Global Smart Sports Equipment Market to Surge Past Valuation of US$ 1.2 Bn
The global smart sports equipment market is projected to register a healthy growth in terms of valuation during the forecast period (2017 to 2022), according to a new market study by XploreMR. The growth of the market is majorly attributed to surging demand for data-driven analysis in sporting activities, which is positively influencing the sales of smart sport equipment. Increased emphasis on data in making decisions related to sports has been a crucial factor in driving the need and demand for smart sports equipment.
Analyzed data regarding sports and players aids teams and leagues to fund accordingly and also bestows higher chances to win tournaments. From a broader perspective, though, the adoption of smart sports equipment is majorly concentrated among consumers who use the smart tools to gauge their healthy lifestyle and exercising regime on a daily basis, unlike corporations that use them for competitive tracking.
Relatively new to the sporting space, but smart products available include smart basketball, smart footballs, smart rackets, smart golf stick, smart helmet, and others, which are gaining remarkable traction. On the back of these factors, the global smart sports equipment market is projected to surge past valuation of US$ 1.2 Bn by the end of 2022.
Increased Emphasis on Competitive Tracking Promises Healthy Growth
Over the years, the reliance on data to make informed decisions has increased significantly across numerous sectors. Although relatively late compared to other sectors, data-driven business decision trends have penetrated into the sports industry in the early 2000s. As sport managements highly focus on observing player abilities and statistics, smart sports equipment are aiding in offering precise data that would help in making better decisions. In addition to creating valuable data, smart sports equipment such as smart helmets, smart sports wearables, and others are increasing safety by actively tracking heart rate and protecting athletes from injuries.
Furthermore, adoption of IOT in various sports equipment such as watersports, tennis, basketball, football, among others is enabling users to get new and advanced features, which are unavailable with the traditional sport equipment. For instance, smart balls allow users to detect and track analytics regarding the flight path, spin, and speed of the ball and provide this information to users via smartphones. This is expected to further the demand for smart sports equipment among regular consumers in the years to come.
Smart Baseball Bats and Smart Golf Sticks Remain Most Sought-after
Based on the different types of products available, smart baseball bats and smart golf sticks are cumulatively forecasted to account for nearly 40% of global market revenue. The dominance of these two segments can be attributed to increasing consumer spending - both general consumers and sports teams - to gain competitive edge in the two sporting events, and this is expected to play a crucial role in driving the growth of the overall market. Furthermore, the demand for sensor-equipped sporting equipment in baseball and golf is also associated with the high reward money for sporting events, and enhanced performance of participants through data-driven performance analysis.
Competitive Landscape of Smart Sports Equipment Market
Some of the key players studied in the report include Under Armour, Inc., NIKE, Inc., Amer Sports Corporation, adidas AG, PUMA SE, Callaway Golf Company, Mizuno Corporation, QUATTRIUUM INC., BABOLAT VS S.A., and Game Golf are key manufacturers of smart sports equipment profiled in the report.
While practice does make one perfect, evaluating the performance of athletes during practice sessions has a determinative influence on their performance at competitive sporting events. Smart sports equipment are pegged to be the next-generation tool for assessing the competitive strength of athletes in the global sports industry. Although, lack of awareness and technological limitations are expected to influence slow penetration of smart sports equipment, globally. The report, compiled by XploreMR, provides in-depth analysis of the global smart sports equipment market for the forecast period 2017-2022, and offers key insights about future market direction.
The scope of XploreMR’s report is to analyze the global smart sports equipment market for the forecast period 2017-2022 and provide readers an unbiased and accurate analysis. Smart sports equipment manufacturers, stakeholders, and suppliers in the global sports industry can benefit from the analysis offered in this report. This report offers a comprehensive analysis, which can be of interest to leading trade magazines and sports journals.
The report commences with a brief information of the global smart sports equipment market. This executive summary sets the tone for the rest of the report, providing users the scope of the report. The executive summary includes important facts and statistics on the global smart sports equipment market.
The next section offers an overview of the smart sports equipment market. This comprises an introduction to the market, along with a standard definition of the product – smart sports equipment. In this section, market value and year-over-year growth is offered to the readers. Year-over-year growth provides readers with a broader view of growth patterns over the forecast period.
The report’s succeeding section focuses on drivers, restraints and key trends from macroeconomic, demand, and supply perspectives. Impact analysis of weighted average model-based growth drivers is contained in the report for better provision of decision-making insights to clients.
In order to offer readers with up-to-date information about the latest advancements in the global smart sports equipment market, the report provides updates about market opportunities, which can benefit leading manufacturers of smart sports equipment. With continuous evolution of the sports industry, keeping a record of latest developments and trends is fundamental for smart sports equipment manufacturers to formulate key business strategies. Detailed insights about raw material sourcing, supply chain, pricing analysis, list of distributors, and cost structure are provided in this section.
Considering the wide scope of the global smart sports equipment market and to offer in-depth insights, XploreMR’s report provides segment-wise analysis and forecast. The global smart sports equipment market has been categorized into product type, connectivity features, pricing, and region. This segmentation analysis also includes a detailed country-wise forecast provided across all parameters.
The report’s last section comprises of the global smart sports equipment market competitive landscape, to provide readers with the dashboard view of company analysis and market players. This competitive intelligence is based on the providers’ categories across value chain, and their presence in the global smart sports equipment market.
XploreMR is committed to offer unbiased and independent market research solutions to its clients. Each market report of XploreMR is compiled after months of exhaustive research. We bank on a mix of tried-and-tested and innovative research methodologies to offer the most comprehensive and accurate information. Our main sources of research include,
- Primary research
- Secondary research
- Trade research
- Focused interviews
- Social media analysis
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