Growth in Online Retail Will Drive the Global Sports Equipment Market Through 2020, Says Technavio

LONDON--()--According to the latest research report released by Technavio, the global sports equipment market is expected to reach close to USD 619 million by 2020.

This research report titled ‘Global Sports Equipment Market 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. This market study also presents up to date analysis and forecasts for various market segments and all geographical regions.

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“In terms of the distribution, online retailing of sports equipment will be one of the fastest growing channels between 2015 and 2020. This market research study predicts local vendors to find more success in reaching out to premium customers by making their products available online during the forecast period. Increased internet penetration and growing consumer trust in internet sales will play a significant role in the growth of the global sports equipment market until 2020,” said Brijesh Kumar Choubey, one of Technavio’s lead industry analysts for retail goods and services research.

“Major players like Adidas and Puma have ventured into online private retailing, and it has helped boost their sales to a great extent. A few examples of online retailers who majorly focus on sportswear and sports equipment are Decathlon, Online Sports, and Sports Authority, among others,” added Brijesh.

Some of the other driving forces behind the growth of the global sports equipment market are as follows:

  • Increased demand for advanced sports equipment
  • Growing demand for sporting equipment from developing economies

Increased demand for advanced sports equipment

Rapid advances in technology in the sports industry creates a need for adoption of new sports equipment as older models gradually become obsolete. The use of advanced sports equipment ensures higher safety for user, thus, increasing the demand for advanced sports equipment, and it is expected to contribute significantly to the global sports equipment market over the next four years.

One such example of advanced technology in sports equipment and gear is Odyssian Technology. It involves the use of integrated sensors that are capable of measuring performance of athletes while monitoring environmental conditions. The integration of this technology is helping measure factors such as the impact force between players, rotational speed, and the height of a jump, apart from recognizing failures. This technology is suitable for ball sports such as soccer and hockey, and could also be used in mobile sporting goods like skis, snowboards, ice skates, and skateboards.

Another example of a unique technological innovation in sports equipment is biomimetics for athletes. It is helping vendors develop materials that increase the adhesive strength of an athlete when in motion. This technology can be extremely useful for manufacturers making skid-free shoes that increase the grip strength in climbing shoes. There are several other examples of smart sports equipment present in the market today such as Babolat's smart tennis racquets that are helping players in calculating ball impact, the number and types of shots, play time, consistency, and technique, to helps them immensely in planning and improving their game.

Growing demand from developing economies

Increasing per capita income in developing countries has encouraged consumers in developing regions such as India to spend more on different sporting equipment. Consumers in these economies are increasingly taking to branded sports equipment products for factors of comfort, quality, and safety. The market is also witnessing a growing preference towards better quality products in these regions, resulting in increased demand for customized sports equipment.

Thanks to this trend, vendors providing premium products are generating substantial revenues by innovating with sports equipment. The global sports equipment market is also driven by outsourcing. For instance, Adidas, a key player in this market, is outsourcing almost 100% of its manufacturing to independent third-party suppliers, primarily from Asia. This trend is encouraging many other vendors to venture into the APAC region for lowering prices of sporting equipment in the future. Thanks to this trend, the overall sports equipment market is expected to reach close to USD 83 billion by 2020.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research report released by Technavio, the global sports equipment market is expected to reach close to USD 619 million by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com