Global Sports Protective Equipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9,299 million by 2024 from $6,954 million in 2016; growing at a CAGR of 3.7% from 2016 to 2024. By geography, Rest of the World (RoW) and Asia-Pacific are expected to grow at a CAGR of 6.5% and 5.3%, respectively, during the forecast period.
Some of the major driving factors of global sports protective equipment market are rise in consumer awareness regarding health & fitness and growth in national & international sports activities. Moreover, upsurge in disposable income, majorly in the developing regions, has also supplemented the growth of the market. However, high cost of these equipment may hinder the market growth in the coming years. Rising trend of online shopping would provide several growth opportunities for the market in the coming years.
The global sports protective equipment market is bifurcated into product type, area of protection, distribution channel, and geography. Product type segment includes helmets & other headgear, protective eyewear, face protection & mouth guards, and pads, guards and chest protectors & gloves. Area of protection is further sub segmented into lower extremity protective equipment, head & face protective equipment, upper extremity protective equipment, and trunk & thorax protective equipment. By distribution channel, the global sports protective equipment market is categorized into multi-retail stores, online stores & others, and specialty retail stores. The pads, guards, chest protectors, & gloves dominated the type segment in 2016, owing to its extensive penetration in football, cricket, baseball, and other sports. By distribution channel, the specialty retail stores generated the maximum revenue in 2016 followed by multi-retail stores.
North America accounted for the largest market share of 37.9% in 2016, and is expected to continue its dominance during the forecast period. High purchasing power and growth in participation of various sports such as ice hockey has supplemented the market growth in the region. Asia-Pacific accounted for the second largest market share of 32%, driven by rise in disposable income and increased consumer spending on sports equipment. In terms of growth, Rest of the World (RoW) is expected to attain the fastest CAGR of 6.3% during the forecast period 2016-2024.
Major players in the sports protective equipment market include, Puma SE, Amer Sports Corporation, Adidas Ag, Asics Corporation, Nike Inc., Vista Outdoor, Under Armour Inc., BRG Sports, Shock Doctor, and Xenith, among others.