The COVID-19 outbreak has reshaped the global sports industry, causing a massive financial hit to all sports and changing consumer spending on sports equipment. However, not all sports equipment markets are experiencing similar trends.
According to data presented by SafeBettingSites, sports equipment industries in Europe and the United States dropped amid the coronavirus outbreak, while China’s market is expected to rise by 3.2% year-over-year.
European Sports Equipment Market the Hardest Hit
The sports equipment market includes different sports requisites for outdoor and indoor activities and gym equipment used privately or in athletics halls.
As the world’s largest sports equipment industry, China has witnessed a significant revenue growth in recent years. In 2015, the revenues in the Chinese market hit over $23bn, revealed the Statista data. By the end of 2019, this figure rose by 32% to $30.5bn. Statistics show the Chinese sports equipment industry’s value is expected to increase by $974 million in 2020 and reach $31.5bn. In the next three years, this figure is set to jump over $37.3bn.
The United States, as the second-largest sports equipment industry globally, witnessed a steady growth before the coronavirus outbreak. Between 2015 and 2019, the revenues of the unified market rose by 9%, reaching $16.1bn. However, statistics indicate the US market is expected to fall by 3% to $15.6bn in 2020. The following years are set to witness an increasing trend, with the United States’ sports equipment industry reaching $17.6bn in revenue by 2023.
Statista data revealed the European sports equipment industry took the hardest hit in 2020, with revenue falling by 4.6% to $18.6bn, under 2017 levels. The average revenue per capita is set to drop 4.8% year-over-year to $21.91, the lowest figure since 2015. Nevertheless, in the next three years, the European sports equipment industry is expected to grow by 13.8% and hit $21.12bn in revenue.
Global Sports Equipment Market to Grow by 17% and Hit $148.2bn in Revenue by 2023
Despite the coronavirus pandemic slowing down the global sports equipment industry’s growth, the following years are still expected to witness a significant rise in sales and revenues. In 2020, the global sports equipment market is set to reach $126.4bn value, a 0.2% increase in a year.
Other sports equipment, including gear for general physical exercise, gymnastics and athletics, represents the market’s leading segment expected to generate $63.7bn in revenue this year. Summer sports equipment, fishing articles, and winter sports gear follow with $29.2bn, $17.7bn, and $15.7bn, respectively.
Statista data indicate the unified sports equipment market is forecast to jump by 17% in the following years and reach $148.2bn in revenue by 2023.