In spite of a flurry of activity, the global sport protection equipment market will witness stagnant growth, reaching nearly US$ 9,480 million value by the end of 2022. The market is expected to witness weak CAGR during the forecast period, 2017-2022, on the account of low penetration of protective gear at local sporting events and increasing integration of protective framework in sporting apparels. Following insights show how global sport protection equipment market will perform in the next five years.
Designers and engineers have started using wireless sensor technologies while developing sport protection equipment to manage, as well as prevent serious sport injuries. New foam technology is also gaining traction in the market, with manufacturers focusing on improving overall comfort and impact absorption for various protective gear used in sports.
A considerable increase in occurrence of sports-related injuries has led to increased demand for sport protective equipment. With the popularity of wearable technologies, manufacturers of sport protection equipment are also focusing on the development of smart sport protection equipment using sensors that can facilitate impact protection and shock absorption. These high-performance impact protection technologies are being developed with the help of innovative product design.
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5 Key Highlights on the Future of Global Sport Protection Equipment Market
North America is projected to remain the most lucrative market for sport protection equipment, and poised to reach close to US$ 3,200 million value by 2022-end. North America is expected to witness impressive growth owing to the development of sports infrastructure along with the government initiatives towards promotion of sports activities.
Japan’s sport protection equipment market is expected to be the least growing market. Lower participation in general sports in Japan is expected to factor this sluggish growth.
Protective footwear will emerge as one of the most-preferred sport protection equipment. Global sales of protective footwear is expected to gain around one-third revenue share on global revenues by the end of 2017.
Sales of sport protection equipment will be highest through independent sports outlets, raking over US$ 3,600 million revenues by the end of 2022. Meanwhile, online sales of sport protection equipment will also witness significant growth in the global market.
Compared to institutional purchasing of sport protection equipment, individual buyers will be observed as the largest contributor to the global sport protection equipment revenues. By the end of 2017, individual buyers will procure nearly three-fourth share of global market value. With increasing number of sports events organized globally, sports activities are being made compulsory in schools and colleges to encourage sports as a career, which is indirectly boosting the institutional purchases of sport protection equipment.
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