Sport Protection Equipment Market

Sport Protection Equipment Market Outlook (2023-2033)

In FY 2022, the Sport Protection Equipment market reached a valuation of US$ 8.42 Billion, and is likely to register a Y-o-Y growth rate of 5.0% in 2023, closing at US$ 8.87 Billion. Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a whopping 5.3% CAGR, reaching US$ 14.87 Billion.

According to Fact.MR, the major factors that are expected to propel the growth of the Sport Protection Equipment market include the rapidly increasing levels of spending on sports equipment devices by consumers, a rise in international and national sports events, and a high growth in consumer awareness regarding health and fitness.

Additionally, the market is largely driven by the factors such as the growing interest in personal appearance amongst the individuals, increasing population, promoting health consciousness among people, and rising disposable incomes.

Further, other factors that will likely boost the sales of the sport protection equipment market include the significant growth in consumer awareness regarding the health benefits presented by indulging in physical activities, rapid technological advancement in sports protection equipment, and development of advanced protective equipment.

Report Attributes	Details
Anticipated Base Year Value (2022)	US$ 8.42 Billion
Expected Market Value (2023)	US$ 8.87 Billion
Projected Forecast Value (2033)	US$ 14.87 Billion
Global Growth Rate (2023-2033)	5.3% CAGR
Expected Growth Rate of North America (2023-2033)	5.2% CAGR
Anticipated Growth Rate of Asia Pacific (2023-2033)	5.1% CAGR
Prominent Sport Protection Equipment Service Players	Armour Inc. ASICS Corporation Adidas AG Shock Doctor Inc. Vista Outdoor Inc. Mizuno Corp. PUMA SE Acushnet Holdings Corp Amer Sports Corporation BRG Sports Inc. NIKE Inc. Decathlon S.A.

2018-2022 Revenue Analysis of Sport Protection Equipment Market vs. Growth Outlook 2023-2033

According to Fact.MR’s report, Sport Protection Equipment demand exhibited a CAGR of over 2.7% from 2018 to 2022.

The protective footwear is expected to remain the top-selling products in the global market during 2018-2022. In addition, the sales of protective footwear are projected to bring in nearly US$ 3.25 Bn revenues by the end of 2022.

Moreover, the interest for personal appearance is on a rise among the individuals, promoting health consciousness among them, and is expected to drive the growth of the market. Also, various protective gear manufacturers are sponsoring events at national and international levels to realize a competitive advantage also to expand their consumer base, which is another factor driving the demand of the sport protection equipment market.

Additionally, the factors such as increasing levels of spending on sports equipment devices by consumers are expected to stimulate the sports protective equipment industry, thus boosting the market growth. Also, the significant growth in consumer awareness regarding the health benefits offered by indulging in physical activities positively escalated the market globally.

Furthermore, the interest in personal appearance is on a rise among individuals, promoting health consciousness among them, disposable incomes, a rise in the standard of living, and growing population are some other trends that are expected to augment the market growth over the analysis period.

Key Market Drivers Influencing Sport Protection Equipment Industry Expansion

Increasing Participation in Sports Propel the Market Growth

The rise in the number of people participating in various sports activities is a major factor that is expected to propel the demand for sport protection equipment during the forecast period. Sports contributes to greater life satisfaction and keeps a person fit as well as healthy. Increasing awareness among people, regarding the health issues as well as stress management is another major factor that is anticipated to a rise in participation in various sports activities. Therefore, customer expenditure on sports protective equipment has risen. This factor is driving the global market for sports protective equipment.

Moreover, rise in number of injuries among various age groups while playing is also propelling the market growth, including women and men’s sports protective gear. As per a study conducted by the National Safe Kids Campaign and the American Academy of Pediatrics, more than 3.5 million sports-related injuries are recorded each year among teens and children. This factor will likely accelerate the revenue share of the sport protection equipment market in the forthcoming years.

Rise in Sports Safety Rules to Augment Market Growth Prospects

Various associations as well as regulatory agencies such as the International Organization for Standardization (ISO), the National Operating Committee on Standards for Athletic Equipment (NOCASE), the Consumer Products Safety Commission (CPSC), and the American National Standards Institute (ANSI), have laid down regulations pertaining to the usage of sports protective equipment. This is a key factor that is projected to fuel the growth of the global sport protection equipment market in the near future.

Key Challenges encountered by Sport Protection Equipment Industry

Lack of Distribution Channels to Restrain the Market Growth

There is no such proper distribution channel for sports protection equipment, which leads to problems during distribution. Some equipment get dispatch from other countries, and import and export of these goods take longer than usual. Such delays often lead to less purchases, and people search for other options for purchases.

Such problems are having negative impact on sports protective equipment market. Hence, factors such as lack of distribution channels leading to other problems, as well as delays in deliveries are expected to hamper the growth of the sport protection equipment market during the analysis period.

Availability of Counterfeit Products to Limit the Market Growth

The increasing threat of the availability of substitutes of sport protection equipment is one of the major factors that is anticipated to impede the market growth over the forecast period. In addition, high pricing of good quality sports equipment is another factor that is hindering the sports protective equipment market growth.

Moreover, often, people get confused regarding the selection of the best equipment. There are no advisors or guiding person to tell what equipment should one purchase and use. This confusion often leads to miss-purchases of equipment and waste of money. To avoid such waste, people avoid purchasing and eventually just forget about them. This is another factor hindering the market growth.

Region-wise Analysis

How will North America Perform in the Global Sport Protection Equipment Industry Landscape?

Rising Popularity of Football to Augment the Market Growth in the Region

The Sport Protection Equipment Market in North America will grow at a CAGR of 5.2% from 2023 to 2033.

According to Fact.MR, North America is the fastest-growing Sport Protection Equipment market region, accounting for over 45% of the market share in 2022, and is expected to maintain its dominance during the analysis period.

This growth is attributed to the growing popularity of ice hockey and football across the the region. In addition, factors including the high spending by people on sports protective equipment such as ice hockey protective gear, and winter sports equipment in these regions, as well as a rise in government initiatives for outdoor activities and sports are expected to fuel the market growth in North America.

Furthermore, according to a study, in 2016, 33.0% of the participants said that American football was their favorite sport, followed by baseball. The popularity of American football and soccer is growing in the US and Mexico. Also, the owners of the National Football League (NFL) are organizing events at different places in U.S. and Mexico to raise awareness regarding sports, which are the major factors that are expected to create growth avenues for the North American sport protection equipment market in the coming years.

How will the Growth of Sport Protection Equipment Market Escalate across Asia Pacific?

Increasing Participation in Sports to Enhance the Market Prospects

The Sport Protection Equipment market in Asia Pacific is projected to become the second most lucrative market, contributing a share of nearly 43% of the global market by 2022. The Asia Pacific Sport Protection Equipment Market is expected to grow at a CAGR of 5.1% from 2023 to 2033.

This growth is attributed to a rise in the number of sports events, such as the World Hockey League and the Indian Premier League, and an increasing penetration of schools and colleges. In addition, factors such as the growing awareness among parents related to the associated benefits of physical activities, including sports, has positively influenced the demand for sports equipment, including protective gear.

Also, the growing popularity of football in India, Japan, China and other Asian countries is another factor that will fuel the demand for leg protection equipment during the analysis period. Moreover, factors such as the increase in participation in sports in various countries of the region such as India, Australia, and China, coupled with high penetration of professional sports are also propelling the market growth in the region.

Region-wise Forecast CAGRs for the Sport Protection Equipment Market

Region	CAGR
North America	5.2%
Asia Pacific	5.1%
Europe	5.0%
Latin America	5.0%
Middle East & Africa	4.8%

Category-wise Insights

Which Segment to Remain Dominant in the Product Type Category?

Protective Footwear Segment to Enhance Growth Prospects

According to Fact.MR’s data, preference for Protective Footwear segment is expected to expand at a CAGR of 5.2% over the forecast period.

The protective footwear is expected to remain the top-selling products in the global market during the forecast period, attributed to its capability of reducing the risk of injury associated with foot-ground interaction during sporting activities.

Moreover, sports footwear manufacturers have been focusing on designing the sports footwear which provides comfort as well as protection to the players’ ankles. These manufacturers are coming out with products such as foam-based ankle stabilizers, and lace-up brace shoes, among others for sports people.

Which is the Most Sought-after Sales Channel Category?

Independent Sports Outlet Segment to Boost the Market’s Growth

According to Fact.MR’s data, preference for Independent Sports Outlet segment is expected to expand at a CAGR of 5.1% over the forecast period.

An increasing number of independent sports equipment outlets in India and China is expected to have a positive impact on the growth of the market. For instance, Adidas AG, the German sportswear manufacturer, will open 3,000 new stores in China by 2020, owing to rising wealth and health awareness in the country.

The key aim is to expand its retail network across the globe. Also, an increase in the number of independent outlets will help companies to bridge the gap between consumers and companies, which in turn is anticipated to boost the growth of the market during the forecast period. Additionally, gaining maximum revenue share in the sport protection equipment, independent sports outlets emerge as one of the most lucrative sales channels.

The Start-Up Ecosystem: How key Players are opening Frontiers for Future Growth?

Sport Protection Equipment startup players are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base.

For instance :-

• Founded in 2016, OREKA TRAINING is one of those innovative sports startups that is leveraging technology to give customers real road sensations with the safety of an indoor bike roller trainer.
   
• Established in 2016, Siroko is another sports startup that is focused on designing powerful as well as comfortable sports protection equipment. They are designing and producing a variety of products for men and women in four different categories – cycling, snow, fitness, and lifestyle.

Sport Protection Equipment Market- Competitive Landscape

Prominent players in the Sport Protection Equipment Industry are taking advantage of the rapidly increasing demand for the Sport Protection Equipment in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows :

• In July 2022, PUMA launched the FUTURE 1.4 Fastest Edition boots. These are available at PUMA.com and leading football retailers worldwide.
• In July 2022, Adidas Basketball announced the Candace Parker Collection Part II “Play your Ace” with its retail partner DICK’S Sporting Goods. The new launch is a shared commitment to empower aspiring women athletes and hoopers.

Key Segments Covered in the Sport Protection Equipment Industry Survey

• By Product Type :

  • Helmet
  • Protective Eyewear
  • Face Protection
  • Protective Pads
  • Protective Footwear
  • Protective Guards
  • Gloves

• By Sales Channel :

  • Independent Sports Outlet
  • Franchised Sports Outlet
  • Modern Trade Channels
  • Direct to Customer Channel
  • Online Sales

• By Design Style :

  • Individual
  • Institutional

• By Region :

  • North America
  • Latin America
  • Europe
  • CIS & Russia
  • Asia Pacific
  • Middle East & Africa (MEA)