Sports Equipment Market Industry Trends & Forecast Report 2027

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Sports Equipment Market, By Product Type,
Trend Analysis, Share, Forecast,2021-2027
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Industry Trends Forecast Report 2027 A study,
recently conducted by the strategic consulting
and market research firm BlueWeave
Consulting revealed that the global sports
equipment market was worth USD 79.2billion in
2020 and is further projected to reach USD
122.5billion by 2027, at a CAGR of 6.6 during
the forecast period (2021-2027).Increasing
awareness of the benefits of sports and the need
to engage in sports with proper equipment is
driving the market. Moreover, people's desire to
give up sedentary lifestyles, coupled with their
awareness of the benefits of working out, is also
driving the market's expansion. Additionally, a
variety of innovations in sports equipment
segments also contribute to the market's growth.

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Growth drivers Increase in Sports and Fitness
Awareness Across the World Global sports
equipment market growth is driven by the rising
popularity of sports and fitness activities. The
World Cup, Indian Premier League, Olympics, etc.,
have influenced the minds of young people to
become more enthusiastic about their favorite
sports. Moreover, school and college sports also
allow students to compete in various sports.
 Additionally, Millennials are aware that a
sedentary lifestyle has negative health effects
which include hypertension, hypotension,
depression, weakness, disturbed body posture,
etc. As a result, the health and
fitness-conscious Millennials make adequate time
to participate in their choice of sport. Since
people are increasingly looking to grab the
benefits of engaging in sports, the trend is
fueling the growth of the global sports equipment
market.
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Restraints Increasing Preference for Indoor and
Online Activities As smartphones and internet
facilities have become more common, people have
developed a strong preference for being indoors
and playing online games, surfing the web,
watching movies, etc. The youngsters are the
worst impacted by these factors. According to a
recent report, by January 2021 there will be 4.66
billion active internet users in the world, which
is roughly 59.5 of the world's population. Out
of this, 92.6 (4.32 billion) accessed the
internet via mobile devices. Since the indoor
online games might look more engaging to the
people this mayfurther restrain the growth of the
global sports equipment market.
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Impact of COVID-19 The COVID-19 pandemic has
wreaked havoc on several economies around the
world. Due to the high infection rates and
adverse impact on public health systems, various
countries had to enforce nationwide lockdowns,
which significantly impacted industrial supply
chains, trade, and related services. Due to the
unprecedented disruption of supply chains caused
by the nationwide lockdowns and curfews imposed
by the COVID-19 outbreak, sports equipment and
accessories had to witness checkered growth
throughout the pandemic. Sales of equipment for
sports declined as a result of consumers'
prudence in spending. Moreover, many big sports
events were canceled during the first wave of the
pandemic, abruptly impacting the global sports
equipment market.
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Global Sports Equipment Market By Product Based
on products, the global sports equipment market
is grouped into aball over net games, ball
games, fitness/strength equipment, athletic
training equipment, and others. Among these, the
ball gamessegment generated the maximum revenue
in the product segment of the sports equipment
market, thereby owning the largest market share.
The segment is likely to dominate the global
sports equipment market even during the forecast
period as ball games such as cricket, basketball,
and football are popularly watched and played all
over the world. Additionally, the global sports
equipment market is expected to grow due to
improved quality and production of
customer-centric equipment.
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Global Sports Equipment Market Regional
Insights Geographically, the global sports
equipmentmarket is categorized into North
America, Europe, the Asia-Pacific, the Middle
East Africa, and Latin America. Among all the
regions, North America dominates the global
sports equipment market. The market for sporting
goods is gaining momentum in the North American
region due to increased consumer spending on
sporting goods. Sample Copy of the Report
https//www.blueweaveconsulting.com/sports-equip
ment-market/report-sample
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