Smart Sports Equipment Market

Smart Sports Equipment Market Outlook (2022-2032)

The global smart sports equipment market is set to enjoy a valuation of US$ 1,261.7 Million in 2022 and further expand at a CAGR of 2.8% to reach US$ 1,655.1 Million by the end of 2032.

Although, the smart sports goods industry proved to be resilient during the pandemic, use of high-tech baseball bats by end users is expected to contribute more than 50% to the global market growth over the forecast period.

Report Attributes	Details
Smart Sports Equipment Market Size (2021A)	US$ 1,228.7 Million
Estimated Market Value (2022E)	US$ 1,261.7 Million
Forecasted Market Value (2032F)	US$ 1,655.1 Million
Global Market Growth Rate (2022-2032)	2.8% CAGR
North America Market Share (2021)	~27.7%
Europe Market Growth Rate (2022-2032)	~2.1% CAGR
United States Market Growth Rate (2022-2032)	~2.4% CAGR
Market Share of Top 5 Companies	~24.6%
Key Companies Profiled	Callaway Golf Company Mizuno Corporation Jingletek Game Golf str8bat Sports Tech Solutions Wilson Sporting Goods Tangram Factory, inc. Adidas Babolat InfoMotion Sports Technologies

Sales Analysis of Smart sports equipment (2017-2021) vs. Market Forecast Outlook (2022-2032)

The indispensable integration of digital technology and innovation is driving the evolution of the sports industry. The rapidly changing lifestyle of the population which is powered by technology is helping to uplift the overall sale of smart sports equipment. Reformation in the utilization of smart sports equipment in physical education programs at schools and universities is imminent owing to the declining physical health of students year by year. This has pushed the demand for smart sports equipment significantly across the globe instigating a market expansion with a compound annual growth rate of 2.7% from 2017 to 2021.

The provision of short courses and programs by educational institutions and government organizations to promote the popularization of technology in sports sector is expected to give great momentum to the target product in the forecast period. In addition, access to 24/7 sports news & updates owing to the emergence of new social media platforms is encouraging the population to increase their participation in sports which in turn will impact the growth trajectory of smart sports equipment sales in the future.

Fact.MR suggests that the global market for smart sports equipment will be valued at US$ 1,655.1 Million by 2032 end posing a CAGR of 2.8% since 2022.

• Short Term (2022 Q2 to 2025): Rising participation in sports will deliver proven opportunities for smart sports equipment market growth during the short term.
• Medium Term (2025-2028): Changing preference of the population to use smart sports equipment that helps in delivering precise information about the players’ performance will drive revenue market share of the target market in the medium term.
• Long Term (2028-2032): Technological advancements in the sports equipment market have motivated manufacturers to improve their product offerings which will significantly impact the sales of the smarts equipment market during the long-term forecast.

Over the 2017-2021 historical period, the global smart sports equipment market registered a CAGR of 2.7%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 2.8% CAGR between 2022 and 2032.

Market share analysis of smart sports equipment based on product type is provided in a nutshell in the above image. Under the product type segment, smart baseball bat segment dominates with 17.9% market share in 2022.

What’s Driving Demand for Smart sports equipment?

“Incorporating Technological Advancements in Coaching Techniques to Uplift the Target Market”

Sporting organizations are investing in talent identification to correctly identify an individual with the potential to become a successful elite player in their respective game. Most of the national and international caliber players typically undergo some form of human performance assessment as a part of their training schedule.

The traditional guesswork which was once involved in sports training is no longer a factor for coaches owing to the emergence of smart sporting equipment. Wearing smart sports equipment has made training athletes more encyclopedic.

Coaches not only get a chance to visualize to what extent a player is working hard but also help them to broaden their knowledge toward which workouts will benefit them the most. Moreover, the availability of tracking sensors embedded in these sports equipment supports the referee’s decision-making during a game. This provides fairer competition without any partiality thereby boosting the interest of the player to perform well.

The growing interest in professional sports is increasing the demand for personalized coaches and scouts. The above-stated reasons for the demand for sports coaching are expected to uplift the market for smart sports equipment across the globe.

“Introduction of Institutional Programs in Reshaping Sports Landscape to Impel the Market Growth”

Technology plays a pivotal role in advancing all domains in the sports sector. Integration of AI in sports provides various beneficial factors like accurate sports performance analysis, time measurement, instant replay booths, measure concussion-related impairment, etc.

Owing to these factors, smart sports equipment is considered a new exciting, cutting-edge new field worldwide. To create awareness and enhancement developing interest in smart sports technology among the youth population, various initiatives are being taken at an institutional level.

It is observed that several universities in Asia and Europe particularly in the United Kingdom, offer courses to their undergraduate students in sports technology. The curricula of such offered programs help to not only create interest in sports sciences but also develop innovative designs in existing high-tech sporting goods.

Hence, offering courses in the field of sports sciences is anticipated to escalate the demand for smart sports good equipment in the coming years.

What Do Smart Sports Equipment Manufacturers Need to Watch Out for?

“Privacy & Security Concerns to Negatively Hamper the Market Expansion’’

Customers who prefer high-end smart sporting equipment are often willing to pay a premium for high-quality products. However, consumers’ lack of trust in smart wearable sporting equipment is due to the fear of possible leakage of personal privacy information and many uncertainties in new products.

The growing counterfeit merchandise poses various challenges to the market players and target population regarding end users’ privacy with their fake, unauthorized goods. Such fake smart sports equipment does not have security or privacy control built in to protect sensitive data transmissions.

A lack of clear awareness and concern about the prevalence of such product counterfeiting will unwittingly leave end users wide open to unauthorized access to their personal information. Without building initial trust among the consumers in their brands selling smart wearable sporting equipment, leading market players will lose their product sales in the forecast period.

Country-wise Insights

Why is Europe Considered to be a Leading Market for Smart sports equipment?

Europe market for smart sports equipment is estimated to value at US$ 369.7 Million in 2022.

Sports is considered to be an important economic sector in Europe. An increasing obsession with outdoor games and the growing number of sports facilities directs tremendous market growth for smart sports equipment in Europe. In addition, the rise in consumer spending on high-tech goods has helped to maintain the growth trajectory of smart sport equipment sales.

Why is North America Expected to be Highly Lucrative for Smart sports equipment Market?

Establishment of various professional sports leagues and proliferation in technology industry among North America economy have opened incremental opportunities for the sales of the target product. In addition, the presence of key players in deep-rooted markets like the U.S. has lured North America to emerge as a lucrative market for smart sports equipment.

According to Fact.MR, changing consumer preference towards online shopping, increase in cross-border e-commerce trade will play a major role in driving market share revenue for smart sports equipment in North America.

Category-wise Insights

Why Smart Baseball Bats are Highly in Demand?

Smart Baseball Bats are anticipated to hold 16.7% of the global market share among product type by 2032.

Baseball is one of the most popular sports played in North America. Smart baseball bats provide real-time quantitative data and training guidance to help all baseball and softball players to improve their performance. Accelerometers that are present in bats can measure bat speed and monitor pitch movement and velocity thereby tracking whether a player has reached their peak performance.

Moreover, the presence of quality training systems in the field of baseball as well as growing health awareness regarding general fitness are expected to boost market growth for smart baseball bats.

Why Real Time Data Syncing Feature is Expected to Lead the Market Growth?

Market share by real-time data syncing segment is anticipated to grow at a CAGR of 3% over the estimated period.

Tech-based performance tracking and analytics in sports are constantly evolving. Identifying movements and strategies of players that lower their performance can be recorded simultaneously by coaches during the game. Referees can leverage the real-time capabilities of smart sporting types of equipment in their decision-making process. For instance, smart footballs can accurately judge the occurrence of offside or expected goals during the game.

Analysis of the game using a real-time data syncing feature will create extensive opportunities for the target market to grow.

Competitive Landscape

Prominent market players manufacturing smart sports equipment are Callaway Golf Company, Mizuno Corporation, Babolat, Adidas, Wilson Sporting Goods and InfoMotion Sports Technologies.

Key players focus on improving their offering by integrating added features like motion sensors, accelerometers, Bluetooth connectivity, etc. that have minimal impact on its usability. In addition, the adoption of various marketing strategies like collaboration and expansion of distribution channels will meet the scope of competition in the sports equipment industry.

• In Jul 2022, Adidas announced that official match ball of FIFA World Cup 2022 would feature their new connected ball technology.

Fact.MR has provided detailed information about the price points of key manufacturers of smart sports equipment positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Smart sports equipment Industry Research

• By Product Type :

  • Baseball Bat
  • Golf Stick
  • Tennis Racket
  • Hockey Stick
  • Baseball
  • Soccer Ball
  • Rope

• By Connectivity Features :

  • Smartphone Synchronization
  • Wireless Synching
  • Real Time Data Syncing

• By Price-based :

  • Mid
  • Premium
  • Super-premium

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA