Sports Equipment - Hong Kong

Hong Kong

In Hong Kong, the revenue in the Sports Equipment market reached US$537.1m in 2024.
It is projected to experience an annual growth rate of 4.60% (CAGR 2024-2028).
Comparing globally, in China generates the highest revenue in this market, amounting to US$40,130.0m in 2024.
When considering the population, the per person revenue in Hong Kong is US$71.65 in 2024.
Hong Kong's sports equipment market is thriving, driven by a growing interest in outdoor activities and the city's strong emphasis on fitness and wellness.

Key regions: Indonesia, Germany, India, Worldwide, Italy

Definition:

Sports Equipment includes a variety of products designed for physical activity and sports, catering to both professional athletes and amateurs. The market is highly diverse and encompasses various product categories such as winter sports equipment, water sports equipment, racket sports equipment, fishing equipment, team sports equipment, golf equipment, exercise equipment, and outdoor equipment. Technological advancements, changing consumer preferences, and the growing focus on fitness and wellness are some of the factors driving the Sports Equipment market.

Structure:

The Sports Equipment market can be broken down into several product categories:

Winter Sports Equipment: This category includes equipment used for sports and activities that take place in snowy or icy conditions, such as skiing, snowboarding, and ice skating. Examples include skis, snowboards, boots, poles, and ice skates.
Water Sports Equipment: This category encompasses equipment used for sports and activities that take place in water, such as swimming, surfing, and paddleboarding. Examples include swimwear, surfboards, paddleboards, and water skis.
Racket Sports Equipment: This category includes equipment used for sports that involve hitting a ball or shuttlecock with a racket or paddle, such as tennis, badminton, and squash. Examples include rackets, balls, shuttlecocks, and nets.
Fishing Equipment: This category encompasses equipment used for fishing, including rods, reels, hooks, lines, and lures. It also includes clothing and accessories designed for fishing, such as waders and hats.
Team Sports Equipment: This category includes equipment used for team sports such as soccer, basketball, football, and baseball. Examples include balls, goals, nets, bats, and protective gear.
Golf Equipment: This category includes equipment used for golf, such as clubs, balls, bags, and carts.
Exercise Equipment: This category encompasses equipment used for exercise and fitness, such as treadmills, ellipticals, stationary bikes, and weight machines.
Outdoor Equipment: This category includes equipment used for outdoor activities and adventures, such as camping, hiking, and rock climbing. Examples include tents, sleeping bags, backpacks, and climbing gear.

Additional Information:

The market comprises revenue and average revenue per capita. Figures are generated through both online and offline sales channels and include spending by consumers (B2C). Key players in the market are companies like Nike, Adidas, Under Armour, Puma, and Decathlon. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Market

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Analyst Opinion

From 2021 to 2022, the Sports Equipment market demonstrated remarkable growth, fueled by a surge in health and fitness awareness and a growing interest in various sports and outdoor activities. Overall, the Sports Equipment market's revenue reached an impressive US$149.50 billion in 2022, representing a significant 9.5% surge from the previous year's revenue of US$137.20 billion.

The market for sports equipment features a diverse array of manufacturers and suppliers, ranging from established brands like Wilson, Rawlings, Easton, and Spalding to specialized companies that cater to specific sports and athletic needs. Each segment of the industry serves a distinct customer base, from professional athletes to fitness enthusiasts and recreational sports participants.

In the foreseeable future, the Sports Equipment market is poised for further expansion, driven by several emerging trends. The increasing focus on health and wellness is inspiring individuals to engage in various sports and fitness activities, resulting in a higher demand for state-of-the-art exercise machines, sports gear, and training equipment. This trend is complemented by the growing popularity of home gyms and fitness centers, encouraging consumers to invest in quality sports equipment for their personal use. Additionally, innovations in indoor sports equipment are gaining momentum, as individuals seek opportunities for recreational sports and fitness activities within indoor settings. This includes products like indoor exercise bikes, table tennis tables, and portable basketball hoops. Considering these emerging trends, the Sports Equipment market is positioned for continued expansion in the forthcoming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on goods people buy for their leisure activities and hobbies.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use in-house market research, national statistical offices, international institutions, trade associations, third-party studies, and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and household number. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for forecasting the Toys & Hobby market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.