The Global Sports Protective Equipment Market is expected to grow at a CAGR of 3.3% and is expected to reach a market size of US$8,438.4 by 2023. Sports protective equipment refers to the products that are used by athletes to prevent injuries and major fractures. Products that are included in the sports protective equipment category are protective footwear, helmets, mouth guards, and face protection, among others. The factors that are contributing to the growing CAGR are – a rise in sports participation among both the male and female population, increasing consumer spending on sports gear, prominence of international & national sports, and an increase in awareness about health among consumers. However, the availability of counterfeit products is a major factor to restrain the overall market. For instance, several unorganized players offer duplicate products of Nike, Puma, Adidas, among others, which destroys the brand image of the companies, thus hindering the overall market growth.
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Key findings/recent News:
· September 2017: 2nd Skull manufactured protective skull caps for sports such as rugby and football. The Company received a funding of US$ 100,000 from National Football League, as a part of HeadHealth Tech Challenge II.
· March 2019: Xenith partnered with Women’s Football Alliance, which is considered one of the fastest growing women’s football leagues. With the strategic partnership, the Company aims to promote the benefits of sports protective equipment products that are required during sporting activities.
The global sports protective equipment market is witnessing growth, owing to the increasing sports participation among both the male and female population. Increasing involvements in sports in order to lead a healthier life, coupled with the popularity of adventurous sports such as mountain racing and trekking, is the major factor in triggering the market growth of sports protective equipment. In addition to this, the rising popularity of major sports such as rugby, baseball, soccer, and tennis, among others, is also attracting consumers across the globe. Continuous product development, coupled with the introduction of several regulations on using sports protective equipment, is also a major factor to drive the overall growth of the sports protective equipment market.
CPs & CI
The major players operating in the global sports protective equipment are Nike Inc., Adidas AG, Under Armour Inc., Puma SE, Amer Sports Oyj, ASICS, Vista Outdoor Inc., Gray Nicolls, BRG Sports, Shock Doctor, and Xenith, among others.
The major players operating in the market focus on new product development, product launches, and several other strategies such as mergers and acquisitions, in order to grab the attention of a greater number of customer attention. Companies such as Nike, Adidas, Puma, and Xenith, among others offer several sports protective equipment products and focuss upon continuous product innovation, in order to stay competitive in the market. For instance, Nike offers protective equipment products such as mouth guard, padded arm shivers, chin straps, among others. The Company is also focussing on strengthening the distribution channel in order to grab a greater number of customer attention. For instance, in 2017, the Company reached US$ 2 billion in annual online sales, which is 30% more than (the) previous year.