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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