A new report by Fact.MR estimates the global Boxing Gloves Market to exhibit a moderate CAGR through 2022. The global market for boxing gloves is expected to reach roughly US$ 150 Mn in revenues by 2022-end.
Boxing gloves, or, cushioned gloves, are worn by fighters on their hands at the time of boxing practices and matches. Boxing gloves are designed in a way to protect a fighterís hands during a bout. Although these gloves reduce the superficial facial injuries, users are enabled to lay stronger punches to head, thereby increasing risk of brain damage of the opponent.
Number of boxing tournaments worldwide has surged significantly over the past few years, leading towards an increased participation in this sport. This has further resulted into a rise in number of training clubs. Currently, boxing is gaining immense popularity as a sport, with the AIBA International Boxing Association seeking propulsion in events of womenís boxing in the Olympic program that is to be held at Tokyo in 2020. The market has also been witnessing registration of several new boxing tournaments. In 2016, International Championship Boxing League (ICBL) began its operations and became the first ever competitive boxing league in the world. In addition, the Boxing Federation of India has planned to launch the domestic boxing league in 2017, in a bid to increase the sportís popularity and accelerate sales of boxing equipment such as boxing gloves.
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A latest trend, gaining significant traction globally, is soaring popularity of womenís boxing. Womenís boxing has sought favor among tournaments, coupled with the acceptance among broadcasters. Nearly five weight categories associated to womenís boxing will be launched at the Tokyo 2020 Olympic Games. The aforementioned factors will influence demand for boxing gloves in the near future. Vendors in the market are focusing on expansion of their business in untapped and new regions around the world. Market players are concentrating on product innovation, such as lightweight gloves and headgear for women, with an aim to increase their market presence across the globe. The global market for boxing gloves is projected to exhibit a moderate expansion during 2017 to 2022, according to a report by Fact.MR. Revenues from the market are poised to reach nearly US$ 150 Mn by 2022-end.
Asia-Pacific excluding Japan (APEJ) is estimated to remain the largest market for boxing gloves. In 2017, the market in Europe will account for over one-fourth revenue share of the market, and is poised to lose 22 BPS in its market share between 2017 and 2022. Japan and North America will continue to be the fastest expanding markets for boxing gloves, with North America accounting for a relative higher market share than Japan, in terms of revenues.
Boxing gloves will remain preferred among glove types in the market, with revenues estimated to account for more than half share of the market over the forecast period. Revenues from sales of boxing gloves will reach approximately US$ 90 Mn by 2022-end. Demand for bag gloves, on the other hand, will remain comparatively lower than demand for boxing gloves in the market.
Third party online channel is anticipated to emerge as the fastest expanding sales channel for boxing gloves, followed by direct to customer brand outlet. Although modern trade channels are projected to register a low CAGR in the market, this sales channel segment will remain dominant in the global boxing gloves market throughout the forecast period. Franchise sports outlet are expected to be the second most lucrative sales channel for boxing gloves during 2017 to 2022.
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Revenues from purchases of boxing gloves by individuals will account for the largest share of the market, based on buyer type. In addition, revenues from sales of boxing gloves in institutions and for promotion purposes will collectively account for nearly US$ 65 Mn by 2022-end.
7 Key Estimations on Future of Global Boxing Gloves Market
Third party online channel will be the fastest expanding sales channel for boxing gloves in the market, followed by the direct to consumer brand outlet segment.
Despite modern trade channel will register a very low CAGR through 2022, its dominance in the market is estimated to remain unchallenged over the forecast period.
Asia-Pacific excluding Japan (APEJ) is poised to remain the most lucrative market for boxing gloves.
North America and Japan are estimated to exhibit the highest CAGRs in the market through 2022, with North America being more lucrative than Japan in terms of revenues.
Individual buyers are projected to account for the largest revenue share of the market. Revenues from boxing gloves sales for promotion purposes and in institutions will collectively reach approximately US$ 65 Mn by 2022-end.
Boxing gloves are expected to remain sought-after among glove types in the global market, accounting for over half revenue share of the market throughout the forecast period. Revenues from this segment are anticipated to reach US$ 90 Mn by 2022-end. However, demand for bag gloves will continue to be lower compared to that of boxing gloves in the global market.
Key market players profiled in Fact.MRís report include Sports Direct International plc, Twins Special Co. Ltd., Title Boxing Llc, Fairtex, Adidas AG, Reebok International Ltd., and Everlast Worldwide Inc.
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Boxing Gloves Market Insights and Major Trends Encouraging Growth until the End of 2022
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