Portland, OR, June 23, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global smart sports equipment market generated $7.1 billion in 2019, and is estimated to reach $12.1 billion by 2026, registering a CAGR of 7.9% from 2019 to 2026.The report offers anextensive analysis of changing market trends, key winning strategies, company profiles, major segments, and competitive heat map.
Improvement in performance, increasing sport person’s safety, and adoption of IoT in various industriesdrive the growth of the global smart sports equipment market. However, low penetration and high priceof smart sports equipment hinder the market growth. On the other hand, rising popularity of online distribution channel due to surge in internet penetration and increase in women sports participation create new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic, all the nations across the globe have banned all sports activities. Moreover, research and development activities in sport equipment industry have been paused duringoutbreak.
- Investors in the leading smart sports equipment manufacturing companies have frizzed funding during the Covid-19 outbreak.
- The demand has been reduced for sports equipment and the supply chain has been impacted negatively during the global lockdown.
The report offers a detailed segmentation of the global smart sports equipmentmarket based onproduct type, end user, distribution channel and region.
Based on product type, the smart golf stick segment contributed to the largest share in 2019, accounting for nearly one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. However, thesmart hockey sticks segment is expected to register the highest CAGR of 8.6% from 2019 to 2026.
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Based on end user, the men segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the women segment is estimated to portray the highest CAGR of 8.2% during the forecast period.
Based on region, North Americacontributed the highest share, accounting for around one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 8.6% from 2019 to 2026.
Leading market players analyzed in the research include Gridiron Technologies., NIKE, Inc., Wilson Sporting Goods, Golfsmith International Holdings, Inc., BABOLAT VS S.A., PUMA SE, HockeyShot Inc., Adidas AG, and Riddell, Zepp Labs, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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