Boxing Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Boxing Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Boxing Equipment Market is projected to register a CAGR of 5.2% during the forecast period, 2022-2027.

Worldwide growth in sports participation due to the increased adoption of a healthy lifestyle is identified as the key market driver in the boxing equipment market. With the increased consciousness about health, people are trying to be more active and participate in sports such as boxing to improve their overall physique and well-being. Therefore, investing in the right boxing equipment that protects an individual against possible injury and hazards is imperative. Additionally, the number of boxing world championships and tournaments is increasing, and the sports industry is promoting boxing as a mainstream sport, which in turn drives the sales of boxing equipment. Further, rising awareness regarding animal welfare and environmental issues is promoting the preference for sustainable and animal cruelty-free products. As a result, key companies are focusing on product innovation and launching sustainable boxing equipment. For instance, in October 2020, Boxing apparel company - Sanabul partnered with Dessert—the Mexico-based company specializing in cactus leather. Through this partnership, Sanabul launched a new range of boxing gloves called Los Cactus, made with cactus leather.

Moreover, increasing grassroots movements by key authorities to encourage participation in boxing is anticipated to drive the demand for boxing equipment. These programs are primarily designed to help young people to grow into professional athletes. For instance, Advanced Apprenticeships in Sporting Excellence (AASE), a government-funded program established and operated by England Boxing's partners SkillsActive identifies and assists young, gifted athletes. Students can receive certifications for their boxing growth through this program's combination of educational possibilities and high-performance boxing instruction.

Key Market TrendsRising Number of Women Participants in Boxing

The participation of women in various sports, including boxing, has increased over the last few years, leading to lucrative market opportunities for sport equipment brands. As a result, a reduced gender gap among the players of global tournaments and championships has been observed in the recent past. For instance, the Olympic Agenda 2020 empowered the International Olympic Committee to collaborate with different International Federations to achieve at least 50% female participation in the Olympic Games. Earlier, boxing was a male-dominated game. However, the trend has changed over the past decade due to the impact of women's empowerment and evolving cultural beliefs especially across developing economies. For instance, the International Boxing Association (AIBA) increased the number of women's boxing categories in the Tokyo 2020 Olympic Games. A minimum of five different weight categories for women's boxing were launched in the Tokyo 2020 games. The growing adoption of boxing as a mainstream game by women indicates a positive trend, expected to affect the market positively during the forecast period.

North America is the Largest Market

The advantages of living a healthy lifestyle are being recognized by the majority of the population in the region. This has inspired them to engage in outdoor and indoor sports like boxing. Further, obesity has emerged as a major concern across the region in the recent past, influencing consumers to adopt active lifestyles which aid in their continued fitness and wellness. Over the years, boxing has gained significant popularity as a fitness sport in the U.S. population. For instance, the annual publication released by the Outdoor Foundation reports that in 2021, around 5,237 million people in the U.S. participated in boxing for fitness. Furthermore, the region is witnessing the ongoing introduction of state-level, and national-level boxing tournaments, and championships as a result of the rising popularity of the sport. For instance, USA boxing is the national governing authority that promotes and grows Olympic-style amateur boxing in the United States enabling athletes and coaches to achieve sustained competitive excellence for international games such as Olympics, The IBA World Boxing Championships, and The Commonwealth Games, among others.

Competitive Landscape

The market is moderately competitive with the presence of global players in the market. Some of the prominent players in the market are Century LLC, Frasers Group plc, Hayabusa Fightwear Inc., PRO BOXING EQUIPMENT, Kozuji, BoxUnion, and Sanabul, among others. Prominent players in the boxing equipment market are adopting strategic approaches, such as product innovation, partnership, and expansion to gain market share and entice a larger consumer base. For example, n October 2021, Adidas Boxing announced the launch of its Tilt 350™ Professional Grade Training / Sparring boxing gloves. The Tilt 350™ boxing gloves features a new registered design technology that helps in keeping the wrist in a neutral position, potentially reducing hand and wrist injuries, and increasing the punching power.

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