Originally published on Technavio:Boxing Equipment Market Analysis by Product, Distribution Channel, and Geography - Forecast and Analysis 2023-2027
Forecast for Boxing Equipment Market 2023-2027
The global boxing equipment market is projected to grow by USD 260.17 million, with a Compound Annual Growth Rate (CAGR) of 4.07% expected between 2022 and 2027. From providing protection to making a fashion statement, the market encompasses various segments such as gloves, punching bags, protective gear, and faceguards. Among these, gloves hold a prominent position in the boxing equipment industry.
Boxing Equipment Market Size
The US and Canada exhibit high demand for boxing equipment, propelled by numerous popular celebrities endorsing such sports in their fitness routines. For instance, Kendall Jenner and Gigi Hadid frequently engage in fitness boxing at the Gotham Gym in New York, sharing their experiences on social media platforms. These factors contribute to the industry's growth.
Market Segmentation
Significant growth in market share is anticipated in the gloves segment during the forecast period. Gloves represent the most crucial equipment as they are fundamental for both training purposes and professional matches. They protect the wearer's hands and minimize the impact of punches and strikes on opponents. Unlike traditional cestus used extensively in warfare to inflict harm, modern gloves are designed to safeguard fighters' hands during bouts and competitions. Various forms of training, including sparring, require different types of gloves, all aimed at reducing superficial facial injuries.
Boxing Equipment Market Size
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With the rising popularity of boxing, particularly in fitness circles, many health and fitness clubs now offer boxing workout classes as part of their fitness programs. Additionally, the relatively high replacement rate of gloves compared to other products is expected to positively impact the growth of the gloves segment during the forecast period.
Market Dynamics and Customer Landscape
Our researchers conducted data analysis using 2022 as the base year, alongside identifying key drivers, trends, and challenges to help companies refine their marketing strategies for a competitive advantage.
Major Market Trend
The surge in female participation in boxing will drive global market growth. Over recent years, women's participation in various sports worldwide has increased significantly, narrowing the gender gap at events like the Olympic Games. Notably, women's participation in boxing has surged, with equal representation of men and women in the sport. While boxing was historically male-dominated, this trend has shifted over time.
Key Market Challenge
The lack of required infrastructure poses a significant challenge to global market growth. Not all countries possess the necessary infrastructure to support all sports, resulting in limited revenue growth for certain sports. People often gravitate toward sports that enjoy maximum popularity in their respective countries, constraining the market for other sports.
Market Customer Landscape
The report covers the market adoption lifecycle, from innovators to laggards, focusing on adoption rates in different regions based on penetration. Additionally, it includes key purchase criteria and drivers of price sensitivity to assist companies in evaluating and developing their growth strategies.
Global Market Customer Landscape
Companies are employing various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to strengthen their market presence.
Bhalla International - The company offers a wide range of boxing equipment, including Boxing Head Guards, Boxing Gloves, Punching Bags, Coacher Pads, Speed Balls, Junior Boxing Kits, Boxing Rings, and other accessories.
The report also provides detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analyses of vendors have been conducted to help clients understand the broader business environment, strengths, and weaknesses of key market players. Data analysis categorizes vendors based on various criteria, including pure play, category-focused, industry-focused, and diversified; quantitatively categorizes vendors as dominant, leading, strong, tentative, and weak.
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North America is expected to contribute 39% by 2027. Technavio's analysts have extensively explained the regional trends and drivers shaping the market during the forecast period. The market in North America is growing moderately, driven by the increasing prevalence of obesity and the rising awareness of leading a healthy lifestyle. This trend, particularly popular in the US and Canada, sees significant participation in fitness boxing activities. The growing adoption of such activities is driving market revenue in this region.
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