By 2023, the boxing glove market will be worth around US$ 1.45 billion. By 2033, boxing glove sales are expected to surpass US$ 2.52 billion at a compound annual growth rate (CAGR) of 5.7%.
Boxing has seen a significant increase in involvement in recent years due to the large number of events organized worldwide. There are now more training clubs as a result of this.
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In recent times, there has been a notable surge in the number of boxing competitions organized globally, leading to an increasing level of participation in this sport. This has led to an increase in the quantity of fitness centers. The AIBA International Boxing Association is striving to push women's boxing events onto the Olympic program, which was hosted in Tokyo in 2020, as boxing is becoming a very popular sport.
In addition, a number of brand-new boxing contests have entered the market. The first competitive boxing league in the world opened for business in 2016 and was called the International Championship Boxing League (ICBL). These factors therefore propelled the market at a CAGR of 4.6% over that specific period.
Major Boxing Gloves Service Providers
- Everlast Worldwide Inc.
- Reebok International Ltd.
- Adidas AG
- Title Boxing LLC
- Fairtex
- Twins Special Co. Ltd.
- Sports Direct International plc.
Boxing glove consumption is expected to increase dramatically on a worldwide scale. Boxing is growing more popular among women and kids as a recreational and fitness sport. Physicians and other health care providers also advise individuals to exercise and participate in sports. Based on Fact.MR's study, 36% of the population was expected to be actively involved in sports in 2022, and that percentage was expected to increase to 56% by 2033.
Increased sports involvement among the younger generation will boost the market
The millennial generation chooses to lead a healthy lifestyle and places a high value on wellbeing. Young people follow a strict diet and exercise regimen in addition to playing vigorous sports, particularly boxing. Participating in sports can help maintain psychological health, increase confidence, and promote overall wellbeing and well-being.
In a 2021 survey on youth sport participation, the European Union found that women between the ages of 16 and 18 actively participated in 75% of the 18 major sports in Europe, with boxing showing the most rise at 86%. Females aged 16 to 18 shown an 11% increase in active participation, compared to males who displayed 79%.
Increased female boxers will drive market growth
Boxing and other women's sports participation have grown in recent years, proving the sport equipment makers have a large and profitable market. Consequently, the gender gap among competitors in international tournaments and championships has narrowed in recent decades.
For instance, the Olympic Agenda 2020 mandates that in order to achieve a minimum of 50% female participation in the Olympic Games, the International Olympic Committee must work with multiple International Federations. In the past, boxing was a sport dominated by men. However, within the past ten years, the trend has altered, particularly in emerging nations, as a result of the influence of women's empowerment and changing value systems. For example, the number of women's boxing divisions in the Tokyo 2020 Olympic Games has been increased by the International Boxing Association (AIBA).
More brain injuries are caused by boxing gloves, which is preventing sales growth
Punching while wearing boxing gloves does not reduce the risk of brain damage, despite what the general public believes. Actually, it could increase the likelihood but merely decrease the chance of fractures and eye impairment. Boxing gloves provide the same amount of damage as bare-knuckled punching, even though they lessen or distribute the force used. These characteristics are limiting the boxing glove industry's expansion.
Market Competition
- In January 2022, Everlast Worldwide Inc. introduced the Everlast Powerlock2 Pro Fight Glove, which offers the perfect power-to-safety ratio to keep hands safe while still packing a mean punch.
- October 2021 is when Adidas Boxing announced that their Tilt 350TM Professional Grade Training/Sparring boxing gloves will be available. A new patented design innovation found in the Tilt 350TM boxing gloves helps to maintain a neutral wrist position, potentially decreasing hand and wrist injury and increasing striking power.
Key Segments Profiled in the Boxing Gloves Industry Survey
- By Glove Type :
- Bag Gloves
- Boxing Gloves
- By Sales Channel :
- Independent Sports Outlet
- Franchised Sports Outlet
- Modern Trade Channels
- Direct to Customer Brand Outlet
- Direct to Customer Online Channel
- Direct to Customer Institutional Channel
- Third Party Online Channel
- By Buyer Type ;
- Individual
- Institutional
- Promotional
- By Region :
- North America
- Latin America
- Europe
- APEJ
- Japan
- Middle East Africa
The market's expansion is also supported by a growing number of sports events and endorsements by prominent athletes. As consumer preferences continue to evolve towards higher-quality and innovative products, manufacturers are likely to focus on developing more durable, comfortable, and performance-enhancing gloves. Overall, the boxing gloves market presents robust opportunities for growth and innovation, catering to the demands of both amateur and professional athletes worldwide.
FAQ:
What is the projected growth for the Boxing Gloves Market during the forecast period?
The boxing gloves market is likely to record a CAGR of 5.7% during the forecast period.
What factors contribute to the high growth potential of the Boxing Gloves Market?
The boxing gloves market has major growth potential due to the increase in the involvement of women and kids in boxing as a recreational activity.
In which regions or segments will manufacturers find the most opportunities in the Boxing Gloves Industry?
The manufacturers of the boxing gloves sector are likely to find the most opportunities in the Asia Pacific region.
