(MENAFN- GetNews)According to a new report published by Grand View Research, Rising prominence of sports as a principal vertical market for the connected objects and the Internet of Things is popularizing the concept of smart sports equipment.
The global smart sports equipment market size is expected to reach USD 4.04 billion by 2027 , expanding at a CAGR of 8.1% during the forecast period, according to a new report by Grand View Research, Inc. Rising developments in sports technology through advanced technologies, such as Internet of Things and Augmented Reality, have developed a keen interest among consumers in smart sporting equipment. Additionally, increasing consumer attention towards sports as a lifestyle in order maintain fitness and track athletic performance is boosting the demand for advanced products.
Shifting preference for real time performance tracking process has paved the way for technology integrated sporting equipment over traditional sports equipment, which has increased the adoption of smart sporting equipment across the globe. These smart sports equipment, which are digitally connected through sensors, help sportspersons or athletes to track, monitor, analyze, and improve their performance. According to a 2017 study by the University of Wollongong, approximately 50% of youth regularly participate in organized sports in U.S., Canada, and England. Thus, rising participation of people, particularly young consumers, in various sporting activities is likely to positively impact the growth of the market.
Moreover, rising number of children indulging in different sporting activities to turn it into a career option has offered greater prominence to the product, thereby resulting in higher adoption of smart sports equipment. Newer product launches by manufacturers in the industry are incorporating advanced features in the product that support effective performance metrics. For instance, in 2019, KAHA PTE LTD launched a smart jump rope, Lifeflow. This equipment is embedded with sensors in the handle, which enables collecting biometric data while skipping.
Golf stick emerged as the largest product category in the market and was valued at 649.5 million in 2019. Increasing consumer participation in golf sports is projected to offer lucrative growth opportunity for smart golf clubs. According to the National Golf Foundation, 36% of the U.S. population, which is over 107 million people, have played, watched, or read about golf in 2019.
Franchise stores held the largest share of 55.6% in 2019 owing to easy availability and wide distribution network of these stores. High number of manufacturers selling these products through company owned retail stores owing to the niche product segment is boosting the sales of these products through franchise stores.
Asia Pacific is expected to expand at a CAGR of 8.7% from 2020 to 2027. Rising prevalence of sporting tournaments in the region is increasing awareness related to fitness and different sporting activities, and thus visits from foreign nationals are expected to increase the usage of these smart sporting equipment.
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Smart Sports Equipment Market Report Highlights
• North America held the largest share of the overall revenue in 2019
• By product, balls are expected to expand at the fastest CAGR of 9.7% due to rise in sports and fitness activities
• Based on distribution channel, specialty stores are expected to expand at the fastest CAGR of 9.5% over the forecast period.
• The Smart Sports Equipment Market has been characterized by high competition due to the presence of key players, including InfoMotion Sports Technologies; Golfsmith International Holdings, Inc.; DribbleUp, Inc.; Adidas AG; Wilson Sporting Goods; BABOLAT VS S.A.; HockeyShot Inc.; Riddell; Zepp Labs, Inc.; and Gridiron Technologies .
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Smart Sports Equipment Market Segmentation
Grand View Research has segmented the global smart sports equipment market on the basis of product, distribution channel, and region:
Smart Sports Equipment Product Outlook (Revenue, USD Million, 2016 – 2027)
• Golf Stick
• Hockey Stick
• Rackets & Bats
Smart Sports Equipment Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
• Franchise Stores
• Specialty Stores
Smart Sports Equipment Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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