A new report by Fact.MR estimates the global boxing gloves market to exhibit a moderate CAGR through 2022. The global market for boxing gloves is expected to reach roughly US$ 150 Mn in revenues by 2022-end.
One of the latest trends that is gaining higher traction in the global boxing gloves market is rising prevalence of women’s boxing. Seeking favor among various tournaments, women’s boxing has witnessed a wide acceptance among broadcasters. Five categories are being allotted to women’s boxing at Tokyo 2020 Olympic Games. Leading players in the market are now focusing on product innovation, including lightweight yet strong headgear and high-quality gloves for women, in a bid to expand their presence in the market. Vendors of boxing gloves are also concentrating on expanding their businesses across new as well as untapped markets across the globe. These factors might influence growth of the market in the upcoming years.
Prevalence of boxing tournaments across the globe has significantly surged over the past couple of years, with increasing participating of individuals in this sport. In addition, a number of training clubs have come into existence, with boxing gaining high popularity as a sport. The AIBA International Boxing Association is seeking propulsion in the events of women’s boxing at the Olympic Games which will be held in 2020 at Tokyo, Japan. Several new boxing tournaments are being registered, for instance – the ICBL had commenced its operations in 2016, and has now become the world’s first competitive boxing league. In 2017, the Boxing federation of India is planning on launching domestic boxing league, for increasing the sport’s popularity, thereby accelerating sales of boxing gloves in the region.
7 Key Estimations on Future of Global Boxing Gloves Market
Third party online channel will be the fastest expanding sales channel for boxing gloves in the market, followed by the direct to consumer brand outlet segment.
Despite modern trade channel will register a very low CAGR through 2022, its dominance in the market is estimated to remain unchallenged over the forecast period.
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Asia-Pacific excluding Japan (APEJ) is poised to remain the most lucrative market for boxing gloves.
North America and Japan are estimated to exhibit the highest CAGRs in the market through 2022, with North America being more lucrative than Japan in terms of revenues.
Individual buyers are projected to account for the largest revenue share of the market. Revenues from boxing gloves sales for promotion purposes and in institutions will collectively reach approximately US$ 65 Mn by 2022-end.
Boxing gloves are expected to remain sought-after among glove types in the global market, accounting for over half revenue share of the market throughout the forecast period. Revenues from this segment are anticipated to reach US$ 90 Mn by 2022-end. However, demand for bag gloves will continue to be lower compared to that of boxing gloves in the global market.
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