The boxing equipment market is estimated to grow by US$260.17 million during 2022-2027, growing at a compound annual growth rate (CAGR) of 4.07 percent, according to a new report by global tech research and advisory firm Technavio. Growth is primarily driven by the proliferation of development initiatives to foster participation, which target particularly young demographics, and grassroots movements. While incentivizing youth engagement in sports, these programs also facilitate their progression towards professional proficiency, stresses the report.
Growing urbanization in developing countries is also driving market growth. The rise in the number of women participants in boxing sport, traditionally male-dominated, is an emerging trend shaping the market growth, spurring increased demand for gloves, hand wraps, headgear and other protective gear tailored for female athletes. On a negative note, major market challenges include the lack of the required infrastructure and the high chances of injuries in boxing, which hinder market growth.
Growth by glove segment forcasted
By product, the market share growth by the gloves segment will be significant during the forecast period. By geography, North America is estimated to account for 39 percent of the global market growth in the forecast period.
The boxing equipment market is undergoing a significant transformation due to factors like product innovation, the rise of boxing leagues and professional sports events, and the emergence of e-commerce platforms specializing in sports equipment, which is reshaping the retail landscape. The market has also experienced a surge in boxing equipment rental platforms, driven by the growing demand from recreational and amateur boxers.
