Sports Protective Equipment Market to receive overwhelming hike in Revenues by 2024 - Credence Research

The latest market report published by Credence Research, Inc. “Global Sports Protective Equipment Market - Growth, Future Prospects, Competitive Analysis, and Forecast, 2016 - 2024” the sports protective equipment market was valued at USD 5,938.3 Mn in 2015, and is expected to reach USD 9,504.6 Mn by 2024, expanding at a CAGR of 5.2% from 2016 to 2024.
Browse the full report Sports Protective Equipment Market - Growth, Future Prospects, Competitive Analysis, and Forecast, 2016 – 2024 at http://www.credenceresearch.com/report/sports-protective-equipment-market
Market Insights
Protective equipment is designed specifically for the sports activities involved. Use of protective equipment helps to promote athlete safety and well-being. Sports protective equipment has undergone substantial design and technological advancement over the past few decades resulting in impressive reduction in mortality and morbidity among athletes. Many sports have rules that govern compulsory equipment, while other athletes choose to wear certain protective equipment for their safety. Based on the type of product the sports protective equipment market is segmented as follows: helmets & other headgear, Sports Protective Equipment, face protection & mouth-guards, and pads, guards, chest protectors & gloves. Pads, guards, chest protectors & gloves held the largest share in the global sports protective equipment market and is expected to hold the leadership position throughout the forecast period. Growing initiative of sport association to develop and mandate these basic protective gears are acting as driving factors for the growth of sports protective equipment market. On the basis of area of protection the sports protective equipment market is segmented into: head & face, trunk and thorax, upper extremity and lower extremity. Head & face segment continues to dominate the market, as it is made mandatory to wear headgear in particular sports to avoid fatal injury, and is expected to lead the market throughout the forecast period. The sport protective equipment market segmented based on distribution channels such as: specialty retail store, multi-retail stores and online stores and others. Among all the distribution channels, specialty retail channel dominates the market. Specialty retail channel is the traditional channel for buying the sport product, thus generating maximum revenue. With advent in technology, emergence of tech savvy consumer base, usage of smart phones and user friendly apps available in the market, online store is witnessing higher growth and anticipated to continue during the forecast period.
In the base 2015, North America formed the largest market for sports protective equipment market. The factors driving the North America sports protective equipment market are continuous rise in the youth participation in the sport activities. Moreover, initiatives taken by sports communities and association further motivate the sports personnel have to actively participate in the sports activities. Hence , North America being an organized market for sports protective equipment due to better government initiatives, high disposable income to invest in the purchase of sports protective gears is the major factor for the growth and dominance of North America in the global sports protective equipment market. Asia-Pacific is the fastest growing market for sports protective equipment in the world. Rising penetration of professional level sports in the region is the major factor driving the market.
Market Competition Assessment:
The sports protective equipment market is observed as the most competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Nike, Inc., Adidas AG, Under Armour, Inc. Puma SE, Asics Corporation, Amer Sports Corporation and others.
Key Market Movements:
• Growing Participation in Sports Activities Rising Rate of Sports Events are the significant drivers of the sports protective equipment market.
• Increase in consumer spending on sports protective equipment and rising consumer awareness about health, fitness and wellbeing are some other growth factors
• Threat of Counterfeit Products and Premium Pricing of Good Quality Sports Equipment
• The major opportunity in sports protective equipment market is Proliferation of Online Retail Channels
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