June 19, 2024
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Boxing Equipment Market Is Gaining Traction With Rising Popularity Of Combat Sports

Market Overview:

The boxing equipment market consists of a wide range of protective gear and accessories used for the sport of boxing. Some key products in this market include boxing gloves, boxing bags, boxing pads, boxing protective gear, and speed ropes. Boxing is a combat sport that involves two opponents engaging in a fight by repeatedly hitting each other with gloved fists. Proper protective gear plays an important role in ensuring the safety of the boxers. Boxing gloves are worn to protect boxers’ hands, while boxing bags and pads are used for training purposes. Protective gear such as headgear, mouth guards, and groin protectors also prevent injuries. Continuous technological advancements are bringing innovations in material construction and design for better performance. 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.

Key Takeaways

Key players operating in the Boxing Equipment Market Trends 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. These players are focusing on new product launches and partnerships to expand their market presence. For instance, in 2023, Kingston Technology Corporation launched waterproof and dustproof boxing gloves for outdoor training sessions.

The demand for boxing equipment is growing owing to the rising popularity of combat sports such as boxing. According to recent statistics, over 1 million people in the U.S alone participate in amateur and professional boxing. Additionally, growing health awareness is encouraging fitness activities among masses.

The global market is witnessing strong growth opportunities led by Asia Pacific region. Countries like China, India, and Japan are increasingly hosting international boxing tournaments and events. This is attracting investments of global players into these emerging markets. Manufacturers are also focusing on online retail channels for further global expansion.

Market Key Trends

One of the key trends gaining traction in the boxing equipment market is the adoption of technologically advanced materials for improved performance and durability. Major players are developing gloves with breathable fabrics, efficient sweat absorption, and long-lasting leather. Additionally, sensors and IoT technology are being incorporated in some high-end boxing bags for real-time analytics of training sessions. This is optimizing performance monitoring and improving training outcomes.

Porter’s Analysis

Threat of new entrants: New companies find it difficult to enter the market due to established brand loyalty of customers and high initial investment requirement. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but options are limited for professional level equipment. Bargaining power of suppliers: A few main suppliers dominate the global market. Threat of new substitutes: Low threat as boxing requires specialized equipment that is not easily substitutable. Competitive rivalry: Intense competition exists between major brands to offer innovative products and build brand loyalty.

Geographical Regions

North America accounts for the largest share of the global boxing equipment market, both in terms of value and volume. This is mainly attributed to the rising popularity of boxing as a combat sport in the region. Several boxing leagues and tournaments conducted annually in countries like the US and Canada propel the demand for high-quality boxing gear.

The Asia Pacific region is projected to witness the fastest growth during the forecast period. Developing nations like China, India, and Malaysia are swiftly adopting boxing. Additionally, hosting of international boxing events boosts equipment procurement. Public and private initiatives to promote sports are encouraging Asian participation in amateur boxing.

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