grandviewresearch.com/industry-analysis/smart-sports-equipment-market
Smart Sports Equipment Market Report
Highlights
- North America held the largest share of the overall revenue in 2019
- By product, balls are expected to expand at the fastest CAGR of
9.7% due to rise in sports and fitness activities
- Based on distribution channel, specialty stores are expected to
expand at the fastest CAGR of 9.5% over the forecast period
- The Smart Sports Equipment Market has been characterized by high
competition due to the presence of key players, including InfoMotion
Sports Technologies; Golfsmith International Holdings, Inc.; DribbleUp,
Inc.; Adidas AG; Wilson Sporting Goods; BABOLAT VS S.A.; HockeyShot Inc.;
Riddell; Zepp Labs, Inc.; and Gridiron Technologies
Get request sample of this report
here: https://www.grandviewresearch.com/industry-analysis/smart-sports-equipment-market/request/rs1
Grand View Research has segmented the global smart
sports equipment market on the basis of product, distribution channel, and
region:
Smart Sports Equipment Market
Segmentation
Smart Sports Equipment Product
Outlook (Revenue, USD Million, 2016 - 2027)
- Balls
- Golf Stick
- Hockey Stick
- Rackets & Bats
- Others
Smart Sports Equipment Distribution
Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Franchise Stores
- Specialty Stores
- Online
Smart Sports Equipment Regional
Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa
About
Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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