According to a new report published by Allied Market Research, titled, “sports protective equipment market” was valued at $6.7 billion in 2023, and is projected to reach $9.4 billion by 2033, growing at a CAGR of 3.5% from 2024 to 2033.
Sports protective equipment market trends are expected to be progressive over the next few years. LAMEA is expected to witness the highest growth rate, owing to the increase in popularity of sports such as baseball and basketball in Brazil.
Rise in participation in sports activities, growth in consumer spending on sports gear, increase in health consciousness among consumers, and prominence of national & international sports events foster the growth of the sports protective equipment industry. However, the availability of cheap and counterfeit products restrains the market growth. An increase in penetration of online retail is expected to offer lucrative opportunities for growth.
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The sports protective equipment gear is distributed through diverse channels, namely, specialty retail stores, multi-retail stores, and online stores & others. Specialty retail stores generated the highest revenue in 2023, since it is a traditional channel for the purchase of sports products, and is expected to grow at a CAGR of 3.5%. Online retail stores & others are expected to witness relatively higher growth owing to the extensive penetration of smartphones and tablets, and the increased convenience offered by this channel to choose from a variety of products.
North America accounted for over 35% of the sports protective equipment market share and is anticipated to maintain its dominance throughout the forecast period. Sports protective equipment market analysis has been provided for all the four regions covered in the report. Countries analyzed under the North American geographical segment are the U.S., Canada, and Mexico. Under Europe, market size and forecast are provided for UK, Germany, France Italy, and rest of Europe.
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Key Findings of the Sports Protective Equipment Market:
North America generated the highest revenue in 2023.
LAMEA is anticipated to witness the highest growth from 2024 to 2033.
Specialty retail stores generated over 50% of the overall market sales in 2023.
In terms of market by area of protection, head & face protective equipment is projected to be the leading segment over the forecast period.
Leading players profiled in the report include Adidas AG
Nike Inc.
Under Armour Inc.
Puma SE
Amer Sports Corporation
Asics Corporation
Vista Outdoor
BRG Sports
Xenith
Shock Doctor (Bregal Partners)
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Key Takeaways
- The sports protective equipment market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($Billion) for the forecast period 2024-2033.
- More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major sports protective equipment industry participants along with authentic industry journals, trade associations’ releases, and government websites have been reviewed for generating high-value industry insights.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
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