by Boxing equipment includes various products such as punching bags, boxing gloves, hand wraps, boxing pads, boxing protection gear and other accessories that are used for training and practice in the combat sport of boxing. These equipment provide safety and protection to boxers from injuries during practice sessions and competitive matches. The growing popularity of combat sports such as boxing and MMA among millennials along with increasing sports participation is driving the demand for boxing gear.
The global Boxing Equipment Market is estimated to be valued at US$ 1.92 Bn in 2023 and is expected to exhibit a CAGR of 17 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of combat sports such as boxing among audiences as well as participants around the world has been a major trend propelling the boxing equipment market in recent years. Boxing and mixed martial arts (MMA) have achieved mainstream popularity due to televised competitions of professional leagues as well as coverage of major championship fights and matches. This has not only increased viewership but also inspired many to take up these sports as a career or recreational activity. As a result, the number of boxing gyms and MMA training facilities have grown worldwide, driving the need for high-quality boxing gear among trainees and competitors. The rising sports participation has remained the key factor behind the market growth of boxing equipment over the past decade.
SWOT Analysis
Strength: Boxing is a popular sport worldwide with a growing fanbase. There is consistent demand for equipment from gyms and amateur/professional boxers.
Weakness: Equipment quality and safety standards vary greatly. Low-quality products from smaller manufacturers may not offer adequate protection.
Opportunity: Growth of women’s boxing and interest in fitness boxing opens the potential to expand product lines targeting these audiences. Virtual/augmented reality technology could enable new training methods.
Threats: Increased regulations around equipment safety may drive some smaller companies out of business due to compliance costs. Virtual boxing simulations may reduce equipment purchases over time.
Key Takeaways
The global boxing equipment market is expected to witness high growth over the forecast period of 2023 to 2030 supported by the rising popularity of boxing as a sport and means of exercise globally. Boxing gyms and clubs are increasingly common in major cities worldwide, driving consistent demand for gear.
Regional analysis: North America currently dominates the market owing to well-established professional and amateur boxing leagues mainly centered in the United States. However, Asia Pacific is emerging as the fastest growing regional market for boxing equipment led by rising incomes, urbanization, and interest in combat sports in China, India, and other developing countries.
Key players operating in the boxing equipment market are Novartis International AG, Pfizer, Inc., Sanofi S.A., Amgen, Inc., Regeneron Pharmaceuticals, Inc., F. Hoffmann-La Roche AG, Bluebird Bio, Inc. (Celgene Corporation), Gene biotherapeutics, Sibiono GeneTech Co. Ltd., Kolon TissueGene, Inc., Horama S.A., MeiraGTx Limited, Gilead Sciences, Inc., Biogen INC., Organogenesis, Inc., JCR Pharmaceuticals Co. Ltd, uniQure N.V., WuxiAppTec, Lonza, and Immuneel Therapeutics Pvt Ltd. Leading manufacturers are focused on product innovation and customization to targeted demographics like women.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
