The global sports equipment market is a billion-dollar industry, and current growth trends indicate that the industry will accelerate tremendously in the ongoing decade. The global market for sports equipment encompass ball sports, fitness, adventure sports, winter sports, racket sports, and others. Among these, the segment of ball sports registered incredible growth in the last couple of years. Other popular categories incorporated in the sports equipment market include bicycling, golf, camping, sports fishing, tennis, and skiing.
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Media, Ecommerce, and Technology – The Three Crucial Factors Impelling Sports Equipment Market
Media Coverage of Sports Events Helped Increase Interest among Consumers
A significant portion of the global population is focusing on sports, exercise, and fitness as a deliberate choice of an evolving lifestyle. Media has played a dominant role in catapulting sports to the entertainment forefront, which has remarkably spurred sports participation around the world.
Riding on factors such as growing awareness about health and fitness and increasing sports participation, the market for sports equipment has lucrative propositions for the near future. Enhanced media coverage of international sports events such as the Commonwealth Games, the FIFA World Cup, and the Olympics have encouraged sportsmen and athletics from across the globe to pursue sports as a potent career option, thus significantly propelling the global sports equipment market.
Ecommerce Helped Sports Equipment Market Explore New Territories
Communication around the world has been revolutionized by the advent of the Internet. An online presence has been provided to nearly every real-life platform by the development of online activities around the world. Ecommerce is a product of this evolution. It didn’t take long for ecommerce to penetrate every walk of a consumer’s life. The sports equipment industry has greatly benefited from its foray into the ecommerce sector. Apart from brick and mortar shops, consumers can now purchase sports equipment online as well, which has significantly propelled the industry’s total sales volume. This has contributed to the development of the global sports equipment market and has helped the market expand its horizons.
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Technological Advances Helped the Industry Keep Pace with Changing Preferences
The sports equipment industry is expeditiously adopting the trends of a rapidly evolving society. Leading manufacturers are keen to embrace new technologies and upgrade processes to keep pace with changing consumer preferences. For instance, to suit the changing fashion preferences of the consumers, sports equipment industry is combining aesthetic product designs with casual trends. This is one of the crucial factors that has helped the sports equipment market to sustain its strong position.
Challenges to the Sports Equipment Market
The global sports equipment market is flourishing and is expected to continue its growth run over the next couple of years as well. However, increasing availability of substitute products will intensify competition, which will lead to fragmentation of the market. Furthermore, high cost of some products acts a deterrent to sales, which is likely to impact the market adversely in the long run.
Nevertheless, with encouragement to sports and athletics growing in disparate sections of the society, the industry is expected to expand considerably in the near future.