Sports Equipment Market Research report 2021-2027

1. Sports Equipment Market, By Product Type, Trend Analysis, Share, Forecast,2021-2027

2. Industry Trends & Forecast Report 2027 A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global sports equipment market was worth USD 79.2billion in 2020 and is further projected to reach USD 122.5billion by 2027, at a CAGR of 6.6% during the forecast period (2021-2027).Increasing awareness of the benefits of sports and the need to engage in sports with proper equipment is driving the market. Moreover, people's desire to give up sedentary lifestyles, coupled with their awareness of the benefits of working out, is also driving the market's expansion. Additionally, a variety of innovations in sports equipment segments also contribute to the market's growth.

3. Growth drivers Increase in Sports and Fitness Awareness Across the World Global sports equipment market growth is driven by the rising popularity of sports and fitness activities. The World Cup, Indian Premier League, Olympics, etc., have influenced the minds of young people to become more enthusiastic about their favorite sports. Moreover, school and college sports also allow students to compete in various sports.  Additionally, Millennials are aware that a sedentary lifestyle has negative health effects which include hypertension, hypotension, depression, weakness, disturbed body posture, etc. As a result, the health and fitness-conscious Millennials make adequate time to participate in their choice of sport. Since people are increasingly looking to grab the benefits of engaging in sports, the trend is fueling the growth of the global sports equipment market.

4. Restraints Increasing Preference for Indoor and Online Activities As smartphones and internet facilities have become more common, people have developed a strong preference for being indoors and playing online games, surfing the web, watching movies, etc. The youngsters are the worst impacted by these factors. According to a recent report, by January 2021 there will be 4.66 billion active internet users in the world, which is roughly 59.5% of the world's population. Out of this, 92.6% (4.32 billion) accessed the internet via mobile devices. Since the indoor online games might look more engaging to the people this mayfurther restrain the growth of the global sports equipment market.

5. Impact of COVID-19 The COVID-19 pandemic has wreaked havoc on several economies around the world. Due to the high infection rates and adverse impact on public health systems, various countries had to enforce nationwide lockdowns, which significantly impacted industrial supply chains, trade, and related services. Due to the unprecedented disruption of supply chains caused by the nationwide lockdowns and curfews imposed by the COVID-19 outbreak, sports equipment and accessories had to witness checkered growth throughout the pandemic. Sales of equipment for sports declined as a result of consumers' prudence in spending. Moreover, many big sports events were canceled during the first wave of the pandemic, abruptly impacting the global sports equipment market.

6. Global Sports Equipment Market: By Product Based on products, the global sports equipment market is grouped into aball over net games, ball games, fitness/strength equipment, athletic training equipment, and others. Among these, the ball gamessegment generated the maximum revenue in the product segment of the sports equipment market, thereby owning the largest market share. The segment is likely to dominate the global sports equipment market even during the forecast period as ball games such as cricket, basketball, and football are popularly watched and played all over the world. Additionally, the global sports equipment market is expected to grow due to improved quality and production of customer-centric equipment.

7. Global Sports Equipment Market: Regional Insights Geographically, the global sports equipmentmarket is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, North America dominates the global sports equipment market. The market for sporting goods is gaining momentum in the North American region due to increased consumer spending on sporting goods. Sample Copy of the Report : https://www.blueweaveconsulting.com/sports-equipment-market/report-sample

8. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

9. Contact Us: +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662    info(@)blueweaveconsulting.com www.blueweaveconsulting.com