Sports Devices Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Device (Wearables, Digital Signage, Camera), By Deployment, By Sport, By Region, And Segment Forecasts, 2023 - 2030

Sports Devices Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Device (Wearables, Digital Signage, Camera), By Deployment, By Sport, By Region, And Segment Forecasts, 2023 - 2030

Sports Devices Market Growth & Trends

The global sports devices market size is expected to reach USD 8.91 billion by 2030, registering a CAGR of 13.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth is attributed to the growing inclination for sports and fitness activities among people of all ages. Moreover, technological advancements leading to the development of innovative sports devices endowed with better performance and functionality are enhancing the market outlook further. The increasing application of these devices among fans, coaches, referees, and trainers to track athlete performance is favoring the market growth.

The considerable rise in the demand for wearable devices and sensors to improve game decision-making, optimize training, speed up recovery, and enhance players’ performance is providing lucrative growth prospects for the market. As a result, the market players are focusing on launching innovative solutions to cater to the rising consumer demand. For instance, in August 2023, Boat (Imagine Marketing Limited), launched a smart ring that serves as an activity tracker and monitors different health parameters such as sleep, heart rate, body temperature, and SpO2 (Oxygen saturation). The introduction of such innovative solutions is expected to open new growth opportunities for the market over the forecast period.

The market outlook is being further enhanced by the introduction of high-end technologies such as artificial intelligence (AI) and machine learning (ML) to sports devices. For instance, in September 2023, Catapult Sports Pty Ltd. partnered with NASCAR (The National Association for Stock Car Auto Racing, LLC) to provide race control systems. As a part of this alliance, the former will provide the RaceWatch suite of high-end data analysis, video, visualization, and strategy systems to allow NASCARofficials to make accurate and swift decisions about the teams. Such strategies by key players are expected to fuel the market growth over the forecast period.

Sports Devices Market Report Highlights

• Based on device, the wearables segment captured a revenue share of nearly 45% in 2022 owing to increased demand for fitness trackers, smartwatches, and heart rate monitors to track the performance metrics of athletes
• Based on deployment, the cloud segment is estimated to grow at a notable CAGR over the forecast period as it provides secure storage of data generated by sports devices, such as performance metrics, video footage, and biometric information
• Based on sport, football held a revenue share of nearly 25% in 2022 and is poised to witness considerable growth over the forecast period with increasing adoption of smart devices in this game
• Based on component, the software segment is expected to record a significant growth rate over the forecast period. The growing significance of software solutions for gaining insights into the performance metrics of the team and improving the gameplay
• North America captured a sizable revenue share in 2022 due to greater consumer inclination for the latest technologies, and fitness solutions in the region

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