Overview and Scope
The smart sports equipment refers to equipment’s that are digitally instrumented with sensors, providing real-time analytical details on the user’s behaviour and performance. It is used to analyse player’s performance on the field. Smart sports equipment goes beyond simple metric tracking, such as calories burnt or steps done, to provide with more precise information about form and performance.
Sizing and Forecast
The smart sports equipment market size has grown strongly in recent years. It will grow from $3.86 billion in 2023 to $4.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to rise in participation in sport, increased awareness about health and wellness, e-commerce growth, rise in internet penetration, rise in esports.
The smart sports equipment market size is expected to see strong growth in the next few years. It will grow to $5.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing demand for tracking fitness and athletic performance, rise in disposable income, rising participation in recreational activities, economic growth. Major trends in the forecast period include wearable health monitoring, augmented reality (AR) in training, esports and virtual sports integration, enhanced safety features, accessibility and inclusivity.
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Segmentation & Regional Insights
The smarts sports equipment market covered in this report is segmented –
1) By Product Type: Smart Balls, Smart Golf Sticks, Smart Hockey Sticks, Smart Racket And Bats, Others Products
2) By Connectivity Features: Smartphone Synchronization, Wireless Synching, Real Time Data Syncing
3) By Distribution Channel: Franchise Stores, Specialty Stores, Others Stores
4) By End User: Men, Women
North America was the largest region in the smart sports equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smarts sports equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in demand for data-driven analysis of sporting activities is expected to propel the growth of the smart sports equipment market. In sports, data-driven analytics are used in modern coaching as sensors are integrated into the sports equipment to develop winning strategies and analyze the performance of the player on the field or in a team as a whole. Coaches of professional teams can use data science to construct hyper-personalized athlete matches and other plans for every game they play and also can identify and analyze the mistakes made by the players by observing the data collected by their sports equipment. With these new modern sports accessories, players can overcome their challenges with every training session or every game by studying the data and being effective. According to Forbes, an American business magazine, sports analytics is predicted to generate over $4 billion in revenue by 2022, since it aids several sports organizations and players in a variety of ways. Therefore, increasing demand for data-driven analysis of sporting activities drives the growth of smart sports equipment market.
Key Industry Players
Major companies operating in the smarts sports equipment market include NIKE Inc., Golfsmith International Holdings Inc., PUMA SE, Adidas AG, Wilson Sporting Goods Co., BABOLAT VS S.A., HockeyShot Inc., Zepp Labs Inc., Gridiron Technologies Inc., MIZUNO Corporation, Amer Sports Corporation, Under Armour Inc., InfoMotion Sports Technologies Inc., DribbleUp Inc., BRG Sports LLC, EGYM Inc., Kinexon GmbH, Spektacom Technologies Pvt Ltd, STATSports Group Ltd., Callaway Golf Company, Quattriuum Inc., Active Mind Technology Inc., ANTA Sports Products Limited, ASICS Corporation, Garmin Ltd., Catapult Sports Pty Ltd., ShotTracker Inc., Blast Motion Inc., PIQ Sport Intelligence, KINEXON GmbH, Stag International Inc.
The smarts sports equipment market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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