Boxing equipment consists of gloves, helmets, punching bags, hand wraps, chest protectors and others which are essential for training and participating in boxing. Increasing number of people are engaging in boxing as a recreational sports activity or taking it up professionally has boosted the demand for boxing equipment globally.
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 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Growing number of boxing clubs, gyms and training centers are further fueling the adoption of boxing equipment for practice sessions and competitions. Rising media coverage of popular boxing tournaments and fights has also heightened interest of people in this combat sport. Various government initiatives promoting boxing as a sport are complementing the market growth.
Boxing Equipment Market is Expected to be Flourished by Increasing Participation in Boxing Training and Competitions referred to one opportunity of increasing participation in boxing training and competitions as the driver for market growth. This opportunity along with another driver of rising media coverage of boxing tournaments and fights are fueling demand for boxing equipment globally.
Increasing participation in boxing is encouraging establishment of private and commercial training facilities as well as amateur boxing leagues which is driving sales of related gear such as gloves, head guards, hand wraps, punching bags etc. Rising popularity of boxing tournaments broadcasted on television and digital platforms is also boosting spectator interest in learning and engaging with the sport. Various forms of advertising and celebrity endorsements of boxing have increased fan following which has stimulated sales of boxing equipment for enthusiasts. Growing health-conscious population has also boosted newcomers in boxing gyms in search for high-intensity workout and self-defense training. This has presented an avenue to equipment manufacturers to expand their consumer base and revenues.
The global boxing equipment market is dominated by the boxing gloves sub-segment with around 30% market share owing to its necessity as a basic piece of equipment used in boxing training and matches. This is followed by boxing punching bags and boxing protective gear sub-segments which capture around 25% and 20% market shares respectively due to increasing participation in amateur and professional boxing globally.
Political: Regulatory bodies aim to promote health and safety in boxing by mandating the use of proper equipment. This ensures demand stability.
Economic: Rise in disposable incomes globally is increasing spending on health, fitness and recreational sports equipment including boxing gear. Improving economies also enhance sponsorships of professional boxing events and training programs.
Social: Growing popularity of combat and contact sports is driving more participants to take up boxing. This social trend stimulates market growth. Social media is increasingly used to showcase boxing skills and achievements, further glamorizing the sport.
Technological: Advancements in materials and designs have made modern boxing equipment lighter, more durable and protective. Electronics have also been incorporated for monitoring vital signs in training. This improves user experience and safety.
The global boxing equipment market is expected to witness high growth at a CAGR of 17% during the forecast period of 2023 to 2030. Regional analysis comprises- The Asia Pacific region dominates the market and is expected to grow the fastest at a CAGR of over 20% due to increasing young populations in China, India and other smaller nations taking up boxing.
Key players operating in the boxing equipment market are Novartis International AG, Pfizer, Inc., Sanofi S.A., Amgen, Inc., Regeneron Pharmaceuticals, Inc., F. Hoffmann-La Roche AG. Key players aim to expand into developing Asian and Latin American markets through tailored product offerings, sponsorship initiatives and strengthening distributor networks in these regions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it