by Boxing equipment is used for training and competing in the combat sport of boxing. Some common boxing equipment includes boxing gloves, hand wraps, boxing shoes, headgear, mouthguards, punching bags, and other equipment such as speed bags, double-end bags, and boxes of various sizes. The sport of boxing has grown significantly in popularity globally due to television broadcasting of major boxing championships and events. Furthermore, health benefits associated with boxing such as improved cardiovascular fitness, increased muscle strength and endurance, weight management, and stress relief have attracted more amateur participants in recreational boxing classes and clubs.
The global Boxing Equipment Market is estimated to be valued at US$ 1.92 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the boxing equipment market is the rising demand for protective and safety gear. Stringent regulations regarding the safety of boxers have been implemented by boxing governing bodies. For instance, the use of headgear is now mandatory for amateur boxers aged 18 and below. Furthermore, professional boxing organizations now require the use of mouthguards during bouts. Leading boxing equipment manufacturers are developing innovative designs of headgear, gloves, and other protective equipment focused on delivering high impact protection as well as breathability and comfort. For example, Everlast has introduced a digital lace-up boxing glove that cinches tightly for better fit using an integrated tensioning system. Such advances in technology alongside an emphasis on safety are expected to drive the demand for high-quality boxing protective gear over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the boxing equipment market is fairly fragmented with presence of both global and regional players. However, significant capital investments are required to establish manufacturing and distribution facilities.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of variety of boxing equipment brands in the market. Buyers can easily switch between brands based on pricing and product quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials such as synthetics, leather and electronics components have few major global suppliers. However, availability of substitute materials provides some flexibility to suppliers.
Threat of new substitutes: The threat of new substitutes is low as boxing is a niche sport with specialized training equipment. However, some substitutes exist from other combat sports like MMA.
Competitive rivalry: The competitive rivalry is high amongst existing boxing equipment manufacturers. Players compete based on product quality, design, brand reputation and pricing.
Key Takeaways
The Global Boxing Equipment Market Size is expected to witness high growth over the forecast period. North America currently dominates the market owing to rising popularity of boxing as a combat sport and fitness activity in the US and Mexico.
Regional analysis: North America is the largest as well as the fastest growing regional market for boxing equipment accounting for over 35% of the global sales in 2022. Presence of major players and high participation in amateur and professional boxing are driving growth. Asia Pacific market is growing at a strong pace led by China, Thailand and India. Rising disposable income and growing health awareness are favoring adoption of boxing as a sport.
Key players: Key players operating in the boxing equipment market are Everlast, Century Martial Arts, Twins Special, Adidas, Brucelee, Combat Sports International, Fairtex, King Professional, Title Boxing, Ringside, Revgear, Rival Boxing, Venum, Winning, Sanabul, Hayabusa, RDX, Elite Sports, Cleto Reyes, Ring To Cage. Major players are focusing on product innovation and endorsements to strengthen their market position.
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