4 Key Takeaways from Fact.MR’s Report on Softball Equipment Market for Forecast Period 20176-2026
Published : 22 Feb 2018 Industry: Sports
As slated by a recent Fact.MR report, the global softball equipment market will record a moderate expansion through the forecast period, 2017 to 2026. Global sales of softball equipment are poised to bring in more than US$ 560 Mn revenues by 2026-end.
Manufacturers of Softball Equipment are Offering Customized Products to Meet Consumer Requirements
An upsurge in awareness regarding fitness & health has been witnessed among the global population since the recent past, driven mainly by the desire to lead a better & healthy lifestyle. Increasing awareness about health has further spurred the interest of individuals in various sports, and softball is no exception. Growing interest in softball among the general public has created significant demand for softball equipment. Individuals currently seek tailored softball products that meet their expectations and needs, which in turn has led manufacturers of softball equipment to offer customized equipment. In addition to its association with health benefits, softball is now being viewed as a medium of social engagement, and outlet for personal accomplishment. In addition, several softball tournaments have been introduced, which in turn have proliferated the participation in the sport.
Innovations in softball equipment including gloves and bats are further boosting their sales. However, a notable rise in adoption of counterfeit products is expected to be a major threat for companies in the softball equipment market, as sports equipment are highly vulnerable to persisting economic conditions worldwide. Counterfeit softball equipment have adverse effects on brand names and revenues generated in the market.
4 Key Future Prospects of Softball Equipment Market for Forecast Period 2017-2026
- North America will spearhead the global softball equipment market, in terms of revenues. Europe and Asia-Pacific excluding Japan are also expected to remain major markets for softball equipment, with sales collectively projected to account for nearly 30% market share by 2026-end.
- On the basis of product type, bats will continue to be sought-after in the market, with sales poised to surpass US$ 350 Mn in revenues by 2026-end. Revenues from sales of softball bats are estimated to remain significantly larger than those from all the other product segments combined. Gloves are also expected to prevail as a lucrative product in the market.
- Third party online channels and modern trade are expected to remain the leading revenue contributors to the global softball equipment market, based on sales channel. Third party online channel will also persist as the fastest expanding sales channel for softball equipment, trailed by direct to customer online channel.
- Based on buyer type, individual segment will continue to lead the market, with an estimated revenue share of over 66% during 2017 to 2026. Institutional buyers will also latch onto a major chunk of the market’s revenue share during the forecast period.
The global softball equipment market will continue to be led by a few leading vendors that compete based on the product offerings and market reach. Intensified competition has been estimated in the market over the years to come, fuelled by growing product extensions in tandem with rising shares of leading vendors. Vendors in the softball equipment market are introducing new, innovative equipment in order to enhance their product portfolio and increase their market share with the launch of products such as lightweight gloves, softball bats with enhanced swing speed, and tracking technologies. Key companies listed by Fact.MR’s report include Peak Achievement Athletics, Phoenix Bat Company, Schutt Sports Inc., Under Armour Inc., Zett Corporation, Mizuno Corporation, Amer Sports, Newell Brands Inc., Adidas, and Nike.