LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global sports protective equipment market is expected to grow at a CAGR of more than 3% during the forecast period.
This research report titled ‘Global Sports Protective Equipment Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Sharan Jagannath, a lead analyst at Technavio for retail goods and services research, “The increasing demand for adventure and ball sports equipment in North America will aid in the growth of the protective equipment market for these sports. The market in APAC is also growing at a significant rate, driven by the demand for ball sports equipment, and in turn, the ball sports protective equipment.”
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The market research analysis categorizes the global sports protective equipment market into four major product segments, of which the top three are discussed in detail below. They are:
- Cycling protective equipment
- Ball sports protective equipment
- Extreme sports protective equipment
- Other sports protective equipment
Cycling protective equipment
The cycling protective equipment segment contributed a major share of the revenue to the global sports protective equipment market in 2016, and is expected to continue to dominate the market over the next five years.
Many governments as well as corporate organizations in developed countries like the UK, the US, and Australia are taking up initiatives like women festival of cycling, cycling UK tourist competition, challenge ride series 2017, to encourage people to use bicycles as a mode of transportation and for adventure sports. The growing number of cycling clubs will also enhance the sales of cycling protective equipment market in the coming years.
Ball sports protective equipment
The high popularity of ball sports like soccer, football, cricket, and rugby is the primary driver for this segment. These sports are highly popular and record high participation rates, which will have a positive impact on the growth of the segment over the next five years. Among all the ball sports protective equipment, the high sales rate of helmets and shin guards is driving the revenue in this segment.
“An increase in the number of innovative product launches is also expected to have an impact on the growth of the segment over the next five years. For example, Nike launched its Mercurial FlyLite Shin Guard for the FIFA World Cup 2014,” says Sharan.
Extreme sports protective equipment market
In 2016, the extreme sports protective equipment market registered high growth rates in North America, especially in the US. The popularity of extreme sports is the key driver contributing to the growth of the market in North American countries. The ISA World Masters Surfing Championship, BC Bike Race, and World Freestyle Kayak Championships are examples of some popular extreme sports events.
The consumer base for extreme sporting activities remains limited due to the high costs of the protective equipment and greater risk involved with the sports. Most of the extreme sports protective equipment is cumbersome and heavy, and comes with different accessories and spare parts.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Amer Sports
- BRG SPORTS
- Under Armour
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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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