Smarts Sports Equipment Global Market Report 2024

Smart sports equipment refers to digitally instrumented equipment embedded with sensors that provide real-time analytical details on the user's behavior and performance. This technology is employed to analyze a player's performance on the field, offering more precise information about form and overall athletic capabilities beyond simple metric tracking like calories burnt or steps taken.

The main types of products in the smart sports equipment market include smart balls, smart golf sticks, smart hockey sticks, smart rackets and bats, and various other intelligent sports equipment. Smart balls, for instance, are equipped with embedded electronic chips and incorporate technologies such as the Internet of Things (IoT) and data analytics. Smart sports equipment often features connectivity options such as smartphone synchronization, wireless syncing, and real-time data syncing. These products are typically distributed through franchise stores, specialty stores, and other retail outlets. Smart sports equipment is utilized by end-users such as men and women involved in sports and fitness activities.

The smart sports equipment market research report is one of a series of new reports that provides smart sports market statistics, including smart sports equipment industry, global smart sports equipment market size, regional shares, competitors with a smart sports equipment market share, detailed smart sports equipment market segments, market trends and opportunities, and any further data you may need to thrive in the smart sports equipment industry. This smart sports equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart weapons market size has grown strongly in recent years. It will grow from $15.04 billion in 2023 to $16.52 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed during the historical period can be attributed to several factors, including the increase in export and international sales of weapons, a growing demand for precision-guided munitions (PGMs), the rising need for multi-role weapons, a focus on electronic warfare and countermeasures, and the demand for interoperable weapons systems. These factors collectively contributed to the expansion and development of the defense and weapons industry during the specified timeframe.

The smart weapons market size is expected to see strong growth in the next few years. It will grow to $23.31 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period can be attributed to various factors, including increased focus on counter-terrorism efforts, budget allocations for defense spending, integration of cybersecurity measures, modernization initiatives in armed forces, and a rising demand for precision strike weapons. Major trends expected in the forecast period include the utilization of artificial intelligence (AI) and machine learning (ML) in defense technologies, advancements in miniaturization and increased autonomy, the development of directed energy weapons (DEW), the implementation of counter-drone and counter-missile systems, and the promotion of human-machine teaming and decision support technologies.

The growth of the smart sports equipment market is anticipated to be driven by the increasing demand for data-driven analysis in sporting activities. In contemporary coaching, data-driven analytics, facilitated by the integration of sensors into sports equipment, are employed to formulate winning strategies and assess player performance both individually and as a team. Coaches of professional teams utilize data science to create hyper-personalized plans for athletes, tailor strategies for each game, and analyze player mistakes by studying data collected from their sports equipment. Forbes predicts that sports analytics will generate over $4 billion in revenue by 2022, showcasing its significant impact on sports organizations and players. Consequently, the growing demand for data-driven analysis in sporting activities is a key driver for the smart sports equipment market.

The expected rise in sports participation is poised to further boost the growth of the smart sports equipment market. Factors contributing to this surge include increased awareness of physical fitness, the influence of wearable technology and data-driven training, and the appeal of gamified and personalized workout experiences. As more individuals and athletes embrace smart sports equipment to improve performance, monitor progress, and prevent injuries, the market is set to witness sustained growth. Notably, in 2020-21, according to the Clearinghouse for Sport, 88.8% of adults over the age of 15 participated in sports or physical activity, with 55% of women and 70.5% of men engaging in sport-related activities. The State of the Industry Report from the Sports & Fitness Industry Association and Sports Marketing Surveys USA reported that 232.6 million Americans participated in sports and fitness activities in 2021, marking the highest number since 2016. Thus, the anticipated increase in sports participation is a significant driver for the smart sports equipment market.

As the smart sports equipment market evolves, new trends are emerging to keep pace with technological advancements. A noteworthy development is the introduction of Smart Sensors (Gen3+) by US-based firm Arccos Golf in April 2022. These sensors provide automatic shot tracking powered by artificial intelligence and machine learning, offering more accurate shot pinpointing. Arccos Data Scientists and Engineers have analyzed over 500 million shots from users in 194 countries over three years. When coupled with the Arccos Caddie app, users gain Strokes Gained insights for every aspect of their game and each club in their bag.

Major companies in the smart sports equipment market are actively developing innovative technologies, such as connected ball technology, to better cater to their existing consumers. Connected ball technology involves integrating computerized sensors, communication technology, and data analytics into sports balls, particularly in team sports like basketball, soccer, and football. For instance, Adidas AG announced in July 2022 that the official match ball of the FIFA World Cup 2022 would feature new connected ball technology to enhance the Video Assistant Referee (VAR) system, providing match officials with unprecedented data and information for faster and more accurate decisions. The Adidas Suspension System within the ball's core houses a 500Hz inertial measurement unit (IMU) movement sensor, offering unparalleled insight into the ball's movement without affecting its performance.

In August 2021, Authentic Brands Group (ABG) acquired Reebok from Adidas for up to $2.5 billion. This acquisition allows ABG to incorporate the iconic sports brand Reebok into its expanding sports products portfolio, enhancing its athletics equipment and merchandise division. Reebok, a US-based manufacturer of sporting goods, also produces smart sports equipment such as smartwatches.

Major companies operating in the smarts sports equipment market include NIKE Inc., Golfsmith International Holdings Inc., PUMA SE, Adidas AG, Wilson Sporting Goods Co., BABOLAT VS S.A., HockeyShot Inc., Zepp Labs Inc., Gridiron Technologies Inc., MIZUNO Corporation, Amer Sports Corporation, Under Armour Inc., InfoMotion Sports Technologies Inc., DribbleUp Inc., BRG Sports LLC, EGYM Inc., Kinexon GmbH, Spektacom Technologies Pvt Ltd., STATSports Group Ltd., Callaway Golf Company, Quattriuum Inc., Active Mind Technology Inc., ANTA Sports Products Limited, ASICS Corporation, Garmin Ltd., Catapult Sports Pty Ltd., ShotTracker Inc., Blast Motion Inc., PIQ Sport Intelligence, KINEXON GmbH, Stag International Inc.

North America was the largest region in the smart sports equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart sports equipment market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the smarts sports equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The smart sports equipment market consists of sales of smart basketball, smart footballs, and smart helmet. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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