New York, United States, March 04, 2024 (GLOBE NEWSWIRE) -- Sports equipment are the valuable items necessary for participating in a sport and adhering to its rules and regulations. Moreover, this equipment and clothes are necessary for enhancing the performance of athletes.
The sports equipment market is expanding rapidly due to the growing acceptance of breakthrough sports technologies and the newest fashion trends among the youth. Manufacturers can sustain themselves in a competitive marketplace, attract new consumers, and meet the needs of existing consumers by introducing innovative products. An increase in the fan base of famous sporting events such as the Olympics, Indian premier league, FIFA, and others feed the need for sports equipment and apparel, driving the market growth. Moreover, the surge in the popularity of sports and fitness activities among young people drives the expansion of the industry as a whole.
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Increase in Sports and Fitness Awareness across the World to Drive the Global Sports Equipment and Apparel Market
According to Straits Research, "The global sports equipment and apparel market size was valued at USD 542 billion in 2021 and is estimated to reach an expected value of USD 1030 billion by 2030 at a CAGR of 7.4% during the forecast period (2022-2030)." The demand for sports equipment and gear has been spurred by the increase in sports training and development expenditures among youngsters due to increasing awareness of the benefits of partaking in sports activities, such as enhanced focus and problem-solving skills. In addition, the shifting paradigm of the educational system promotes the expansion of the sports business and related industries. In addition, sports education and sports training in academic institutions has substantially boosted awareness of sports and fitness. Thus, numerous schools and educational institutions provide pupils with training and the opportunity to compete in various sports tournaments. In addition, the increase in the state, national, and international tournaments organized by various governments worldwide contributes to increased youth sports participation and interest. This has increased demand for sports equipment and apparel, considerably contributing to the market's expansion.
Increase in Contributions by Various Organizations towards Donation to Provide Opportunities for theGlobal Sports Equipment and Apparel Market
Numerous significant brands are approaching an undeveloped market where sports facilities and products are in short supply. These leading players are constructing sporting facilities, sports centers, and playgrounds and promoting their products accordingly. Similarly, numerous organizations and NGOs donate sports equipment and gear, construct sports facilities, host free sports events, and provide free training for future athletes. In addition, a growing interest in sports among the youthful population is predicted to create prospects for ...