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The global smart sports equipment market size is expected to grow at a CAGR of 8.5% over the next five years, with emerging economies driving the growth. The major factors that are likely to impact the market are the demand for technology and special features in these products and the growing consumer awareness of fitness technologies.
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Global Smart Sports Equipment Market Size Forecast 2022-2027
The size of the global smart sports equipment market is expected to grow from $19.7 billion in 2015 to $37.9 billion by 2022, at a compound annual growth rate (CAGR) of 9.1% over the period forecast. Asia-Pacific market size is expected to exceed North America with a 10.5% contribution based on revenue over the next 7 years.
When there is a desire to improve sports performance, people turn to sports equipment. There are many types of sports equipment on the market, including sports shoes, gloves, and balls. However, the brain needs a lot of energy to process information; this is where smart sport comes in. With technologies like AI, it’s easy for coaches and coaches to know what type of training will work best for their athletes.
Some of the Biggest Key Players in the Smart Sports Equipment Market
By 2022, the market size of smart sports equipment is expected to reach USD 2.6 billion and USD 3.2 billion by 2027. Key growth drivers of this market include development of new technologies, increased awareness of health and the adoption of electronic devices in sport.
Market research methodology
A key challenge for players and coaches is how to improve game performance. The global sports industry has faced the challenges of acquiring new athletes, increasing player engagement while trying to reduce pressure on resources in the face of rising costs. Sports equipment companies believe that technological advancements will help address these challenges with the introduction of smart sports equipment.
What are their strategies to achieve growth in the market?
The global smart sports equipment market is expected to grow at a CAGR of 28.40% during the forecast period (2017-2027). Key growth drivers for the smart sports equipment market include rising trend in sports, increasing demand for personalized and connected fitness-related services, and growing awareness of the need to improve performance through technology .
Current and future trends, prognoses and recommendations
The global smart sports equipment market size is expected to grow from USD 5.26 billion in 2017 to USD 6.5 billion by 2022, growing at a CAGR of 7.6% from 2017 to 2022. The growth rate is expected to decline gradually over the forecast period and reach USD 6.4 billion by 2027
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The global smart sports equipment market revenue is expected to reach USD 6.9 billion by 2027, growing at a CAGR of 26% during the forecast period.