Market Trends of Sports and Leisure Equipment Industry
This section covers the major market trends shaping the Sports & Leisure Equipment Market according to our research experts:
Increased Sports Participation Rate Owing to Favorable Government Initiatives
- Globally, there has been a significant rise in the percentage of the population adopting a healthy lifestyle, and the preference for staying fit has increased consumer indulgence in various sports activities. In line with the athleisure trend, consumers increasingly seek various sports and leisure equipment, especially ball sports.
- For instance, according to the State General Administration of Sports (China), as of December 2021, there were approximately 2.48 million ball game courts across China. Basketball courts ranked first in terms of numbers, amounting to more than a million, followed by table tennis courts and badminton courts.
- Moreover, increased government initiatives in various countries meant to improve sports participation have played a key role in driving the market over the last few years. For instance, in 2020, the Government of Australia announced its plan to invest USD 50.6 million in athletes over the next two years, i.e., 2021 and 2022.
- Similarly, according to NITI Aayog, the Government of India, in recent years, has taken several initiatives, such as Khelo India, TOPS Scheme, etc., to build India as a sporting nation with a great amount of emphasis in the rural areas. Such initiatives are expected to encourage more people to indulge in various outdoor sports, which, in turn, is expected to increase sports equipment sales.
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Europe Holds Significant Share in the Market
- Europe holds a significant amount of market share, owing to the well-penetrated sports environment and enormous athlete participation rate witnessed in the region. Countries such as the United Kingdom are notable for the diversity of their sporting interest. Rugby union, golf, football, and tennis are among the most popular sports of the general population in the region.
- For instance, according to David Lange, in 2021, nearly 40.7% of male adults and roughly 31.7% of female people participated in sports every week in England. Apart from sports participation, the favorable weather condition (snowfall) attracts tourists from different parts of the world who indulge in winter sports. This creates a great opportunity for manufacturers involved in marketing equipment and sports garments, such as ski and snowboarding, which is expected to drive market growth in the region.
- To sustain in this competitive market, key players continuously introduce new sports and leisure equipment, take innovative initiatives, and try to differentiate in price, functionality, size, weight, and post-sales services. For instance, in July 2022, ASICS announced the launch of the GEL-KAYANO 29 running shoe. The company claimed that through ASICS' advanced technology, the latest GEL-KAYANO 29 is approximately 10g lighter1 than its predecessor. It claimed that the newly launched shoe also features a more energized feel due to the addition of FF BLAST PLUS cushioning in the upper midsole layer, providing a more energized ride at each step. Such innovative offerings by the manufacturers are expected to boost sales further, thus positively impacting the market's growth.
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