The smart sports equipment market is projected to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the growing adoption of Internet of Things (IoT) in sports.
Sports equipment embedded with sensors can be collectively called as smart sports equipment. They facilitate in monitoring the performance of athletes across multiple sporting events. They are developed by using advanced sensor technologies. Smart sports equipment such as smart balls, smart helmets, and smart sports wearable provides enhanced safety, as they help in tracking heart rate and protects athletes from injuries. Smart sports equipment are also used to gauge healthy lifestyle and exercising regime.
The report on the smart sports equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Smart Sports equipment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Product (Balls, Golf Stick, Hockey Stick, Rackets & Bats and Others), Distribution Channel (Franchise Stores, Specialty Stores, and Online) |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | InfoMotion Sports Technologies, Goifsmith International Holdings, Inc., DribbleUp AG, Wilson Sporting Goods, BABOLAT VS S.A., HockeyShot Inc., Riddell, Zepp Labs, Inc., Gridiron Technologies. |
Golf stick segment to account a large market share
On the basis of products, the market is divided into balls, golf sticks, hockey sticks, rackets & bats, and others. The golf sticks segment dominated the smart sports equipment market and accounted for over 31% share of the global revenue in 2020. The smart golf sticks help in providing easy access to high-end practice tools for beginners as well as seasoned golfers. The balls segment is anticipated to account for a major market share during the forecast period owing to increasing investment in the R&D activities. In 2017, DribbleUp, Inc. launched a smart soccer ball that optically tracks the movement. The device can be monitored through a smartphone app. The Franchise store segment accounts for a large market share
Franchise stores segment to account a significant market share
In terms of distribution channels, the market is segregated into franchise stores, specialty stores, and online. The franchise stores segment is anticipated to account for a significant market share during the forecast period. Manufacturers in the industry operate majorly through their company owned franchise stores on account of niche products, which results in higher penetration of smart sports equipment in franchise stores. The online segment is anticipated to expand at a high CAGR owing to the rising influence of digital media and marketing.
The market in North America to exhibit a substantial CAGR
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe and Middle East & Africa. The market in North America accounted for a major share in 2020 and is projected to expand at a substantial CAGR during the forecast period. However, the market in Asia Pacific is expected to witness a significant growth rate owing to, rising disposable income and growing demand for advanced sports technology in emerging economies such as India and China.
The smart sports equipment market is dominated by major players such as InfoMotion Sports Technologies, Golfsmith International Holdings, Inc., DribbleUp AG, Wilson Sporting Goods, BABOLAT VS S.A., HockeyShot Inc., Riddell, Zepp Labs, Inc., and Gridiron Technologies.
Companies are engaging in partnerships, collaborations, and expanding their product offerings to expand their market share.
The smart sports equipment market is dominated by major players such as InfoMotion Sports Technologies, Golfsmith International Holdings, Inc., DribbleUp AG, Wilson Sporting Goods, BABOLAT VS S.A., HockeyShot Inc., Riddell, Zepp Labs, Inc., and Gridiron Technologies.
Companies are engaging in partnerships, collaborations, and expanding their product offerings to expand their market share.
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