Increasing participation in gymnastics coupled with growing championship initiatives by regulatory bodies continue to influence growth of gymnastics equipment market. Gymnastics equipment market is expected to witness steady growth with the growing count of gymnastics clubs across the globe, in turn presenting potential growth avenues for manufacturers and stakeholders in the gymnastics equipment market. Fact.MR foresees that the gymnastics equipment market is projected to register a steady 3.2% value CAGR during the period of forecast, 2018-2028.
Federation Internationale de Gymnastique (FIG) has taken several measures to increase the participation rates of individuals in gymnastics activities. For instance, FIG is conducting championships in China in November 2018, presenting opportunities for enthusiasts and beginners to register and participate in the sport. This factor is likely to remain instrumental in driving growth of gymnastics equipment market.
Shift from conventional distribution channels to direct-to-customer channels has been witnessed in the gymnastics equipment market. Sales of gymnastics equipment via direct-to-customer sales channel are estimated to spur in the coming years, accounting for a major share in the gymnastics equipment market on the global front. Fact.MR envisages that gymnastics equipment sales through direct to customer channel is estimated to cross US$ 270 Mn by end of the year of assessment.
Widespread reach of online platforms have influenced sales of gymnastics equipment, albeit at a lower base. Third party online channels are likely to reflect significant contribution in the overall growth of gymnastics equipment market. Growing customer inclination toward online platforms owing to higher convenience quotient and cost effective shopping can be leveraged by manufacturers as an additional sales funnel to market their products. However, uncertainty regarding product quality remains a limiting aspect confining growth of gymnastics equipment market via online channels.
Balance beams are likely to witness significant demand in the coming years, in turn largely contributing to the overall sales of gymnastics equipment, says the report. In addition, sales for balance beam gymnastics equipment are projected to witness a steady rise on the back of its increasing use in men and women gymnastics activities. Fact.MR foresees that vaults are expected to follow balance beams in terms of sales during the assessment period, however, are projected to grow at a relatively slower pace.
Government support in promoting gymnastics is expected to fuel sales of gymnastics equipment. Moreover, inclusion of gymnastics equipment in Olympic Games has enhanced the popularity of the sport, in turn providing potential growth avenues for players in gymnastics equipment market. In addition, governments are undertaking programs to promote the sport among children, in turn contributing to the popularity of the sport. This aspect continues to remain instrumental in fuelling gymnastics equipment sales.
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Sales of gymnastics equipment are likely to remain concentrated in the developed economies of North America and Europe. Increasing participation of individuals in gymnastics in United States, United Kingdom, Germany and Russia is likely to encourage use of gymnastics equipment. Gymnastics Trade Association reveals that over 1.6 million individuals from United States alone participated in gymnastics in 2016. Rising people participation in gymnastics across these countries is likely to provide significant growth opportunities for manufacturers of gymnastics equipment. Emerging economies of Asia Pacific excluding Japan (APEJ) region, such as Greater China and India, are also anticipated to showcase higher inclination toward the sport.
Prevailing safety concerns associated with physical injuries in gymnastics continue to challenge growth of gymnastics equipment market. According to the American Orthopedic Society for Sports Medicine (AOSSM) and American Academy of Orthopedic Surgeons (AAOS), more than 86,000 gymnasts were injured in 2017, few with severe damages leading to surgeries with permanent disability. Moreover, improper arrangements and miss-guidance are likely to cause a dent in customer confidence in the sport, in turn restricting the growth of the gymnastics equipment market.
Overall, the gymnastics equipment market is expected to follow an optimistic path and key stakeholders in the gymnastics equipment market can expect a significant momentum in the forthcoming years.