Improvement in performance, rise in safety of sports personnel, and advent of IoT in various industries facilitate the growth in the global smart sports equipment market
PORTLAND, Oregon, Oct. 15, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Sports Equipment Market by Type (Smart Balls, Smart Golf Stick, Smart Hockey Sticks, Smart Rackets & Bats and Others), End User (Men and Women), and Distribution Channel (Specialty Stores, Franchise Stores and Online Stores): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global smart sports equipment industry generated $6.6 billion in 2018, and is expected to garner $12.0 billion by 2026, registering a CAGR of 7.9% from 2019 to 2026.
Prime determinants of growth
Improvement in performance, rise in safety of sports personnel, and advent of IoT in various industries facilitate the growth in the global smart sports equipment market. However, high price and low penetration hinder the market growth. On the other hand, availability of online distribution channels and high penetration of internet present new opportunities in the industry.
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Smart golf stick segment to continue its dominant position throughout the forecast period
Based on product type, the smart golf stick segment contributed the highest market share in the global smart sports equipment market in 2018, holding nearly one-fourth of the total share, and is estimated to continue its dominant position throughout the forecast period. This is due to adoption of premier motion sensor technology and offering of measurable analytics that can be shared through smartphones to the users. On the other hand, the smart hockey stick segment would register the largest rate in terms of growth with a CAGR of 8.6% from 2019 to 2026, owing to insights provided by these sticks to track, monitor, and enhance performance of athletes.
Franchise stores segment to maintain its highest share by 2026
Based on distribution channel, the franchise stores segment held nearly two-fifths of the total market share of the global smart sports equipment market in 2018 and will maintain its highest share by 2026. This is due to huge geographical presence for manufacturers through which expansion of customer reach and ease in accessibility of products for customers are possible. However, the specialty stores segment is estimated to register the highest growth rate with a CAGR of 8.3% from 2019 to 2026, owing to increase in shelf space for smart sports goods and availability of private label brands as well as international brands.
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North America to maintain its lead position during the forecast period
Based on region, North America accounted for the major market share, contributing for nearly one-third of the total share of the global smart sports equipment market in 2018, and will maintain its lead position during the forecast period. This is attributed to rise in participation of people in physical activities and need to improve performance of athletes. On the other hand, LAMEA would grow at the highest CAGR of 8.6% from 2019 to 2026, owing to popularity of sports in countries such as Brazil and rise in participation in sports including football, tennis, volleyball, motorsports, basketball, golf, and others.
Leading industry players
- Nike, Inc.
- Golfsmith International Holdings, Inc.
- Puma SE
- Adidas AG
- Wilson Sporting Goods
- BABOLAT VS S.A.
- HockeyShot Inc.
- Riddell
- Zepp Labs, Inc.
- Gridiron Technologies
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