Growth in consumer awareness regarding health & fitness, rise in participation in sports activities, and prominence of national & international sports events are expected to propel the growth of the global sports protective equipment material market.
PORTLAND, Oregon, July 22, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Sports Protective Equipment Market by Product Type (Helmets & Other Headgear, Pads, Guards, Chest Protectors & Gloves, Protective Eyewear, and Face Protection & Mouth Guards), Area of Protection (Head & Face, Trunk & Thorax, Upper Extremity, and Lower Extremity), and Distribution Channel (Specialty Retail Stores, Multi-Retail Stores, and Online & Others): Global Opportunity Analysis and Industry Forecasts, 2019-2026". According to the report, global sports protective equipment material market was pegged at $1.14 billion in 2018 and is projected to reach $1.51 billion by 2026, registering a CAGR of 3.5% from 2019 to 2026.
Prominence of national & international sports events, growth in consumer awareness regarding health & fitness, increase in participation in sports activities, and rise in consumer spending on sports protective equipment are the major drivers for the growth of the global sport protective equipment market. However, availability of low-priced counterfeit products and high prices of sport protective equipment hamper the market growth. On the contrary, rise in trend of online retail and surge in disposable income in emerging economies are expected to create lucrative opportunities in the near future.
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Foam segment to manifest fastest growth by 2026
Based on material type, the foam segment is projected to manifest the fastest CAGR of 4.3% during the forecast period, owing to its application in numerous sports protective equipment, which comprises protective helmets, pads used in cricket and other sports. Moreover, its utilization of foam in sports helmets reduces severity of linear impacts, which supplemented its growth. However, the pads segment held the largest share in 2018, contributing more than one-fourth of the market, owing to its dominant use in several protective types of equipment that are used in sports as chest pads, thigh pad, and others.
Pads, guards, chest protectors, and gloves segment most lucrative
Based on product type, the segment of pads, guards, chest protectors, and gloves dominated the market in 2018, accounting for more than two-fifths of the market, owing to rise in popularity of other forms of sports developing regions and increased use in diverse sports. Moreover, the segment is projected to portray the fastest CAGR of 4.1% during the forecast period.
Asia-Pacific to portray fastest growth through 2026
The market across the Asia-Pacific region is expected to register the fastest CAGR of 4.9% during the forecast period, owing to favorable government initiatives for active participation in sport in developing countries such as India. However, the market across North America region dominated the market in 2018, contributing nearly two-fifths of the market, owing to high consumer spending and high penetration of sports such as ice hockey, and rugby in countries such as the U.S. and Canada.
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Major market players
The report provides an in-depth analysis of the major market players such as Nike Inc., Adidas Ag, Puma SE, Under Armour Inc., Asics Corporation, Amer Sports Corporation, BRG Sports, Vista Outdoor, Xenith, and Shock Doctor (Bregal Partners).
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