Boxing Gloves Market Outlook (2023-2033)
Theglobal boxing gloves marketwill be valued at around US$ 1.45 Billion in 2023. Sales of Boxing Gloves are projected to accelerate at a CAGR of 5.7% to top US$ 2.52 Billion by 2033.
The number of boxing tournaments held around the world has risen substantially in recent years, resulting in greater participation in this sport. This has led to an increase in the number of training clubs.
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Report Attributes
Details
Anticipated Base Year Value (2022)
US$ 1.37 Billion
Expected Market Value (2023)
US$ 1.45 Billion
Projected Forecast Value (2033)
US$ 2.52 Billion
Global Growth Rate (2023-2033)
5.7% CAGR
Expected Market Share of the U.S. Market (2033)
40%
Anticipated Market Value of Europe (2023-2033)
35%
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.
Revenue Analysis of Boxing Gloves from 2018-2022 Vs Market Projections for 2023 to 2033
The percentage of boxing tournaments held around the world has increased significantly in recent years, resulting in greater involvement in this sport. This has prompted a rise in the number of fitness clubs. Boxing is gaining enormous popularity as a sport, with the AIBA International Boxing Association attempting to propel women’s boxing events into the Olympic program, which was held in Tokyo in 2020.
Multiple new boxing competitions have also been enlisted in the market. The International Championship Boxing League (ICBL) started operation in 2016 and became the world’s first competitive boxing league. As a result, these aspects spurred the market at a CAGR of 4.6% over the particular era.
The global demand for boxing gloves is predicted to grow significantly. Women and children are becoming more interested in boxing as a leisure and fitness activity. Doctors and medical professionals also recommend that people work out and engage in sports. According to Fact.MR’s analysis, 36% of the population was vigorously participating in sports in 2022, with that estimate anticipated to rise to 56% by 2033.
Which are Some Prominent Drivers of Boxing Gloves Market?
A new generation’s enhanced participation in sports will stimulate the market
The millennial generation puts a lot of emphasis on well-being and opts to maintain a healthy lifestyle. Youth participate in active sports, especially boxing, in moreover to abiding by a special diet and a stringent workout routine. Sports have numerous benefits, including promoting wellness and well-being, boosting confidence, and assisting in the maintenance of psychological health.
According to the European Union’s 2021 study on Youth Sport Participation, 75% of the 18 popular sports in Europe witnessed active participation by females aged 16 to 18, with boxing showcasing the largest increase of 86%. While males aged 16 to 18 showed 79% active engagement, females showed an 11% increase.
The rising number of female boxers will fuel market expansion
Women’s involvement in sports, along with boxing, has expanded in recent years, establishing the lucrative market potential for sport equipment manufacturers. As a consequence, in recent decades, the gender disparity among players in global tournaments and championships has reduced.
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The Olympic Agenda 2020, for example, requires the International Olympic Committee to collaborate with numerous International Federations to reach a minimum of 50% female participation in the Olympic Games. Boxing was earlier a male-dominated athlete. However, as a consequence of the impact of women’s empowerment and modifying value systems, the pattern has changed over the past decade, especially in developing countries. For instance, the International Boxing Association (AIBA) has expanded the number of women’s boxing categories in the Tokyo 2020 Olympic Games.
For women’s boxing, the Tokyo 2020 Olympics included at least five different weight categories. Women’s widespread adoption of boxing as a mainstream sport demonstrates a positive trend that will advantage the boxing gloves market over the coming years.
What are the Challenges Faced by the Boxing Gloves Market?
Boxing gloves induce more brain injuries, which is limiting sales growth
Contrary to popular opinion, punching with boxing gloves does not lessen the chance of brain injury. In reality, it may raise the probability while only lowering the risk of breaks and eye damage. While boxing gloves reduce or disperse the force applied, they produce the same destruction as punching bare-knuckled. These attributes are restricting the growth of the boxing gloves industry.
Comparative View of Adjacent Boxing Gloves Markets
Boxing Gloves Maret :
Attributes
Boxing Gloves Market
CAGR (2023-2033)
5.7%
Market Value (2033)
US$ 2.52 Billion
Growth Factor
The global demand for boxing gloves is expected to rise significantly as women and children are becoming more focused on boxing as a sports and leisure and fitness activity.
Opportunity
The most last several unique product releases and advanced technologies are anticipated to play a significant role in the global boxing gloves market’s growth prospects. Hayabusa Fightwear’s T3 Boxing Glove is largely viewed as the most technically sophisticated and protective boxing glove on the market.
Cricket Gloves Market :
Attributes
Cricket Gloves Market
CAGR (2023-2033)
2.8%
Market Value (2033)
US$ 80 Million
Growth Factor
Rising Cricket obsession among inhabitants to steer overall growth for Cricket Gloves and Enhanced Female involvement in Cricket to retain the growth trajectory of overall sales revenue are cruising market growth.
Opportunity
The market is witnessing increased participation from numerous countries in cricket leagues such as the IPL, T20 matches, ODIs, and so on, which are organized by the South Asian region.
Which Regional Market is the Most Profitable for Boxing Gloves Manufacturers?
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The market was dominated by North America. The majority of the population in the region understands the importance of living a healthy lifestyle. This has inspired them to take up outdoor and indoor games such as boxing. Furthermore, excess weight has lately emerged as a significant concern across the region, impacting individuals to adopt healthy lifestyles that assist them in maintaining their well-being and fitness.
Over the decades, boxing has risen in prominence as a fitness sport in the U. S. Based on the Outdoor Foundation’s annual report, nearly 5,240 million Americans participated in boxing for fitness in 2021. As the sport’s popularity grows, the region continues to witness the emergence of state-level and national-level boxing competitions and championships.
Furthermore, the Asia-Pacific market is predicted to register the highest CAGR of 5.9% from 2023 to 2033. Asia-Pacific will proceed to see significant gains as a consequence of increasing health awareness and boxing prominence in the region.
Country-wise Analysis
Which Nation in Asia Pacific Will Witness Huge Market Revenue?
The increasing prevalence of MMA to drive the market growth
The increasing prevalence of Mixed Martial Arts (MMA) and the increasing adoption of boxing gloves from India’s professional boxing sector are the key drivers of market growth. Furthermore, boxing is becoming increasingly popular as a type of fitness and self-defense training, particularly among women.
In the year 2022, India sent a team of 12 boxers to the IBA Women’s World Boxing Championship, where they won three medals. Besides that, the Asia Pacific hosts some of the most renowned boxing events, such as the Asian Amateur Boxing Championships, which are predicted to increase the consumption of boxing gloves in India.
Why Will United States Augment at a Rapid Pace Over the Forecast Period?
United States to emerge as leading exporter of Boxing gloves
Over the forecast period, the United States is expected to experience rapid market growth. The United States exports the majority of its boxing gloves to India, Guatemala, and Vietnam, and is the world’s largest supplier of boxing gloves. The United States is the leading exporter of Boxing gloves, with 3,200 shipments. USA
Boxing, for instance, is the national governing body in the United States that encourages and develops Olympic-style amateur boxing, enabling athletes and trainers to achieve continuous competitive success for international games such as the Olympics, The IBA World Boxing Championships, and The Commonwealth Games, among others.
Country-wise Forecast CAGRs for the Boxing Gloves Industry
Country CAGR
China
4.8%
U.S.
5.5%
Australia
4.4%
France
5%
Category-wise Insights
Which Buyer Segment Will Generate Highest Revenue?
Massive growth of boxing as a sport is boosting the Institutional Buyer segment
Based on the buyer, the institutional segment accounted for the largest boxing gloves market in 2021. The rapid development of the fitness and boxing Substance, the growing penetration of boxing as an exercise and leisure activity, the huge increase in boxing as a sport, and the widespread usage of boxing gloves in the industry are the two key factors influencing the boxing gloves market for institutional buyers.
Institutional buyers such as gyms, boxing clubs, and sports retail outlets have increased their consumption of boxing gloves as a result of these variables. Furthermore, the huge trend in various combat sports involving the application of boxing gloves is increasing the demand for this segment.
Why Will Third-party online channels Emerge as Key Segment?
Third-party online channel is predicted to be the fastest growing segment
Third-party online channels, followed by direct to customer brand outlets, are expected to be the fastest-growing sales channels for boxing gloves. Despite the fact that modern trade channels are expected to have a low CAGR in the sector, this sales channel segment will continue to lead the global boxing gloves market over the coming years.
Start-ups in the Boxing Gloves Market
- On February 24, 2020, The Loneliest Sport was launched as a Facebook and Instagram page devoted to the sport of boxing. The Loneliest Sports Ltd declared the launch of its exclusive spectrum of boxing apparel in February 2022, which includes 5 bespoke items and will be enlarged later this year. The expansion will include high-quality boxing equipment, such as boxing gloves.
- Liteboxer combines advanced technology, music, and expert training to deliver an engaging full-body boxing exercise. The company was established in 2016 and is headquartered in Hampton, New Hampshire. They recently released unique open-palm gloves. It allows for a smooth transition from punching to off-platform exercises for strengthening.
Market Competition
Reebok International Ltd., Adidas AG, Title Boxing Llc, Fairtex, Twins Special Co. Ltd., Sports Direct International plc.
- Everlast Worldwide Inc. released the Everlast Powerlock2 Pro Fight Glove in January 2022, the ideal balance of power and safety to retain hands secure while still providing a powerful punch.
- Adidas Boxing announced the release of its Tilt 350TM Professional Grade Training/Sparring boxing gloves in October 2021. The Tilt 350TM boxing gloves include a new registered design innovation that aids in maintaining a neutral wrist position, potentially reducing hand and wrist harm and rising punching 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
Source: https://t-tees.com
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