The youth have begun to focus on their well-being as the prevalence of lifestyle diseases such as obesity, stroke, type 2 diabetes, heart disease, and atherosclerosis has increased. As a result, the number of gyms and fitness centers is increasing, which is increasing sales of sports and fitness equipment in the country. Social media is another driving force in the market's expansion. Youth sports and fitness product manufacturers communicate directly with the audience via social media channels such as Facebook, Instagram, and Twitter. Furthermore, the youth market is increasingly being driven by advances in manufacturing technologies, with domestic and international brands offering a wide range of advanced equipment. Smart tennis racquets, speed training equipment, motorized treadmills, and fitness bands are available.
The COVID-19 illness epidemic significantly reduced demand for the youth sports provided by these facilities in 2020 as governments implemented lockdowns and limited domestic and international travel worldwide. The outbreak negatively impacted businesses throughout 2020 and into 2021 as a result of the national government's efforts to stop the transmission, which led to the closure of recreational facilities and the declaration of a "lockdown" in some countries. Additionally, the money earned by youth sports platforms has been negatively impacted by the cancellation and postponement of most sports leagues and tournaments in the area. The COVID-19 epidemic, however, has stopped the market.
Rising Popularity of Outdoor Sports Amongst Youth to Promote Market Growth
The growing popularity of outdoor sports is a significant factor in market expansion. Sports and outdoor activities are growing in popularity on a global scale amongst youth. Climbing outside is one such pastime. Such climbing areas are quite frequent in developed nations like North America and Europe and are progressively spreading there as well. In recent years, large outdoor spaces like parks and other green spaces have added more climbing-friendly rocks. The objective is to combat childhood obesity, enhance public health, and address the growing sedentary lifestyle of the populace. Thus, it is anticipated that the market expansion will be aided throughout the projection period by youth's rising outdoor activity participation rates and the opening of new artificial climbing and bouldering structures in popular outdoor locations.
Rising Popularity of E-Sports and Mobile Video Games to Limit Market Growth
The growing popularity of traditional e-sports and mobile video games which have a negative impact growth of the global youth sports market. These competitions are held in sizable arenas worldwide, including in Sweden, India, China, and the U.K. Such competitions are sponsored by technology pioneers like Intel, Micro-Star INTL (MSI), and Logitech. For instance, Valve annually hosts the International, an e-sports competition for the Dota 2 game. Since 2011, the competition has been planned. Intel Extreme Masters' Global Offensive Major Championship is now taking place. In 2019, it offered a $1,000,000 prize pool. E-sports also provide various entertainment options, including live-action, cartoon, and documentary films centered on the industry. During the anticipated period, these factors are anticipated to constrain market expansion.
Based on type, the youth sports market is segmented into soccer, basketball, baseball, football, volleyball and other sports. The football category dominated the market in 2022. The standard football scoring system is a widely accepted baseline of statistic/point-value pairs meant to promote balance across the various fantasy positions. Football has become more and more popular as a result of its wide appeal, its extremely addictive qualities, and how simple it is to find out information on a manager's team. Because of this, football is the most popular category of youth sports worldwide.
Based on application, the youth sports market is segmented into sports video, match and others. The match category dominated the market in 2022. A video game resembling sports practice is called a sports video game. Most sports, including team sports, combat sports, extreme sports, and track and field, have been reenacted in video games. Playing the sport is emphasized in some games (like FIFA, Pro Evolution Soccer, and Madden NFL), whereas sport management and strategy are emphasized in others (such as Football Manager and Out of the Park Baseball). Several game series include the names and traits of actual teams and players, which are updated yearly to account for developments in the real world. One of the first game genres is the sports category.
North America is projected to hold the largest share of the youth sports market over the forecast period. The U.S. has the greatest economy in the world in terms of GDP when it comes to macroeconomic considerations. Canada, on the other hand, has a high-tech industrial economy. The region's substantial market growth has also resulted from sizeable capital commitments from various investment organizations, including sports clubs and broadcasters, and intensive marketing efforts emphasizing big cash awards. On the other hand, the Europe youth sports market is anticipated to grow significantly. New players have appeared in Europe, especially on the platforms for youth sports like cricket and football. Contests on youth sports platforms have gained more popularity in the area thanks to new competitors with more varied product offers, interactive applications, and generous cash prizes. Given India's massive fan base and economic clout, youth sports in India are undergoing substantial change, and the country's future sports-related endeavors are poised for enormous growth.
LIST OF KEY COMPANIES PROFILED:
- Billabong International Limited
- Kingswood Leisure Services
- The Forzani Group Limited
- Puma E.C.
- Nike Inc.
- Callaway Golf Co.
- Daiwa Seiko Corp.
- Yonex Co. Limited.
- Dunlop Sports Group Americas Inc.
- Sports Direct International PLC
- Premier Ports Services
- Ningbo Supermax Sports and Leisure Equipment Co. Ltd.
- Cabelaâs Inc.
|Market Size in 2022||USD 37.5 Billion|
|Market Forecast in 2030||USD 69.4 Billion|
|Compound Annual Growth Rate||9.20%|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Application and By Geography|