20 November 2017

Growth of Sport Equipment Industry in India


Growth of Sport Equipment Industry in India

Image Courtesy : renewleeds

Indian sport equipment manufacturers are experiencing the strongest demand in the last decade since the surging popularity in Badminton, Volleyball, Football and Cricket. With the improvements in recent occasions and competitions by the Indian compatriots in various countries, the government and new entrants in sports equipment manufacturers have emerged with better developments and facilities to promote sports culture in a larger way. Cricket is the most followed sport in India, right from school level to regular day-to-day recreation time is spent playing cricket on smaller and larger scales by the majority population. The factors that are driving the high growth include, increased health awareness and fitness-related benefits, growing number of health clubs and gyms, training centers for various outdoor sports, global standard facilities and state of the art services, grounds and stadiums getting makeovers etc.

The sports equipments manufacturers are bound to increase the production as the growing demand from various regions, domestic and international are making revenues reach sky high and the simultaneous promotions for outdoor activities from companies, schools and colleges, organizations requiring sports equipment for recreation, the demand is strongly expected to grow in the near future. The performances of Indian players in international events has propelled Indian equipment manufacturers to spend extra in productions, marketing and promotions for acquiring market share in various regions. In addition, the fast-moving lifestyles and severe time constraints have led to direct impacts on the health of many people and the active promotions for incorporating changes in healthy and fitness activities have increased the sales of sports and gym equipment across the country, as a result, many new competitors have established chains of fitness centers and franchises to gain more from the urban population that is in severe need.

The corporate houses have started to set up gyms at their premises to maintain mental and physical health of employees as the benefits of top working professionals that utilize the mind and body combination and advertising health culture are resulting in many advantages in increased productivity, fewer health related leaves, increased pro-activeness and creativity have all led to corporations and schools alike to invest in sports equipment. Thus, the Indian sports equipment market has experienced a strong growth in many years and the comparison and competition is in line with any western and European nation where there is a high percentage of revenue generated from sports equipment market. In India, the sports equipment industry generated the total revenue of US $2.1 billion approximately in 2009 and with the CAGR of 7.1%. The performance of the market has forecast the value to reach $2.8 billion approximately by 2014 at 5.5% CAGR.

As the trend of sports and fitness awareness is getting and gaining popularity, many sportsperson, expert industrialists and economists predict that there will be more aggressive promotions for sports equipment by the organizations and corporations. Many advertisement deals are made with famous sports celebrities in order to gain maximum mileage out of endorsements that persuade people into investing more money into sports equipment.

 

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