Smart Sports Equipment Market earned revenues of USD 2.2 billion in 2021 and estimated to touch USD 4.3 billion in 2029 will grow at a CAGR 8.8% over the forecast period. Rising per-capita income and increasing consumer expenditure across the developing markets, such as India, China, and the Middle Eastern countries, are projected to augment the market growth.

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Key Drivers

The key factors responsible for the growth of the global Smart Sports Equipment market include increasing emphasis on improving safety of sportsperson and rapid adoption of IoT. IoT enables machine-to-machine (M2M) communication, provides automation, offers accurate information without human intervention, monitors accurate data, saves an ample amount of time, which could be utilized in other tasks, and is a cost-effective solution. All these exceptional benefits of the technology are leading to increased adoption across multiple industry verticals such as BFSI, healthcare, manufacturing, retail, and others. Smart sports equipment have the ability to offer a customized feedback to the users which is forecast to expand the market growth. In addition, with the growing health awareness among consumers, the inclination towards sports as a lifestyle has increases, which is expected to epand the market growth.

The growing innovations in the sensor technology have helped with the advent of various sports equipment, like golf sticks, ball games, tennis rackets, and cricket bats, which helps to measure the motion through vibration sensors, which can be interpreted to identify data for every shot. These technical innovations in the sports equipment industry have augmented the demand for smart sports equipment, thus attracting a large consumer base towards different sports, driving the market growth.

Furthermore, the sports industry has also started adopting IoT for the manufacturing of smart sports equipment. These types of equipment help players, professionals, or armatures to track, monitor, and analyze their performance. For instance, Adidas developed IoT integrated smart football for the German national football team. The IoT sensors integrated inside the ball have the ability to detect spin, speed, strike, and flight path. Moreover, the app users could analyze the diagnostics through IoT based smart ball app, which helps in analyzing players’ performance. Therefore, the swift adoption of IoT is accelerating the growth of the smart sports equipment market.

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Product Segment Analysis

Based on the product, the market is segmented into smart balls, smart golf sticks, smart hockey sticks, smart rackets & bats, and others. Among these, the smart balls segment is expected to lead the market during the forecast period. This is attributed to the increasing interest of players towards games such as football, basketball, cricket, hockey, and others. For instance, in 2017, DribbleUp, Inc. introduced a smart Soccer Ball with a smartphone app that tracks the movements of smart balls. Moreover, several other advanced features integrated in the smart balls to improve the learning experience of player’s learning has accelerated the sales of the equipment. For instance, the 94Fifty Sensor Basketball keeps a track of the number of shots over a fixed time span, along with monitoring the arc. These smart balls are integrated with smart chips, which helps players and their coaches to enhance the performance of a team or individual player.

Distribution Segment Analysis

On the basis of distribution channels, the market is segmented into specialty stores, franchise stores, and online stores. The franchise stores are expected to witness a higher CAGR between 2020-2027. Consumers across the world are more influenced by the brands due to the advertisement and sponsorships programs. Consumers believe that a brand could provide better quality than and varieties, which increases the traction toward franchise stores.

Specialty stores are estimated to dominate the market over the forecast period, owing to the growing prominence of sporting equipment among millennials and availability of different smart sporting equipment, like smart tennis rackets, smart golf sticks, and smart helmets.

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Regional Analysis

Based on the region, North America is expected to dominate the market during the forecast period owing to the increasing participation of the younger generation in sports activities and the early adoption of advanced technologies in the region. On the other hand, Asia-Pacific is projected to advance at a higher CAGR during the forecast period. The government of multiple countries is taking multiple initiatives to develop sports activities in the region, which would boost the growth of the market in Asia-Pacific. Increasing prominence of sports tech events has encouraged the adoption of smart and connected sporting equipment, which is expected to augment the market growth. For instance, Sports Tech Asia (STA), a major event in the sports technology industry, which primarily emphasizes on outdoor technology, intellectual sports, and smart fashion with innovative sports technology and materials. STA helps in gathering global quality suppliers and buyers at one stop with the advanced sports technology, which further encourages the expansion of the sports industry chain.

Top Market Players

The key players operating the market include Nike, Inc., Golfsmith International Holdings Inc., PUMA SE, Adidas AG, BABOLAT VS S.A., Wilson Sporting Goods Company, HockeyShot Inc., Riddell Sports Group, Zepp Labs Inc., and Gridiron Technologies LLC.

Key Developments:

• • In 2021, SAP Teams Up entered into a partnership with Olympic Triathlon Gold Medalist and Ironman World Champion Jan Frodeno. The partnership will make the SAP the official data and analytics provider for Frodeno.
  • In 2021, Catapult strategically collaborated with PUSH, a Toronto-based sports technology company to help coaches plan, track, assess, and improve athlete performance off the field.
  • In 2021, Garmin International declared new innovations to its popular Approach series of GPS golf products—the Approach S42 smartwatch, the Approach S12 watch, and the Approach G12 GPS rangefinder with more than 42,000 preloaded courses.
  • In 2020, Google LLC partnered with Adidas AG and EA Sports to develop a smart football kit. With this partnership “Adidas GMR Insoles” is powered by Google’s second generation Jacquard tag. It is designed to track and analyze athlete’s performance on the pitch.

The global smart sports equipment market has been segmented on the basis of product, end user, distribution channel, and region. Based on the product, the market is segmented into smart balls, smart golf sticks, smart hockey sticks, smart rackets & bats, others. Based on end user, the market is segmented into men and women. Based on the distribution channel, the market is segmented into specialty stores, franchise stores, and online stores.

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Key questions answered in this research report:

• • At what pace is global Smart Sports Equipment market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global Smart Sports Equipment market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Sports Equipment market?
  • Which product generated maximum revenues in 2021 and identify the most promising Smart Sports Equipment products during the forecast period?
  • What are the various distribution channels of global Smart Sports Equipment market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Smart Sports Equipment Market by Product

• • Smart Balls
  • Smart Golf Sticks
  • Smart Hockey Sticks
  • Smart Rackets & Bats
  • Others

Global Smart Sports Equipment Market by End User

• • Men
  • Women

Global Smart Sports Equipment Market by Distribution Channel

• • Specialty Stores
  • Franchise stores
  • Online

Global Smart Sports Equipment Market by Region

• • North America Smart Sports Equipment Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By End User
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart Sports Equipment Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By End User
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Sports Equipment Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By End User
    • By Distribution Channel
    • India Market All-Up
    • China Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart Sports Equipment Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By End User
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Smart Sports Equipment Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Nike, Inc.
  • Golfsmith International Holdings Inc.
  • PUMA SE
  • Adidas AG
  • BABOLAT VS S.A.
  • Wilson Sporting Goods Company
  • HockeyShot Inc.
  • Riddell Sports Group
  • Zepp Labs Inc.
  • Gridiron Technologies LLC