Smart Sports Equipment Market Analysis, Size, Share, Growth and Opportunity Assessment till 2022
the global market for smart sports equipment is expected to soar at a sluggish CAGR, raking revenues worth a little over US$ 1,260 Mn.
[UKPRwire, Tue Jun 11 2019] According to Fact.MR, technological barriers in adoption of smart sports equipment will act as key restraints for expansion of the global Smart Sports Equipment Market through 2022. By the end of forecast period, 2017-2022, the global market for smart sports equipment is expected to soar at a sluggish CAGR, raking revenues worth a little over US$ 1,260 Mn.
Monitoring the performance of athletes in practice sessions plays an instrumental role in helping them reach their peak performance goals faster. Sports equipment fitted with sensors can be collectively called as smart sports equipment that facilitate monitoring of athletes across multiple sporting events. Increasing demand for data-driven analysis of sporting activities has a determinative influence on the sales of smart sports equipment. Lack of technological infrastructure in the global sports industry, however, becomes a key barrier for penetration of smart technologies in the field of performance monitoring. Analyzed data has been of greater value, but is mainly affordable for teams backed with high funds and even greater stake of wining big league tournaments. At a macroscopic level, smart sports equipment have found consumers that intend to use these tools not for competitive sporting events, but to gauge their healthy lifestyle and exercising regime on a daily basis.
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Smart sports equipment are a limited range of sports accessories, products and equipment that are developed on advanced sensor technologies. Sensors attached to these equipment can detect changes in the wearer’s body, collect the data, transfer this to remote or connected device, and facilitate analysis of the user’s performance during a sports activity.
In terms of products, the global market for smart sports equipment is expected to witness higher sales of smart baseball bats and smart golf sticks. Increasing consumer spending in these two sporting events is expected to play a key role in driving the sales of smart golf sticks and smart baseball bats. Moreover, the demand for sensor-equipped sporting equipment in baseball and golf is gaining traction owing to high reward money for sporting events across these categories, and increasing improvement of participants through data-driven performance analysis. In 2017, global sales of smart baseball bats and smart golf sticks are expected to collectively account for close to 40% share of global smart sports equipment revenues.
High Demand for Real-time Data Synching
Real-time data analysis of performance of the athletes can guide coaches towards identifying movements or tactics that are lowering the performance levels at particular instants of gameplay. Wearing smart sports equipment and analyzing the data after the gameplay can be less productive than real-time data synching. Technology experts can evaluate more information from the players’ performance, detecting moments of peak performance as well as fatigue. The report projects that by the end of 2022, over US$ 500 Mn worth of smart sports equipment sold in the global market will be equipped with real-time data synching as a key connectivity feature.
Under Armour, Inc., NIKE, Inc., Amer Sports Corporation, adidas AG, PUMA SE, Callaway Golf Company, Mizuno Corporation, QUATTRIUUM INC., BABOLAT VS S.A., and Game Golf are key manufacturers of smart sports equipment profiled in the report.
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