Aug 21, 2017
4 Key Insights of Gym Gloves Market
by Team Fact.MR
A sedentary modern-day lifestyle has given rise to many health issues such as diabetes, hypertension, and obesity that have become imperative for the global community to urgently tackle. People have become well-aware of this and have begun exercising at the gym in earnest. However, not all of them wear gym gloves because they are sometimes thought to be an additional unnecessary expense. A number of customers may not even be aware of how essential gym gloves are at preventing hand, wrist, and palm injuries, further restraining the growth of the gym gloves market. Innovations in newer comfortable and long-lasting materials may be the best hope at raising the stature of the gym gloves market.
The gym gloves market is anticipated to grow with a sluggish CAGR of 2.9% and be worth just under US$ 1.2 billion by the end of 2022.
- Velcro is the most popular material type and it accounts for a market share of approx. a third of the gym gloves market in 2017. The Velcro market is likely to be grow to more than US$ 400 million by the end of the forecast period, making it imperative for key stakeholders in the gym gloves market to manufacture Velcro gym gloves. The neoprene segment closely follows Velcro and it represents a revenue share of a little over a quarter of the gym gloves market. Even though North America and Europe are the largest regional contributors to the neoprene gym gloves market, companies may wish to target Japan as it has the highest CAGR over the course of the forecast period
- Leather gloves have a revenue share of slightly under a quarter of the gym gloves market and they are predicted to remain steady at this position. The main restraint for the growth of the leather segment of the gym gloves market is the comparatively higher price of leather vis-à-vis other material types. North America is the only region that is estimated to push past a value of US$ 100 million by end 2022, making it well-worth the while of all companies in the gym gloves market
- The third party online channel is currently a niche segment of the gym gloves market in terms of distribution channels. However, it is highly likely that this segment will become extremely important in the days ahead as improving Internet connectivity will allow customers in both developed and emerging markets to purchase gym gloves as and when they choose. The APEJ region can be a potential goldmine for third part online channel distribution in the gym gloves market as millions of people are coming online in this region for the first time via their mobile devices
- The modern trade channel segment comprises a quarter of the revenue share by distribution channel in the gym gloves market and is projected to grow to more than US$ 285 million by end 2022. North America alone consists of approx. 2/5th revenue share of the modern trade channels market and companies are advised to take this into consideration while devising their distribution strategies
The report on the gym gloves market has profiled companies involved in the gym gloves market. Some of the companies are Cutters Gloves LLC, Fila Korea Co Ltd., Gold's Gym International Inc, RIMSports, Implus Corporation, Dick's Sporting Goods, Decathlon S.A., Under Armour, adidas AG, PUMA SE, and NIKE Inc.