The smart sports equipment market size was valued at USD 2.73 billion in 2022 and is projected to reach USD 5.50 billion by 2031, expanding at a CAGR of 8.1% between 2023 and 2031. The growth of the market is attributed to the growing adoption of Internet of Things (IoT) in sports.
Sports equipment embedded with sensors is collectively called smart sports equipment. They facilitate 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 is also used to gauge a healthy lifestyle and exercise regime. There are different types of smart sports equipment including football, basketball, a golf stick, helmet, stand up peddle board, and rackets that come up with smart features.
Smart Sports Equipment Market Trends, Drivers, Restraints, and Opportunities
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Increasing demand for tracking fitness and athletic performance monitoring devices for evaluating health metrics is boosting the growth of the market.
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Increasing disposable income is speculated to propel the market growth during the forecast period
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Rising influence of digital media and marketing is increasing the awareness about the product, which is expected to positively influence the market growth.
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The outbreak of COVID-19 pandemic had drastically slowdown the manufacturing industry. This, in turn, had disrupted the supply chain activity across the globe. However, the market is expected to recover till mid-2021.
Scope of Smart Sports Equipment Market Report
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.
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Attributes
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Details
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Report Title
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Smart Sports Equipment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product (Balls, Golf Stick, Hockey Stick, Rackets & Bats and Others), Distribution Channel (Franchise Stores, Specialty Stores, and Online)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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InfoMotion Sports Technologies, Goifsmith International Holdings, Inc., DribbleUp AG, Wilson Sporting Goods, BABOLAT VS S.A., HockeyShot Inc., Riddell, Zepp Labs, Inc., Gridiron Technologies.
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Smart Sports Equipment Market Segment Insights
Products Segment Analysis
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
Distribution Channel Segment Analysis
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.
Regional Analysis
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.
Segments
The smart sports equipment market has been segmented on the basis of
Products
- Balls
- Golf Sticks
- Hockey Sticks
- Rackets & Bats
- Others
Distribution Channels
- Franchise Stores
- Specialty Stores
- Online
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key players
- InfoMotion Sports Technologies
- Wilson Sporting Goods
- Goifsmith International Holdings, Inc.
- DribbleUp AG
- BABOLAT VS S.A.
- HockeyShot Inc.
- Riddell
- Zepp Labs Inc.
- Gridiron Technologies.
Competitive Landscape
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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