Smart Sports Equipment Market Size, Share, Growth, and Industry Analysis, Segmentation By Type (Balls, Golf Stick, Hockey Stick, Rackets & Bats and Others), By Application (Franchise Stores and Speciality Store) and Regional Insights and Forecast to 2031

Updated On: 15 April 2024

SMART SPORTS EQUIPMENT MARKET REPORT OVERVIEW

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The global smart sports equipment market size was USD 2635.1 million in 2022 and will touch USD 3708.4 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.

Smart sports hardware refers to sports gear and adornments that integrate innovation to improve execution, give real-time information, and offer a more intelligently and personalized involvement for athletes. These mechanically progressed items are outlined to track different metrics related to sports exercises, empowering athletes to screen their performance, set objectives, and make data-driven changes. The rising unmistakable quality of sports as a foremost vertical market for associated objects and the Internet of Things is popularizing the concept of smart sports gear. Expanding demand for following fitness and athletic execution for assessing wellbeing measurements is boosting the adoption of the product. 

COVID-19 Impact: Pandemic Driven Growth of E-Commerce Channels with Lockdown and Setbacks Rise of Home Fitness to Double Up the Market Shares

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The lockdowns and confinements imposed amid the pandemic have impacted customer behavior. There may be changes within the request for certain sorts of savvy sports gear, with a potential increment in demand for domestic fitness equipment and a diminish in demand for things utilized in group sports or exercise center settings. With numerous individuals remaining at home due to lockdowns or security concerns, there has been a surge in intrigued in domestic wellness arrangements. This might emphatically affect the advertise for smart sports gear outlined for domestic utilize, such as shrewd wellness trackers, associated work out gear, and virtual coaching apps. 

LATEST TRENDS

"Developments in the Sensor Technology and the Connectivity to Advance the Market Share"

Smart sports gear frequently incorporates sensors, accelerometers, whirligigs, and other tracking innovations to gather information on developments, impact, and different execution measurements. Numerous smart sports gadgets are equipped with Bluetooth or other wireless technologies, permitting them to associate to smartphones, tablets, or other consistent gadgets for information exchange and investigation.

Progressions in sensor innovation have presented a large number of sports hardware, such as ball diversions, golf sticks, tennis rackets, and cricket bats. This innovation guarantees the capacity of the hardware to degree movement through vibration sensors and record nitty gritty biometric information, which can be analyzed to decide information for each shot and all other performance-related insights of the competitor. These specialized improvements within the sports hardware industry are coming about in higher footing of savvy sports gear, hence drawing in a huge shopper base towards distinctive sports. 

SMART SPORTS EQUIPMENT MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into balls, golf stick, hockey stick, rackets, bats and others.

• Smart Soccer Ball: Equipped with sensors to track information such as ball speed, turn, direction, and affect focuses. This information can be analyzed to move forward kicking method and overall execution.

• Smart Golf Stick: Sensors inserted within the club's grasp or head collect information on swings, remove, exactness, and other significant measurements. This data makes a difference golfers make data-driven choices on the course and move forward their diversion.

• Smart Hockey Stick: Smart hockey sticks may have sensors implanted within the shaft or edge to capture information on stick handling, shot speed, and other viewpoints of gameplay. This information can help in expertise improvement and execution examination. 

• Rackets and Balls: These rackets come with sensors that analyze angles of a player's diversion, counting shot control, ball affect area, and swing speed. The information collected makes a difference players refine their procedure and optimize their playing fashion. Sensors connected to the bat give bits of knowledge into a player's swing, bat speed, and point of affect. This data is profitable for players and coaches to refine hitting mechanics and move forward execution.

By Application

Based on application the global market can be categorized into franchise stores and speciality store.

• Franchise Stores: Franchise stores can utilize smart sports hardware for in-store exhibits. For example, clients can test smart golf clubs, tennis rackets, or basketballs to encounter the innovation firsthand. Smart sports hardware can be integrated into intuitively shows or stands inside the store, permitting clients to lock in with the items and learn almost their highlights. Offer training programs or workshops utilizing smart sports hardware. These sessions can teach clients on how to utilize the innovation successfully and move forward their abilities in a specific don. Make bundled bundles that incorporate shrewd sports hardware along side other related items. This will draw in clients seeking out for a comprehensive arrangement for their sports and wellness needs. Utilize savvy sports gear as portion of special campaigns or discounts to pull in clients to the establishment store. This will be especially successful amid extraordinary occasions or sports seasons. Use shrewd sports hardware to form cross-selling openings with other items accessible within the establishment store, such as sports attire, footwear, or embellishments. 

• Specialty Stores: Specialty stores can give master discussion administrations, utilizing information from smart sports hardware to offer personalized suggestions based on a customer's particular needs and inclinations. Offer customization administrations for smart sports gear, such as personalized settings for keen golf clubs or custom-made preparing programs for savvy wellness hardware. Create select item lines or collaborations with smart sports gear producers to offer interesting and cutting-edge items that set the strength store separated from competitors. Conduct specialized preparing sessions or workshops centered on the utilize of smart sports hardware. This may attract devotees who are particularly curious about consolidating innovation into their sports exercises. Present participation programs that give get to to progressed highlights, information analytics, or elite substance related to the shrewd sports hardware, cultivating client devotion. Coordinated smart sports gear deals with online stages, permitting clients to get to extra substance, overhauls, and community highlights related to their buys.

DRIVING FACTORS

"Intensifying Emphasis on Internet of Things to Raise High the Market Demand"

Its a significant part in collecting different strands of information, such as player execution, player wellbeing level, and different other imperative data utilizing different hardware such as smartwatches, wellness trackers, as well as associated football and associated basketballs. This assist is complemented by the appearance of other smart gadgets, such as savvy protective caps. Smart protective caps play a urgent part in harm administration due to the nearness of affect sensors that inform group coaches, therapeutic groups, and group supervisors around the plausibility of a head damage. As a result, smart head protectors are progressively being created and conveyed by novice and professional groups looking for to decide when an competitor is uncovered to a potential brain damage. IoT innovation is additionally being progressively utilized to oversee and keep up preparing gear. Subsequently, this increased use of IoT within the showcase is advance anticipated to drive the development of the worldwide advertise. 

"Extended Demand for Neurostimulation to Aggravate the Market Demand"

Expanded request for neurostimulation is the essential drift within the worldwide market growth. Neurostimulation methods utilize electrical or attractive incitement to extend nerve action within the body and be advantageous in preparing and execution. One of the most benefits of neurostimulation innovation is that it makes a difference progress quality and continuance. This can be particularly critical for competitors looking to thrust their physical limits. By stimulating the nerves that control muscle development, neurostimulation can offer assistance competitors prepare harder and recoup quicker, coming about in made strides execution.Another advantage of neurostimulation innovation is that it can offer assistance to diminish torment and weakness amid work out. By invigorating the nerves that control torment and weakness, neurostimulation can offer assistance competitors thrust through their limits and perform at their best. In expansion to these benefits, there has moreover been developing intrigued within the utilize of neurostimulation innovation for cognitive training. Hence, owing to different innovative advancements within the worldwide shrewd sports hardware, neurostimulation is picking up unmistakable quality, which, in turn, will drive the development of the advertise in center within the estimate period. 

RESTRAINING FACTOR

"High-Pitched Pricing of the Equipments to Drag Down the Market Sales"

The premium pricing of smart gaming equipment will be a major challenge for the market amid the estimate period. In spite of the fact that these adornments such as wellness trackers, and smartwatches are reasonable, with the item fetched extending from USD 15 to USD 30, hardware such as smart baseball bats golf sticks and associated basketballs and footballs drop within the premium-priced portion and cannot be managed by numerous person coaches and little sports groups and are acquired by sports clubs with satisfactory financing to back up their investments. Moreover, this challenge is more unmistakable in creating economies wherein person competitors, sports teams, and group supervisors don't have satisfactory money related assets to buy and utilize keen gaming gear. Hence, the factors associated with the premium pricing are expected to hinder the smart sports equipment market growth during the forecast period.

SMART SPORTS EQUIPMENT MARKET REGIONAL INSIGHTS

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"North America with Increased Participation in Sports and the Consumer Base for Smart Sporting Goods to Lead the Market "

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

North America dominated the smart sports equipment market share in the forecasted period.   An expanding number of buyers looking for enhancement in their sport in order to encourage a career in their desired sport through learning and practicing sound exercise has fueled the market development in this region. Also, a continuous increment in sports cooperation in nations, such as the U.S. and Canada, is likely to drive the advertise in North America. The US and Canada are the biggest buyers of smart sporting products within the region. Various diversion organizations, leagues and sports clubs highlight the use of IoT innovation and associated gadgets such as smart basketballs, smart soccer balls and smart golfers. Expanding request for digitized gadgets, such as Wilson X-connected football and different sports analytics stages from the US game industry, could be a key driver of the advertise. 

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to smart sports equipment to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• InfoMotion Sports Technologies (U.S.)
• Golfsmith International Holdings, Inc. (U.S.)
• DribbleUp, Inc. (U.S.)
• Adidas AG (Germany)
• Wilson Sporting Goods (U.S.)
• BABOLAT VS S.A. (France)
• HockeyShot Inc. (Canada)
• Riddell (U.S.)
• Zepp Labs, Inc. (U.S.)
• Gridiron Technologies (U.S.)
• Smartgolf (U.S.)
• Phigolf (South Korea)

INDUSTRIAL DEVELOPMENT

• March 2022: In 2022, Adidas proceeded its convention by making the Al Rihla, the official coordinate ball for the 2022 World Container. This stamped the 14th successive time Adidas had the honor of creating the World Container ball. The title “Al Rihla” implies “the journey” in Arabic . 

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.