Global Sports Gloves Industry

Global Sports Gloves Industry

  • April 2021 •
  • 265 pages •
  • Report ID: 5896565 •
  • Format: PDF
Abstract:
- COVID-19 Shaves Off $69.9 Billion in Sports Revenues, Leaving the Gloves Market Bleeding
- The global market for Sports Gloves is projected to reach US$1.7billion by the year 2027, after recording US$82.8million erosion in market value in the year 2020. With social distancing seen as the only available and effective way to slow the spread of the disease until a vaccine arrives, all sporting events have been cancelled in 1st and 2nd quarters 2020 all over the globe. Annual competitions have been suspended, and major sporting events postponed or cancelled ranging from football, cricket, fencing, hockey, Formula 1 racing, cycling, sailing to skiing. The Tokyo 2020 Olympics has been postponed to July 2021. Few of the other major sporting events cancelled include MLB baseball which was scheduled in March 2020; Nippon Professional Baseball in Japan; KBO League in South Korea; NBA Basketball; South Korean Basketball League; Series A in Italy; NBL in Australia; Euro League: Milan vs. Real Madrid; European Rugby Championship; Super Rugby; Asian skateboarding street championship; Alpine Skiing World Cup; Ski Cross World Cup; Snowboard World Cup; among numerous others. As a result the sporting industry is faced with immense financial challenges impacting event organizers, sponsors, broadcasting companies and participants alike. With all sporting events likely to remain muted until 2021, demand for sporting goods such as sports apparel, gloves, and equipment has and will remain impacted.
- Even as governments around the world begin to cautiously loosen restrictions and reopen the economy, all public places such as gyms, cinema halls, large retail shopping malls, schools, colleges, pubs, bars remain strictly closed. The scenario spells financial ruin for most gyms and fitness centers. Faced with abrupt and complete loss of revenues several gyms are struggling to survive. Mirroring the tough economic and business climate, 24 Hour Fitness Worldwide Inc. based in the United States in the month of June 2020 filed for bankruptcy saddled with a US$1.4 billion debt load. Although few of the gyms are reopening, customer footfall is expected to be low and will bring no meaningful relief for companies. In the United States, over 48 to 58 out of 100 regular gym goers are expected to refrain from going to gyms until the end of the year. Gym memberships are expected to decline sharply in the coming years. Even among the existing customer base, rising unemployment rates, eroding household wealth, and shrinking disposable incomes will push customers to choose budget-friendly fitness options. The scenario is impacting demand for gym gloves, workout gloves and exercise gloves which are purchased by gyms as well customers. Weight lifting gloves, for instance, are typically worn to prevent injuries, risk of developing calluses and rough hands and for a stronger grip on exercise equipment.
- The tourism industry remains worst impacted with countries across the world sealing their borders and banning regional and international air, and road transport. Quarantined and suspended cruises, grounded flights, and transportation restrictions via road has brought the travel industry to its knees. New regulations such as health screenings and immunity passports will disincentives consumer travel plans. The second wave of infections that are now beginning to accompanying the decision to open up the economy is expected aggravate the situation further. Against this backdrop, sports vacations and health and fitness travel have taken a massive hit. Currently muted is travel to exotic locations for indulgence in sports such as Nevis West Indies for cycling or triathlons; Western Australia for kayaking and tree climbing; Dolomite Mountains Italy for hiking and running; Crete Greece for swimming; Great Wall of China for marathon; Ciudad Perdida Colombia for trekking; coastlines of western UK for Coasteering; Caribbean for Cross Fit. The scenario has led to a sharp decline in demand and sales of sporting gear including gloves.

- Select Competitors (Total 38 Featured) -
  • Adidas America Inc
  • All-Star Sporting Goods
  • AML Group Ltd
  • Everlast Worldwide Inc
  • Gloves n Gloves
  • Grays of Cambridge
  • Hirzl AG
  • Kathmandu Outdoor
  • Mizuno Corporation
  • Nike Inc
  • Rawlings
  • SELECT SPORT A/S
  • TH-SPORT (H.K.) Ltd
  • Under Armour Inc
  • Wilson Sporting Goods