The Global Boxing Equipment Market Growth Accelerated By Increased Adoption Of Smart Boxing Equipment
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| Boxing Equipment Market |
Boxing is a combat sport that
involves two participants engaging in a ring and fighting with their fists. It
is one of the oldest combat sports and has gained mainstream popularity over
the years. Boxing equipment such as boxing gloves, hand wraps, headgear,
mouthguard, boxing shoes, boxing bags, and other training equipment are used
while practicing or competing in boxing. Reliable boxing equipment helps absorb
the impact and reduce the risk of injuries to a great extent.
The global boxing equipment
market is estimated to be valued at US$2.22
Bn in 2023 and is expected to exhibit a
CAGR of 9.7% over the forecast period 2024 to 2031, as highlighted in a new
report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the
growth of the global boxing equipment market is the rising participation in
boxing as a combat sport. According to the Union Internationale de Boxe
Amateur, over 190 countries actively participate and compete in amateur boxing,
with over than 250,000 boxers competing worldwide. Moreover, organizations like
USA Boxing report an increase in membership over the years, indicating growth
in popularity of the sport. Furthermore, for safety and to prevent injuries,
proper gear such as protective headgear and gloves are mandatory while boxing,
thereby driving the demand for various boxing equipment. The other driver is
increasing focus on health and fitness, which has spurred participation across
various sports and recreational activities. Boxing is considered a full-body
workout that improves cardiovascular endurance, muscle tone, hand-eye
coordination, and self-defense skills, propelling its adoption among both men
and women.
SWOT Analysis
Strength: Boxing is increasingly
becoming popular as a recreational sport and means of exercise. The increasing
popularity of boxing as a sport as well as the rise in number of boxing clubs
and gyms present an opportunity for boxing equipment manufacturers.
Furthermore, growing health awareness among consumers has boosted participation
in sports and fitness activities globally, driving the demand for high-quality
boxing equipment.
Weakness: Availability of cheaper
counterfeit products, especially gloves and punching bags pose a challenge to
established brands. Furthermore, boxing is considered a combative sport and
some parents may discourage their children from taking up the sport due to
safety concerns.
Opportunity: Rising youth
population and increasing expenditure on health and fitness present an
opportunity for players in the market. Growing interest of women in combat and
self-defense sports also provides an avenue for boxing equipment manufacturers
to target this untapped segment. Furthermore, emergence of social media
influencing has boosted the popularity of many niche sports including boxing.
Threats: Political instability
and economic uncertainties in certain parts of the world may negatively impact
the sales of high-cost boxing equipment in respective regions. Furthermore,
popularity of other combat sports such as MMA and emergence of new fitness
trends pose a threat to the market.
Key Takeaways
The Global
Boxing Equipment Market Size is expected to witness high growth due to
rising popularity of boxing as a combat and recreational sport globally. The
global boxing equipment market is estimated to be valued at US$2.22 Bn in 2023 and is expected to
exhibit a CAGR of 9.7% over the
forecast period 2024 to 2031.
North America currently dominates
the market owing to high participation in boxing across amateur and
professional levels in countries like the US. However, Asia Pacific region is
expected to grow at the fastest pace during the forecast period driven by
expanding middle class demographic and rising health awareness in populous
nations such as China and India.
Key players operating in the boxing equipment market are Kingston
Technology Corporation, Apple Inc., SanDisk Corp., Samsung Electronics Co.
Ltd., Skullcandy, Inc., Microsoft Corporation, Sony Corp., Capdase
International Limited, and Moshi, by Aevoe Group. Leading brands are focused on
introducing innovative product features and sponsoring high-profile boxing
tournaments and athletes to strengthen their market position.
Get More Insights Here
https://www.newswirestats.com/boxing-equipment-market-analysis-size-share-growth-outlook-2023/
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