Sports Protective Gear Market is Anticipated to be Valued at US$ 7.1 Billion by 2027- Exclusive Report by MarketsandMarkets™
The global sports protective gear market was valued at USD 5.0 billion in 2021 and is projected to reach USD 7.1 billion in 2027, at a CAGR of 6.0% from 2022 to 2027. The global market for sports protective gear is driven by basic factors such as growth in consumer awareness regarding health and fitness, prominence of national and international sporting events and increase in participation of women in sports events. Over the last couple of years, distribution of sporting goods has shifted from traditional channels to e-commerce platform and online applications.
In terms of type, the market has been segmented into helmets, shoulder guards, elbow guards, shin guards, knee pads, wrist guards, spinal vests, and others. The helmets segment is projected to witness the highest growth rate owing to the increasing demand for head protection in different sports activities.
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Based on distribution channel, the market is segmented into exclusive stores, multi-retail stores, and e-commerce portals. the e-commerce portal segment is projected to register the highest growing rate during the forecast period. This distribution channel has been growing due to advancements in technology and internet accessibility. Businesses have reached their potential customers by setting up online stores where the products offered by manufacturers can be accessed globally.
Based on area of protection type, the market is segmented into head & face, trunk & thorax, upper extremity, and lower extremity. The head & face segment is projected to witness the highest growth rate during the forecast period. Head & face gears are designed to protect athletes from various severe injuries.
Based on sports type, the market has been segmented into skiing, skating, cycling, soccer, rock climbing/ mountaineering, and others. The soccer segment is projected to witness the highest growth rate during the forecast period due to its gaining popularity in many countries.
The sports protective gear market in North America is expected to grow at the highest CAGR from 2022 to 2027. North America is a major market for the sports protective gear companies. The country has variety of sports in which people are actively involved such as basketball, football, ice hockey, lacrosse, racquetball, and volleyball. Major sports protective gear manufacturing companies in North America are actively involved in organic and inorganic growth strategies, such as distribution agreements, new product developments, capacity expansions, and new plant establishments. These strategies are adopted to increase their share in the sports protective gear market.
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Companies such as Nike, Inc (US), Adidas AG (Germany), PUMA SE (Germany), Under Armour, Inc (US), ASICS Corporation (Japan), Mizuno Corporation (Japan), Vista Outdoor (US), fall under the winners’ category. These are leading players in the sports protective gear market, globally. These players have adopted the strategies of expansions, agreements, contracts, partnerships, acquisitions, and collaborations, to fulfill the rising demand for Sports Protective Equipment on the regional as well as global levels.
In February,2022, Adidas AG announced that it has formally completed the divestiture of Reebok to Authentic Brands Group (ABG) for a total consideration of up to USD 2.31 billion.
In September, 2021, Vista Outdoor has announced the acquisition of Foresight Sports. This acquisition is consider to increase the outdoor product portfolio of Vista Outdoor.
In January, 2020, Xenith has launched its first helmet with RHEON technology named as Shadow XR. The technology is consider to provide soft cushioning for frequent lower-speed impacts, and strengthen protection against high-speed impacts.
In December, 2018, Nike, Inc. has launched communitive shin pads, which have vibration motor. The vibration motor sends instructions through the vibrations; for example, the vibrations of different intensities, and in different locations in the shin pad may be related to an instruction of movement in a forward, backward, rightward, or leftward direction.
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