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With almost back-to-back Olympics editions in hindsight, the market for water sports equipment is expected to rise and the stocks would see a bullish trend. Water sports gears are set of clothes & tools that are worn by a person during performing watersports activities such as swimming, snorkeling, rafting, scuba diving, boating, and others. As per research, the global market for water sports gear is projected to reach $55.2 billion by 2027at a CAGR of 3.6%.
The global market for amusement park equipment is expected to rise in the forthcoming years. Outdoor playground equipment sell is likely to soar due to gradual ease out in lockdown restrictions around the globe. As per research, the global playground equipment market is projected to grow by $2.01 billion during 2021-2025 at a CAGR of 4%.
A team sport is one that includes the participation of more than players playing to achieve a common goal. Team sports generally include basketball, volleyball, soccer, etc. With the growth in web and TV broadcasting, the fan base of team sports is increasing so is the equipment market. As per research, the global market for team sports is projected to grow at a CAGR of 8.1% and is likely to touch the volume of $25,346.5 Million by 2024.
Gym gears are a major component of every sport. Gym equipment is likely to soar in terms of revenue and volume in coming years. The global market for fitness equipment is surging at a decent pace as people are becoming enthusiastic about fitness. As per research, the global fitness and gym equipment market is projected to grow at a CAGR of 3.3% with a market volume of $14,838 by 2028.
Rising attraction towards different outdoor activities like trekking and camping across the globe is the primary driver of the global camping gear and equipment market. Further, the upwards trend of a healthy lifestyle alongside rising adventure tourism by scenic countries is attracting tourists from around the globe is increasing the demand for camping & hiking products. As per research, the global market for hiking gear and equipment is projected to grow at a CAGR of 4.3% to reach a volume of $13 billion by 2026.
The rising adaption of safety in sports is expected to drive market growth in the forthcoming years. Major products of this market include elbow protection, leg protection, and head protection for helmets. The global sports safety technology market size is projected to grow at a CAGR of 16.8% to reach a volume of $10.17 billion by 2026.
Some major drivers of this market will ensure steady growth in the coming years. Curtailment of outdoor activities due to COVID-19, this industry saw a halt in progress. However, with relative ease in the world, this industry is well and truly on its way to get back on track. Waterproof boots and innovations in ski equipment are some major drivers of the winter sports industry. As per research, the global winter sports equipment industry is projected to grow at a CAGR of 1.97% to reach the volume of $16.09 Billion by 2026.
All the projections are completed taking a conservative approach due to coronavirus waves. Developed and developing economies are uncertain due to concerns about COVID-19 variants. However, organizations dealing in the sports and entertainment industry have recovered and will probably see a sharp increase in their profits once the lockdown situation will remove.
