April 14, 2024
Boxing Equipment Market

The Global Boxing Equipment Market Driven by Increasing Participation in Combat Sports

Boxing is a combat sport that involves two individuals throwing punches at each other for a duration of several rounds while wearing boxing gloves and other protective gear. Boxing equipment such as boxing gloves, hand wraps, headgear, punching bags, and other gear are essential accessories for boxing training and practice. Rising participation in combat sports has augmented the demand for boxing equipment. Boxers require high-quality protective gear such as gloves which offer padding to prevent injuries to hands and head during training. This has accelerated the production of innovative gloves with added features.

The global Boxing Equipment Market is estimated to be valued at US$ 2.22 Bn in 2024 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 key trends:

The emergence of innovative and advanced boxing equipment with enhanced features is one of the key trends witnessed in the global boxing equipment market. Manufacturers are focusing on production of gloves integrated with sensors that can monitor impact force and detect concussion symptoms in boxers.For instance, companies such as Everlast and Ringside have introduced boxing gloves with inbuilt sensors. Moreover, manufacturers are utilizing lightweight, breathable fabrics for developing headgear, shorts, hand wraps and other protective gear to provide maximum comfort to boxers during training. This has augmented their demand. Growing health consciousness among people has also increased participation of individuals in combat sports including boxing, thereby driving growth of the boxing equipment market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the boxing equipment market is moderate as it needs sizable investment and brand establishment. However, online channels provide opportunities.

Bargaining power of buyers: The bargaining power of buyers is high as boxing equipment are standardized products and buyers can compare easily on parameters like quality, features and price.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials and components used to make boxing equipment. This ensures competitive pricing and supply.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for high-quality boxing equipment needed for training. General sports items cannot substitute specialized boxing equipment.

Competitive rivalry: The competitive rivalry in the boxing equipment market is high due to presence of many international and domestic players. Players compete on pricing, innovation, branding and quality.

Key Takeaways

The Global Boxing Equipment Market Size is expected to witness high growth. The global Boxing Equipment Market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031.

North America holds the largest share in the boxing equipment market owing to availability of state-of-the art facilities, presence of leading manufacturers and organized retail sector. Asia Pacific is expected to witness fastest growth supported by increasing participation of countries like China, India, Japan and South Korea in boxing.

Key players

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. Kingston Technology Corporation leads the market with innovative products like boxing bags, gloves, hand wraps etc.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it