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Mar 20, 2023

Smart Sports Equipment Market Size to grow by USD 19,159.7 million from 2022 to 2027, North America to account for 35% of market growth

NEW YORK, May 18, 2023 /PRNewswire/ -- The smart sports equipment market is

NEW YORK, May 18, 2023 /PRNewswire/ -- The smart sports equipment market is estimated to grow by USD 19,159.7 million from 2022 to 2027, growing at a CAGR of 22.12%. North America is estimated to account for 35% of the global market growth during the forecast period. The US and Canada are the largest consumers of smart sporting goods in this region. Several sports organizations, federations, and sports clubs highlight the use of IoT technology and connected devices such as smart basketballs, smart soccer balls, and smart golfers. The rising demand for digitized sports devices, such as Wilson X-connected football and various sports analytics platforms from the US sports industry, is a key driver of the market. Hence, such factors drive regional growth during the forecast period.

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Vendor LandscapeThe smart sports equipment market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now and take the first step towards improving your business strategy

Smart Sports Equipment Market - Market Dynamics

Major Drivers & Challenges-

One of the major factors driving the growth in the smart sports equipment market is the increased emphasis on the Internet of Things. Smart sports equipment plays a pivotal role to collect various strands of data, including player performance, player health level, and various other vital information using various equipment such as smartwatches, fitness trackers, as well as connected football and connected basketballs. Hence, such factors drive the market growth during the forecast period.

The premium pricing of smart sports equipment will be a key challenge hindering the smart sports equipment market during the forecast period. Even though smart sports accessories such as fitness trackers, and smartwatches are affordable, with the product cost ranging from USD 15 to USD 30, smart sports equipment. It includes equipment such as smart baseball bats and golf sticks and connected basketballs and footballs that fall in the premium-priced segment and cannot be afforded by many individual coaches and small sports teams and are purchased by sports clubs with adequate funding to back up their investments. Hence, such challenges impede the market growth during the forecast period.

Key Trends-

Increased demand for neurostimulation is the primary trend in the global smart sports equipment market growth. Neurostimulation techniques use electrical or magnetic stimulation to increase nerve activity in the body and have been shown to be beneficial in sports training and performance. One of the major benefits of neurostimulation technology is that it helps to improve strength and endurance, which is especially important for athletes looking to push their physical limits. By stimulating the nerves that control muscle movement, neurostimulation can help athletes train harder and recover faster, which results in improved performance. Hence, such factors fuel market growth during the forecast period.

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Company Profiles

The smart sports equipment market report includes information on the product launches, sustainability, and prospects of leading vendors including Adidas AG, ANTA Sports Products Ltd., BRG Sports Inc., Callaway Golf Co., DribbleUp Inc., EGYM Inc., HYGEAR Inc., InfomotionSports, JingleTek Co. Ltd., Kinexon GmbH, Mizuno Corp, Nike Inc., PUMA SE, Spektacom Technologies Pvt Ltd, Stag International, STATSports Group Ltd., Under Armour Inc., WHOOP Inc., Zepp Health Corp., and Sports Tech Solutions Pte. Ltd.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, among others.

Smart Sports Equipment Market - Market Segmentation

This smart sports equipment market report extensively covers market segmentation by distribution channel (offline and online), product (ball sports, fitness sports, and other sports), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

The market share growth by the offline segment will be significant for overall market growth during the forecast period. Based on this distribution channel, the global smart sports equipment market can be segmented into various categories. Those categories include Sports goods stores, Department stores, Specialty stores, Supermarkets/hypermarkets, and Fitness centres/gymnasiums. This segment not only offers customers the opportunity to try products before they buy but also provides a physical location for customer service and support, driving growth in the segment, thus driving the growth of the global smart sports market.

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Smart Sports Equipment Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 22.12%

Market growth 2023-2027

USD 19,159.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

21.69

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 35%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Adidas AG, ANTA Sports Products Ltd., BRG Sports Inc., Callaway Golf Co., DribbleUp Inc., EGYM Inc., HYGEAR Inc., InfomotionSports, JingleTek Co. Ltd., Kinexon GmbH, Mizuno Corp, Nike Inc., PUMA SE, Spektacom Technologies Pvt Ltd, Stag International, STATSports Group Ltd., Under Armour Inc., WHOOP Inc., Zepp Health Corp., and Sports Tech Solutions Pte. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global smart sports equipment market 2017 - 2021

4.2 Distribution channel Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Distribution Channel

6.1 Market segments

6.2 Comparison by Distribution Channel

6.3 Offline - Market size and forecast 2022-2027

6.4 Online - Market size and forecast 2022-2027

6.5 Market opportunity by Distribution Channel

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 Ball sports - Market size and forecast 2022-2027

7.4 Fitness sports - Market size and forecast 2022-2027

7.5 Other sports - Market size and forecast 2022-2027

7.6 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 APAC - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Germany - Market size and forecast 2022-2027

9.12 UK - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Adidas AG

12.4 ANTA Sports Products Ltd.

12.5 BRG Sports Inc.

12.6 DribbleUp Inc.

12.7 EGYM Inc.

12.8 HYGEAR Inc.

12.9 InfomotionSports

12.10 Kinexon GmbH

12.11 Mizuno Corp

12.12 PUMA SE

12.13 Spektacom Technologies Pvt Ltd

12.14 Stag International

12.15 STATSports Group Ltd.

12.16 Under Armour Inc.

12.17 Zepp Health Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

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