Smart Sports Equipment Market Outlook by Trade Research Company
Business Research Company’s Smart Sports Equipment research report expands on key market drivers, trends, and opportunities for growth.
LONDON, June 9, 2022 /PRNewswire/ — North America was the largest region in the smart sports equipment market in 2021. Asia Pacific is expected to be the fastest growing region in the global smart sports equipment market over the forecast period. Regions covered in the global Smart Sports market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle Eastand Africa.
The Global Smart Sports Equipment Market Size should go from $3.46 billion in 2021 for $3.74 billion in 2022 at a compound annual growth rate (CAGR) of 8.2%. Smart Sports Market Size is Expected to Reach $5.17 billion in 2026 at a CAGR of 8.4%.
Overview of Smart Sports Equipment Market Segments – https://www.thebusinessresearchcompany.com/report/smart-sports-equipment-global-market-report
The smart sports equipment market consists of sales of smart sports equipment products by entities (organizations, independent marketers and partnerships) that are used to analyze the performance of players on the field. Smart sports equipment goes beyond simple metric tracking, like calories burned or steps taken, to provide more accurate fitness and performance insights.
The main types of products in the smart sports equipment market are smart balls, smart golf clubs, smart hockey sticks, smart rackets and bats, and other products. Smart balls are a type of smart balls with an implanted electronic chip. They are created by integrating smart technologies such as IoT and data analytics into sports equipment. Smart sports equipment has connectivity features such as smartphone synchronization, wireless synchronization and real-time data synchronization. These products are distributed through franchise stores, specialty stores and other stores. Smart sports equipment is used by end users such as men and women.
As the market for smart sports equipment stores grows, new developing trends are emerging in the industry to keep up with the technological advancements surrounding the market. One of these new developments is the StanceBeam Striker developed by an Indian technology company StanceBeam in November 2019. The StanceBeam Striker is a sensor that attaches to the top of any cricket bat and functions as the brain of the smart bat. The 3D sensor is compatible with iOS and Android versions of the Stance Beam APP ecosystem. The device’s smart motion sensors provide a proven collection of data, including 3D swing analysis, power index produced by bat speed and shot efficiency.
The major players in the smart sports equipment market are NIKE Inc., Golfsmith International Holdings Inc., PUMA SE, Adidas AG, Wilson Sporting Goods, BABOLAT VS SA, HockeyShot Inc., Riddell, Zepp Labs Inc., Gridiron Technologies, MIZUNO Corporation, American sportsUnder Armor Inc., InfoMotion Sports Technologies, DribbleUp Inc., BRG Sports, EGYM Inc., Kinexon GmbH, Spektacom Technologies Pvt Ltd, STATSports Group Ltd., Callaway Golf Company, QUATTRIUUM INC. and Game Golf.
In August 2021Authentic Brands Group (ABG), an American brand management company, has acquired Reebok from Adidas for up to $2.5 billion. Reebok is a US-based sporting goods manufacturer that also manufactures smart sports equipment such as smartwatches. The deal allows ABG to integrate an iconic sports brand like Reebok into its ever-expanding sports product portfolio, helping to enhance its athletics equipment and merchandise division. Reebok’s headquarters will remain at Bostonand the company’s operations in the North and Latin America, Asia Pacific, Europeand Russia continue to.
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