Growth in Online Retail Will Drive the Global Sports Equipment Market Through 2020, Says Technavio
LONDON–(BUSINESS WIRE)–According to the latest research report released by Technavio,
the global sports equipment market is expected to reach close to USD 619
million by 2020.
This research report titled ‘Global
Sports Equipment Market 2016-2020‘, provides an in-depth
analysis of the market in terms of revenue and emerging trends. This
market study also presents up to date analysis and forecasts for various
market segments and all geographical regions.
Request sample report: http://goo.gl/tf0Q5V
“In terms of the distribution, online retailing of sports equipment will
be one of the fastest growing channels between 2015 and 2020. This
market research study predicts local vendors to find more success in
reaching out to premium customers by making their products available
online during the forecast period. Increased internet penetration and
growing consumer trust in internet sales will play a significant role in
the growth of the global sports equipment market until 2020,” said
Brijesh Kumar Choubey, one of Technavio’s lead industry analysts for retail
goods and services research.
“Major players like Adidas and Puma have ventured into online private
retailing, and it has helped boost their sales to a great extent. A few
examples of online retailers who majorly focus on sportswear and sports
equipment are Decathlon, Online Sports, and Sports Authority, among
others,” added Brijesh.
Some of the other driving forces behind the growth of the global sports
equipment market are as follows:
- Increased demand for advanced sports equipment
- Growing demand for sporting equipment from developing economies
Increased demand for advanced sports equipment
Rapid advances in technology in the sports industry creates a need for
adoption of new sports equipment as older models gradually become
obsolete. The use of advanced sports equipment ensures higher safety for
user, thus, increasing the demand for advanced sports equipment, and it
is expected to contribute significantly to the global sports equipment
market over the next four years.
One such example of advanced technology in sports equipment and gear is
Odyssian Technology. It involves the use of integrated sensors that are
capable of measuring performance of athletes while monitoring
environmental conditions. The integration of this technology is helping
measure factors such as the impact force between players, rotational
speed, and the height of a jump, apart from recognizing failures. This
technology is suitable for ball sports such as soccer and hockey, and
could also be used in mobile sporting goods like skis, snowboards, ice
skates, and skateboards.
Another example of a unique technological innovation in sports equipment
is biomimetics for athletes. It is helping vendors develop materials
that increase the adhesive strength of an athlete when in motion. This
technology can be extremely useful for manufacturers making skid-free
shoes that increase the grip strength in climbing shoes. There are
several other examples of smart sports equipment present in the market
today such as Babolat’s smart tennis racquets that are helping players
in calculating ball impact, the number and types of shots, play time,
consistency, and technique, to helps them immensely in planning and
improving their game.
Growing demand from developing economies
Increasing per capita income in developing countries has encouraged
consumers in developing regions such as India to spend more on different
sporting equipment. Consumers in these economies are increasingly taking
to branded sports equipment products for factors of comfort, quality,
and safety. The market is also witnessing a growing preference towards
better quality products in these regions, resulting in increased demand
for customized sports equipment.
Thanks to this trend, vendors providing premium products are generating
substantial revenues by innovating with sports equipment. The global
sports equipment market is also driven by outsourcing. For instance,
Adidas, a key player in this market, is outsourcing almost 100% of its
manufacturing to independent third-party suppliers, primarily from Asia.
This trend is encouraging many other vendors to venture into the APAC
region for lowering prices of sporting equipment in the future. Thanks
to this trend, the overall sports equipment market is expected to reach
close to USD 83 billion by 2020.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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