Boxing Gear Market Set to Reach $2.7 Billion by 2031 Driven by Innovations and Rising Popularity: TMR Report
Rise in the popularity of boxing and the increase in participation in combat sports events and outdoor activities are key factors driving the global boxing gear market
Wilmington, Delaware, United States, Aug. 24, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global boxing gear market is projected to flourish at a CAGR of 5.5 % from 2023 to 2031. As per the report published by TMR, a valuation of US$ 2.7 billion is anticipated for the market in 2031. As of 2023, the market for boxing gear is expected to close at US$ 1.79 billion.
The increasing popularity of combat sports, including boxing, mixed martial arts (MMA), and kickboxing, and the growing demand for high-quality gear among participants boost the market demand for boxing gear.
Increase in spending capacity as well as an improvement in the standard of living of people across the globe, the demand for various boxing gear such as gloves, punching bags, and hand wraps for self-training rises significantly.
An increasing number of boxing gyms and fitness studios that offer boxing classes has contributed to a higher demand for training equipment, gloves, and apparel.
The increasing consumer awareness and the growing importance of safety during boxing training and competitions boost the demand for protective gear such as mouth guards, headgear, and hand wraps.
The rapid expansion in the global e-commerce sector and easy availability of a variety of boxing gear options at various shopping sites and companies’ websites drive the market growth.
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|Market Revenue||US$ 1.7 Bn|
|Estimated Value||US$ 2.7 Bn|
|Growth Rate – CAGR||5.5%|
|No. of Pages||140 Pages|
|Market Segmentation||By Type, By Material Type, By Distribution Channel, By End-use|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||Adidas AG, Bhalla International, Century, LLC, Combat Brands, LLC, FAIRTEX EQUIPMENT CO., LTD., Hayabusa Fightwear Inc., Hind Sports, Khalsa Gymnastic Works, Leone 1947 North America, and RDX Sports LLC|
Key Takeaways from the Market Study
- As of 2022, the boxing gear market was valued at US$ 1.7 billion
- By consumer group, the adult segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on product type, the gloves segment is anticipated to dominate the industry during the forecast period
- Based on category, the head protection segment is expected to generate high revenue during the forecast period,
- Based on distribution channel, the online segment to generate high revenue
Boxing Gear Market: Key Trends and Opportunistic Frontiers
- The emphasis on physical health, fitness, and overall wellness has encouraged individuals to engage in boxing as a means of exercise, boosting the demand for appropriate boxing gear.
- Increasing technological innovations, such as smart gloves with sensors to measure punch force and speed, have attracted tech-savvy athletes and enthusiasts to invest in modern gear, to provide opportunity for market expansion.
- Manufacturers are performing research & development to offer innovative, high-quality, comfortable, and advanced boxing essentials to customers.
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Boxing Gear Market- Regional Analysis
- North America is projected to dominate the global boxing gear market during the forecast period. The increasing popularity of combat sports in countries such as the U.S., Mexico, and Canada, the increased participation of the young population, drives the market demand in the region. The growth of fitness-focused boxing workouts drives the market demand in the region
- Europe is also expected to rise at a steady pace in the boxing gear market owing to the strong boxing culture, in countries like the United Kingdom, Germany, and Russia, leading to a consistent demand for boxing gear, including gloves, protective gear, and training equipment.
The global boxing gear market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global boxing gear market report:
- Adidas AG
- Bhalla International
- Century, LLC
- Combat Brands, LLC
- FAIRTEX EQUIPMENT CO., LTD.
- Hayabusa Fightwear Inc.
- Hind Sports
- Khalsa Gymnastic Works
- Leone 1947 North America
- RDX Sports LLC
Key Developments in the Boxing Gear Market
- Hayabusa introduced T3D Boxing Gloves, with a futuristic look. By using specialized resin printing technology, the boxing gloves provide ultra-comfort, protection, and performance capabilities. Their gloves are known for their ergonomic design, wrist support, and advanced padding technology.
- In April 2022 – Fairtex partnered with Muay Thai Grand Prix. Equipment and cobranded merchandise will be created for the high-caliber show. The partnership will begin in April of 2022 and will extend onwards in a multi-year contract.
- Leone 1947 North America offers a variety of boxing gloves designed for training, sparring, and competition. Their gloves come in different sizes, weights, and designs to cater to different preferences and needs.
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Boxing Gear Market – Key Segments
- Punching Bags
- Protective Equipment
- Hand & Knee Wraps
- Mouth Guards
- Chest Guards
- Groin Protectors
- Training Equipment
- Others (Ankle Stabilizers, Thigh Pads, etc.)
- Head Protection
- Face Protection
- Mouth Protection
- E-commerce Websites
- Company-owned Websites
- Specialty Stores
- Other Retail Stores
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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