Global Smart Sports Equipment Market Size to flourish at 6.1% CAGR through 2028

By Sachin Pashte  | Date: December 23, 2022

Global Smart Sports Equipment Market Size to flourish at 6.1% CAGR through 2028

Credible experts suggest that global Smart Sports Equipment Market accounted for USD 3.4 million in 2021 and is expected to register a CAGR of around 6.1% over the forecast period of 2022-2028.

The increasing influence of digital marketing and media advertising, the rising penetration of the internet in emerging economies, and the surging number of online retailers are some of the popularizing factors driving the expansion of global smart sports equipment market.

For those who are unfamiliar, smart sports equipment is defined as sporting equipment that has sensors connected to the internet and allows athletes to track, monitor, and analyze their performance. There are many different types of intelligent sports equipment which include smart basketballs, footballs, rackets, golf sticks, helmets, and other sports equipment.

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The 2020 coronavirus outbreak and the subsequent COVID-19 wave both expanded rapidly. Leading firms changing their management strategies had a significant impact on the markets. The already high level of global instability was further increased by the 2022 Russo-Ukrainian War and the UK's hurried exit from the European Union.

However, given the effectiveness of immunization campaigns, it is anticipated that the global economy would pick up momentum in the forthcoming years.

By type, the smart sports equipment market is fragmented into tennis racket, golf stick, baseball bat, ball, and others (hockey sticks, rackets, etc.) Based on connectivity, the industry is segmented into real-time data syncing, wireless syncing, and smartphone synchronization.

Moving on to the distributional channel, the marketplace is bifurcated on the basis of offline [brand outlets, specialty stores, and others (franchise stores, etc.,)] and online/e-commerce.

Speaking of geographical viewpoint, the North America region is expected to capture the largest market share in the ensuing years, accountable to the increasing number of customers who look for improved sports assistance in terms of better clothing and equipment, the growing prominence of sporting events and competitions in both Canada and the United States, as well as the rising trend toward health and fitness.

Gridiron IT, HockeyShot Inc., The Wilson Sporting Goods Company, PUMA SE, Golfsmith International Holdings Inc., NIKE Inc., InfoMotion Sports Technologies, Adidas AG, Babolat S.A., Mizuno Corp., and Callaway Golf Company are the key conglomerates of global smart sports equipment market.

Question & Answer: Global Smart Sports Equipment Market

Question 1: Which factors are promoting global smart sports equipment market growth?

Answer: The increasing influence of digital marketing and media advertising, the rising penetration of the internet in emerging economies, and the surging number of online retailers are some of the popularizing factors driving the expansion of global smart sports equipment market.

Question 2: How is the North America region contributing to global smart sports equipment industry growth?

Answer: North America region is expected to capture the largest market share in the ensuing years, accountable to the increasing number of customers who look for improved sports assistance in terms of better clothing and equipment, the growing prominence of sporting events and competitions in both Canada and the United States, as well as the rising trend toward health and fitness.

Question 3: How is the competitive landscape of global smart sports equipment market?

Answer: Gridiron IT, HockeyShot Inc., The Wilson Sporting Goods Company, PUMA SE, Golfsmith International Holdings Inc., NIKE Inc., InfoMotion Sports Technologies, Adidas AG, Babolat S.A., Mizuno Corp., and Callaway Golf Company are the key conglomerates of global smart sports equipment market.

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About Author

Sachin Pashte     ibmag.com

Sachin Pashte

Sachin is into market research and web marketing since the last 2 years and has worked on multiple projects across various industries. He has expertise in writing promotional content for market research reports while his personal interests include the games of footbal...

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