Leveraging the Power of IoT in Sports & Fitness Industry to Lift the Market Growth
Rockville , May 17, 2023 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global smart sports equipment market is estimated at US$ 1,261.7 million in 2022 and is expected to expand at an impressive CAGR of 2.8% during the forecast years of 2022-2032.
Prolific growth in the sports sector and growing advancements in reshaping the landscape of the sports industry have a direct impact on the global sports equipment market. The use of smart sports gear help athletes of all level not only to track down their analytical parameters but also to assess their performance and enhance their sporting technique with minimal injuries associated. This, in turn, plays a key role in driving the sales of the target product.
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It is observed that many international matches are disturbed just because of a single wrong decision by the referee. However, the use of smart sporting goods provides fairer competition without any biases and also provides accurate decisions during the match which creates an incremental opportunity for the global smart sports equipment market to flourish.
According to Fact.MR, use of high-tech sports gear for talent identification and talent development to identify potential elite sports players will influence market players to manufacture smart sports equipment on a large scale which helps them to secure a prominent position in the market.
Key Takeaways from Market Study
The global smart sports equipment market is projected to expand at an impressive CAGR of 2.8% and be valued at US$ 1,655.1 million by 2032.
The market witnessed 2.7% CAGR for the period of 2017-2021.
Under product type, smart baseball bat dominates the market and are valued at US$ 226.3 million in 2022.
Europe dominated the market with 29.5% market share in 2021.
Based on region, demand for smart sports equipment is expected to increase at CAGRs of 3.4% and 2.1%, respectively, in Latin America and Europe.
“Government Support to Promote Physical Fitness is Expected to Reflect Attractive Near-term Opportunities for Market Players,” says a Fact.MR analyst.
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Rising awareness of health and fitness among the population has opened significant opportunities for manufacturers to launch new smart sports equipment in the market.
Incorporating digital technologies in their product line has unlocked unprecedented opportunities for market players to grow in the sports sector. Exorbitant investments by key players to manufacture high-tech sports gears that revolutionize sports training will help to increase their market revenue. Consumers changing preference for smart sporting goods have motivated manufacturers to offer cutting-edge features in their existing product portfolio thereby gaining a competitive edge in the market.
Segmentation of Smart sports equipment Industry Research Report
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global smart sports equipment market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (Smart Baseball Bat, Smart Golf Stick, Smart Tennis Racket, Smart Hockey Stick, Smart Baseball, Smart Soccer Ball, Smart Rope), connectivity features (Smartphone Synchronization, Wireless Synching, Real Time Data Syncing), and price-based (Mid, Premium, Super-premium) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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