Rising demand for active performance analysis in the field of sports has prompted manufacturers towards smart sports equipment. Available sensor technologies can offer a wide range of prototype smart sports equipment, but some companies have been able to offer more detailed improvements in basic smart sports equipment & products. The benefits of smart sports equipment are currently untapped, but many sports experts are showing positive attitude towards their adoption. The largest barrier for growth of global smart sports equipment market is lack of technological support services in sports industry. Players, athletes and coaches from several parts of the world might not necessarily agree to the adoption of smart sports equipment, considering the differing ethics, unclear awareness of smart sports equipment, and lack of technologies that will help them analyze the data easily.
In addition to this, sporting activities are majorly exposed to rough handling, causing a key concern for manufacturers of smart sports equipment containing superficial, fragile sensors. According to a recently published report by Fact.MR, the global market for smart sports equipment will incur a sluggish growth, reaching a value of just over US$ 1.25 Bn by the end of forecast period, 2017-2022.
5 Insights on Global Market for Smart Sports Equipment
- Smart baseballs and smart baseball bats sold across the globe in 2017 are expected to harvest revenues worth over US$ 240 Mn collectively. According to the report, smart golf sticks will be among top-selling smart sports equipment in the global market, through 2022.
- The report highlights Europe as the largest market for smart sports equipment. Technologically advanced sports industry in this region, and impressive performance of European athletes in global sporting events is expected to drive the demand for smart sports equipment in Europe throughout the forecast period.
- The Asia-Pacific excluding Japan (APEJ) region, on the other hand, will reflect higher revenue growth, compared to Europe’s smart sports equipment sales. By the end of 2022, the APEJ smart sports equipment market will have reached US$ 300 Mn value at a CAGR of above 3%.
- Real-time data synching will remain the sought-after connectivity feature among smart sports equipment. Consumers are expected to opt for sports equipment offering real-time data synchronization, over other basic connectivity features such as smartphone connectivity. By the end of 2022, smart sports equipment with real-time data synching will rake in revenues worth over US$ 500 Mn, which is around half of the global smart sports equipment market’s estimated value for that year.
- Through 2022, close to half of smart sports equipment sold across the globe will be priced in the mid-range. The demand for premium-priced smart sports equipment will also gain traction, reflecting around one-third share on global revenues throughout the forecast period.
The report has also profiled leading players in the global market for smart sports equipment, which include NIKE, Inc., Under Armour, Inc., Amer Sports Corporation, PUMA SE, QUATTRIUUM INC., Game Golf, BABOLAT VS S.A., Mizuno Corporation, Callaway Golf Company, and adidas AG.