Sports Equipment Market Witness Substantial Growth in the Upcoming years

The Global Sports Equipment Market is expected to exhibit a steady 3.2% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global sports equipment market is studied in detail in the report, which provides readers a clear view into the historical growth trajectory of the market as well as studied forecasts regarding the probable future growth trajectory of the market. The major players in the market are also studied in the report, in addition to the major drivers and restraints affecting the market growth.

The global sports equipment market is mainly driven by the increasing interest in active lifestyles among consumers. Many consumers around the world are picking up sports as a way to stay healthy and fit, leading to a growing demand from the sports equipment market. Sports that require minimal equipment, such as football, tennis, and badminton are becoming increasingly popular in several parts of the world. This is a major driver for the sports equipment market.

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The increasing development of better sports equipment is likely to be a major driver for the global sports equipment market over the forecast period. While sports implements have traditionally been made by hand, the advent of machines and industrial manufacturing has served to elevate the quality of the products produced in the global market. Increasing research into the materials used to produce sports equipment has also resulted in the development of hybrid materials and manufacturing techniques that allow for the production of stronger, more capable sports equipment. This has been a major driver for the sports equipment market over the historical review period. On the other hand, the increasing presence of counterfeiters in the sports equipment market is likely to be a key market restraint in the coming years. High-volume markets such as Asia Pacific are a promising environment for counterfeiters, as government regulation is lax and consumer awareness is also not as high as in North America or Europe.

Competitive Analysis:

Leading players in the global sports equipment market include Kering S.A., Nike Inc., ANTA Sports Products Limited, Adidas AG, Quicksilver Inc., Callaway Golf Company, Sports Direct International plc, BPS Direct LLC, Shenzhen Taishan Sports Technology Co. Ltd., Globeride Inc., Mizuno Corporation, Yonex Co. Ltd., Black Diamond Equipment Ltd., New Balance Athletics Inc., and Daei Sportswear and Equipment.

Segmentation:

The global sports equipment market is segmented on the basis of type, distribution channel, and region.

By type, the sports equipment market is segmented into balls, sticks, bats and clubs, nets and goalposts, sports gear, and others. 

By distribution channel, the global sports equipment market is segmented into store-based and non-store based. 

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Regional Analysis:

North America is the dominant revenue generator in the global sports equipment market, followed by Asia Pacific. The high volume of sports enthusiasts in North America is a major driver for the global sports equipment market. In addition, the strong presence of licensing requirements and regulations also drives up the market for sports equipment in North America. While the market in Asia Pacific is comparable to or even larger than North America in terms of consumer numbers, a large part of the sports equipment sales in Asia Pacific are unlicensed, leading to a loss for authorized sports equipment market players.

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Shoe Care Products Market value of USD 6.13 Billion by the end of 2024

The Global Shoe Care Products Market is projected to register a growth rate of 4.6% from 2019 to 2024 and reach a market value of USD 6.13 Billion by the end of 2024. Shoe care products are widely used to maintain the quality of the footwear. Shoe care products not only maintain the aesthetic appeal of the products but items such as shoe cleaner and shoe refresher are used to maintain shoe hygiene. Shoe brushes, shoe creams, waxes, liquids, shoe colors and dyes, and protection sprays are some of the major products in shoe care products market.

Increase in demand for formal shoes by working professionals all over the globe and rise in demand for leather shoes are the factors which are boosting the growth of shoe care products market. Moreover, the increasing demand for shoe cleaning products by athletes is another factor anticipated to support the growth of the global market. However, high costs of shoe care products is expected to hamper the growth of the global shoe care products market during the forecast period. 

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The global shoe care products market has been segmented based on type, distribution channel, and region.

Based on type, the global shoe care products market has been segmented into brushes and buffing cloths, polishing creams, waxes and liquids, colors and dyes, protection sprays, and others. The polishing creams, waxes and liquids segment is expected to dominate the global shoe care products market and register the highest CAGR during forecast period due to the primary necessity of polishing the shoe. The availability of polishing materials in different forms are convenient for the consumers.

On the basis of distribution channel, the global shoe care products market has been classified as supermarkets and hypermarkets, specialty stores, and others. The supermarkets and hypermarkets segment is expected to account for the largest market share during the forecast period due to strong vendor networks, availability of different products, and discounts offered. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to technological advancements in the e-commerce industry and growing consumer preference for online purchase.

Key Players

Some of the key players in the global shoe care products market are Cadillac Shoe Products Inc (US), Penguin Brands Inc. (US), Salzenbrodt GmbH & Co. KG (Germany), C.P. Marketing Inc. (India), Tarrago Brands International (Spain) , Angelus Direct (US), Granger’s International Limited (UK),U.S. Continental Marketing Inc. (US), Charles Clinkard (UK), Griffin Shoe Care (US), S.C. Johnson & Son (US), Energizer Brands, LLC (US), Harry Hoffman Company (US), Allen Edmonds Corporation (US), and C.A. Zoes Mfg Co (US).

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Latest Industry News

• June 2016: Tarrago Brands International launched a full line called The Tarrago Sneakers, a complete range of products in the market designed to cater to sneakers. It includes Sneakers Cleaner, Sneakers Rescue, Sneakers Odor Killer, Sneakers Protect, Sneakers Expander, Sneakers Sole Restorer, Sneakers Gloss Maker, and Sneakers Matt Maker.

Regional Analysis

The global shoe care products market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.

The European shoe care products market is expected to dominate during the forecast period due to opulent lifestyles, increase in trend of footwear fashion, and high spending power of the customers in the region.

The shoe care products market in Asia-Pacific is projected to register the highest growth rate from 2019 to 2024. Increasing population and changing lifestyles are leading to increase in sales of shoes in the region which is expected to propel the growth of the market and assist in making the shoe care products industry attractive for the target audience. Moreover, increasing per capita disposable incomes and demand of consumers for a variety of footwear are anticipated to drive the market growth in this region.

About Market Research Future: 

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Contact:

Market Research Future

+1 646 845 9312

Email: sales@marketresearchfuture.com