Boxing is a combat sport that involves two participants engaging in a sport of hitting each other with padded gloves commonly known as boxing gloves. Various equipment is used in boxing including boxing gloves, protective headgear, hand wraps, punching bags, and other accessories. Boxing gloves protect fighters’ hands and reduce the impact of punches on their opponents. Protective headgear is worn to reduce the risk of head injuries. Hand wraps provide support to wrists and hands. Punching bags are used for training purposes to practice punches, combinations, and defense techniques.
The global boxing equipment market is estimated to be valued at US$ 2.22 billion in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing participation in amateur and professional boxing events is expected to drive the demand for boxing equipment over the forecast period. According to the International Boxing Association (AIBA), nearly 200,000 boxers compete in approximately 1,000 tournaments worldwide every year. Increase in the number of amateur and professional boxers indicates growing interest in the sport, which will subsequently boost sales of various boxing gear like gloves, headgear, punching bags, and others. Additionally, increasing health awareness is encouraging people to take up combat sports like boxing to stay physically fit and mentally agile. This is also expected to promote the adoption of boxing as a fitness regime and aid the boxing equipment market growth. While gloves and headgear aim to protect boxers from injuries, growing safety concerns are prompting regulatory authorities and sporting organizations to impose stringent regulations regarding the use of protective equipment. This is projecting lucrative opportunities for equipment manufacturers to develop innovative and high-quality protective gear.
Segment Analysis
The global boxing equipment market can be segmented into protective gear, boxing gloves, punching bags, hand wraps, and other accessories. The protective gear segment dominates the market currently and accounts for over 30% of the total market share. This is because protective gear such as boxing helmets, shin guards, mouth guards etc. are necessary for all boxers regardless of their experience level or competition type. The boxing gloves segment is the second largest segment and is expected to witness strong growth during the forecast period due to the increasing popularity of amateur and recreational boxing.
PEST Analysis
Political: The legalization and growth of both professional and amateur boxing across many countries is positively impacting the market.
Economic: Rising disposable incomes and increasing health awareness is driving more individuals towards boxing as a fitness activity and boosting demand.
Social: Changing perceptions about boxing and rise in health and fitness trends is making boxing a popular recreational sport.
Technological: Advancements in material sciences is enabling manufacturers to develop more durable, breathable and lightweight protective gear and equipment.
Key Takeaways
The Global Boxing Equipment Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The global boxing equipment market is estimated to be valued at US$ 2.22 billion in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031.
The North American region currently dominates the market owing to the strong presence of professional leagues and tournaments in countries like the USA and Mexico.
Key players operating in the boxing equipment market are Kingston Technology Corporation, Apple Inc., SanDisk Corp., Samsung Electronics Co. Ltd., Skullcandy, Inc., Microsoft Corporation, Sony Corp., Capdase International Limited, and Moshi, by Aevoe Group. Key players are focusing on product innovations and collaborations with popular boxing clubs and associations to strengthen their market presence.
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