Originally published on Technavio:  Smart Sports Equipment Market Analysis 2023-2027: Driving Forces, Trends, and Competitive Landscape

 

Overview:

The Smart Sports Equipment Market is poised for substantial growth, with a projected increase of USD 19.16 billion and a Compound Annual Growth Rate (CAGR) of 22.12% from 2022 to 2027. The market's expansion is fueled by various factors, including the heightened emphasis on the Internet of Things (IoT), increased demand for wearable devices and fitness trackers, and a rising need for sports analytics. This comprehensive market report encompasses segmentation based on distribution channels (offline and online), products (ball, fitness, and other sports), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). It also provides an in-depth analysis of drivers, market trends, challenges, and historic market data from 2017 to 2021.

 

Key Major Companies:

Leading companies are employing diverse strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to strengthen their market presence.

 

The report includes detailed analyses of the competitive landscape, covering information about 15 market companies, including:

 

Competitive Landscape:

Qualitative and quantitative analyses of market growth and trends have been conducted to assist clients in understanding the broader business environment, along with the strengths and weaknesses of key market players. The categorization of companies as pure play, category-focused, industry-focused, and diversified is based on qualitative analysis, while quantitative analysis categorizes companies as dominant, leading, strong, tentative, or weak.

 

Market Dynamics:

In-depth research and growth data analysis, with 2022 as the base year, have been conducted, accompanied by an examination of key market growth drivers, trends, and challenges. A holistic analysis of these factors will enable companies to refine their marketing strategies for a competitive advantage.

 

Key Market Driver:

One of the pivotal drivers of market growth is the increased emphasis on the Internet of Things (IoT). IoT plays a crucial role in collecting diverse data strands, such as player performance, health levels, and other vital information, utilizing smartwatches, fitness trackers, connected footballs, basketballs, and smart helmets. The latter, equipped with impact sensors, notifies coaches, medical teams, and managers about potential head injuries, contributing to injury management. IoT is also extensively used in managing and maintaining training equipment. The growing use of IoT in the market is expected to propel global market growth.

 

Major Market Trends:

A prominent trend in the market is the increased demand for neurostimulation. Neurostimulation techniques involve electrical or magnetic stimulation to enhance nerve activity, beneficial for training and performance. Neurostimulation technology improves strength, endurance, and aids in reducing pain and fatigue during exercise. The technology has garnered interest for cognitive training, contributing to market growth. With various technological innovations in smart sports equipment, neurostimulation is gaining prominence, driving market growth in the forecast period.

 

Latest Market Challenge:

A significant challenge for the market is the premium pricing of smart gaming equipment. While accessories like fitness trackers and smartwatches are affordable, premium-priced equipment such as smart baseball bats, golf sticks, connected basketballs, and footballs may pose affordability issues for individual coaches and small sports teams. This challenge is more pronounced in developing economies where financial resources may be limited, hindering the growth of the market in the forecast period.

 

For a detailed analysis of drivers, trends, and challenges, Request Free PDF Sample.

 

Market Segmentation and Region:

By Distribution Channel, the offline segment is anticipated to witness significant growth during the forecast period. Offline distribution encompasses goods stores, department stores, specialty stores, supermarkets/hypermarkets, and fitness centers/gymnasiums. The offline segment, valued at USD 3.87 billion in 2017 and continuing to grow until 2021, not only allows customers to try products before purchase but also provides physical locations for customer service and support, contributing to segment growth and overall market expansion.

 

Smart Sports Equipment Market Size:

 

 

Geographical Analysis:

North America is estimated to contribute 35% to the market's growth during the forecast period. The US and Canada are the leading consumers of smart sporting goods, with various sports organizations and clubs emphasizing the use of IoT technology and connected devices like smart basketballs, soccer balls, and golfers. The demand for digitized devices and sports analytics platforms from the US game industry is a key driver in the region.

Technavio's analysts have provided extensive insights into market forecasting, detailing regional trends and drivers influencing the market's trajectory throughout the forecast period.

To Learn deeper into this report , View Sample PDF

The market is undergoing a transformative shift driven by the convergence of advanced technologies and changing consumer preferences. Connected objects and sensor technology scrutinize athletic performance through health metrics, especially in ball games like tennis and cricket. Vibration sensors, on-field cameras, tracking sensors, and innovations like Major League Baseball's StatCast and radar equipment provide unprecedented insights. With rising disposable income, consumer spending on Wi-Fi compatible features is growing. Key players like Amazon, DICK'S Sporting Goods, and Tennishub capitalize on this trend, leveraging online platforms. The Asia Pacific region, led by innovations such as StanceBeam and their cricket bat sensor Striker, further propels the market. Real-time data analytics, exemplified by InfoMotion Sports Technologies and Zepp Labs, redefine shot analysis, setting the stage for a vibrant future in the sports analytics market.

If our report has not included the data you are looking for, you can reach out to our analysts to get segments customized.

 

For more information please contact.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/