The athletic footwear market is expected to grow at a CAGR of 5% during the forecast period of 2024 to 2032. It encompasses a wide range of footwear designed specifically for sports and physical activities. One of the primary drivers of the athletic footwear market is the increasing awareness of health and fitness among individuals worldwide. With the rising prevalence of lifestyle-related diseases such as obesity and diabetes, people are becoming more conscious of the importance of regular physical activity.
Globally, the spear phishing protection market is anticipated to grow with a CAGR of 11.60% during the forecast period from 2024 to 2032 and had registered a market value of US$ 923.65 million in 2021. Spear phishing is defined as an email or electronic communications scam which has been targeted to an individual, business, enterprises or organization.
Smart Shoes Market Is Projected to Expand At A CAGR Of 9.2% Between 2023 And 2031. The concept of smart shoes have come a long way ever since they were first introduced. Back in 2012, the Nike+ Training Shoe was introduced by Nike that was capable of measuring the no. of times the feet touched the ground, for how long the foot was off the ground and the place of contact. However, in recent years, many companies around the world have launched smart shoes with advanced functionalities aimed at capitalizing on the huge opportunity existing in the market.
Virtual Reality (VR) is an emerging technology that is gaining widespread acceptance across different industry verticals, especially the gaming industry. Growing prominence of the VR technology in the gaming industry is presumed to have positive impact on the related hardware and accessories market. The global VR gaming accessories market is presumed to register strong growth, expanding at a double digit CAGR during the forecast.
The sports protective equipment market is expected to grow at a CAGR of 5.5% during the forecast period of 2024 to 2032, driven by increasing safety awareness, the rise of action sports, and the convenience of e-commerce. While affordability concerns remain a challenge, ongoing innovations in materials and design are expected to address these issues. Additionally, the Women's segment presents untapped potential for market expansion as female participation in sports continues to grow. The Asia-Pacific region, with its vibrant sports culture and economic growth, is a focal point for market players.
In 2021, the global market for sports equipment was valued at US $330 billion and is projected to develop at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2031. The market is growing as a result of continuous developments and rapid technological advancements designed to stay up with changing consumer tastes. The growing awareness of the advantages of a healthy lifestyle and the significance of sports and fitness activities is also driving the demand for such equipment. Among the industries negatively impacted by the Covid-19 pandemic is the athletic and fitness industry. Numerous tournaments and sporting events, including the Olympics, have been postponed or altered in structure. As a result, market participants are attempting to evaluate the repercussions of disrupted cash flows, uncertainties, and possible losses in long-term attendance and involvement.
The increasing popularity of national and international events, such as the World Cup of Soccer, the Olympic Games, and the Cricket World Cup, also contributes to the expansion of this market for sports equipment. Increasing instances of lifestyle-related health problems, such as stress and obesity, are encouraging more individuals to participate in outdoor and fitness activities, which is boosting demand for a variety of fitness and sports equipment. The availability of well-known worldwide sporting equipment brands contributes to product demand as well. Women's participation in sports is a significant component that will likely stimulate market expansion.
Businesses are attempting to increase market penetration by enhancing brand recognition through television and print advertisements, the internet, social media platforms, team sponsorships, and partnerships with the athletes of various sports and fitness aficionados. Furthermore, social media influencers and popular athletes are promoting numerous companies, which is anticipated to contribute to the expansion of the sports equipment industry. In the next years, it is anticipated that the gap will continue to narrow, which will have a beneficial effect on equipment demand. The gradual growth in spending on such equipment for children can be attributed to a greater understanding of the benefits of such games for their physical development. India and China are significant sports equipment markets. Increasing discretionary income and higher living conditions of consumers are significant drivers in the acceleration of product demand in these nations. In addition, low production costs and a robust manufacturing sector are anticipated to drive market expansion in Asia-Pacific.
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