The global sports equipment market is witnessing considerable growth over the last few years. Increasing the participation in sports activities, growing consumer awareness about health and fitness, and the emergence of e-commerce are some of the key drivers impelling growth of the sports equipment market.
Albany, NY -- (SBWIRE) -- 09/04/2015 -- A recent report added to Market Research Reports Search Engine (MRRSE) states that the global sports equipment market is showing moderate growth, developing at a CAGR of 3.0% during the period from 2014 to 2020, in order to reach US$81,821.0 million by the end of the forecast period. In 2013, the global market for sports equipment stood at US$66,528.8 million.
According to the market report, titled "Global Market Study on Sports Equipment: Ball Sports to be the largest segment by 2020" and published by Persistence Market Research (PMR), the increase in the participation in sports activities and the rising level of awareness among consumers regarding health and wellness are the major factors propelling the global sports equipment market. Additionally, the rise in the media coverage of several global sports events such as the Olympics, the FIFA World Cup, and the Commonwealth Games have evoked the interest of the young generation towards sports, pushing the demand for sports equipment from all over the world.
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Apart from this, the emergence of e-commerce in the global arena has enabled the sports equipment market to reach out to a wider base of consumers, which is adding to the development of this industry.
On the other hand, the rising production of duplicate products coupled with the ever-increasing prices of branded sports equipment is restricting the global sports equipment market. However, the enhancement and innovation in the products together with increased usage of carbon fiber in sports equipment is expected to fuel the market during the forecast period, as stated in the report.
The report assesses the market on two fronts: products and regional distribution. Based on products, the ball sports equipment market dominates the global sports equipment market and is projected to be the most profitable segment during the forecast period. This market segment had acquired total revenue of US$17,592.6 million in the year 2014 and is expected to rise at a 3.6% CAGR between 2014 and 2020 to reach US$21,778.6 million by 2020. Analysts estimate that the ball sports equipment market would hold around 26.6% of the global sports equipment market by 2020.
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Regionally, the global sports equipment market is distributed among North America, Europe, Asia Pacific, and the Rest of the World, wherein the market in North America leads the global market for sports equipment and is followed by the markets in Asia Pacific and Europe.
Adidas AG, Amer Sports, Callaway Golf Co., Nike Inc., and PUMA are some of the major sports equipment manufacturers profiled in this research report.
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