Many industries and segments related to sports are forecasted to grow in the post-Covid period, like the number of M&A deals between sports companies, the sports betting industry, matchday incomes, etc.
TechNavio, a leading global technology research company, recently published a report titled Smart Sports Equipment Market by Product and Geography – Forecast and Analysis 2021–2025.
The experts say the value of this market should go up by $14.64 billion by 2025, at a compound annual growth rate (CAGR) of 24.32%. Moreover, the market is said to be fragmented, and the extent of fragmentation is expected to slow down during the said period.
This report covers segmentation by product (ball sports, fitness sports, and other sports) and geography (North America, South America, Europe, the Middle East and Africa, and Asia-Pacific).
The ball sports segment should record notable growth in the forecast period. That is mainly because of the rising demand for sports analytics platforms involving connected equipment and sensors (connected tennis rackets, golf clubs, and so on). The main benefit of such equipment is that big data analytics are more accessible for the sports industry.
Asia-Pacific is seen as the most attractive to vendors, projected to report the highest growth rate (42.61%) compared to other regions. The most significant markets within this region are Japan and China, which are also leaders in the global esports market.
It’s believed the Asia-Pacific market will rise the most because of the increasing demand for sports analytics platforms and the wider use of connected wearable devices.
As for the key market players, TechNavio mentions Adidas AG, Amer Sports Corp., Kinexon GmbH, BRG Sports, STATSports Group Ltd., EGYM Inc., Mizuno Corp., Spektacom Technologies Pvt Ltd, PUMA SE, and Under Armour Inc.
It’s concluded that smart sports equipment market vendors should focus on business opportunities in fast-growing segments but also maintain their position in other segments.
