According to a recent report by Fact.MR, market research and competitive intelligence provider, the global Boxing Gloves market will be worth around US$ 1.45 Billion in 2023. Sales of Boxing Gloves are anticipated to accelerate at a CAGR of 5.7% to top US$ 2.52 Billion by 2033. The global demand for boxing gloves is expected to skyrocket. Women and children are extremely involved in boxing as an outdoor recreation and fitness activity. Physicians and other medical professionals also advise people to exercise and participate in sports.
Women’s participation in sports, particularly boxing, has increased in recent years, constructing a valuable market opportunity for sport equipment manufacturers. As a result, the gender gap among participants in international tournaments and championships has narrowed in recent years. For example, the Olympic Agenda 2020 requires the International Olympic Committee to work with numerous International Federations to achieve a minimum of 50% female participation in the Olympic Games.
The market was ruled by North America in 2022. The majority of the residents in the region emphasize the power of leading a healthy lifestyle. This has influenced them to undertake outdoor and indoor games such as boxing. Moreover, obesity has recently emerged as a major concern throughout the region, prompting individuals to embrace healthy lifestyles that help them maintain their fitness levels.
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Key Takeaways from Market Study
- Boxing has grown in popularity as a fitness sport in the United States over the years. According to the Outdoor Foundation’s annual report, nearly 5,240 million Americans will participate in fitness boxing in 2021.
- From 2023 to 2033, the Asia-Pacific market is expected to grow at the fastest rate of 5.9%.
- According to Fact.MR’s analysis, 36% of the population participated vigorously in sports in 2022, with that figure expected to rise to 56% by 2033.
- Historically, the market expanded at a CAGR of 4.6%.
- With 3,200 shipments, the United States is the largest exporter of Boxing gloves.
“the global demand for boxing gloves is predicted to grow significantly. Women and children are becoming more interested in boxing as a recreational and fitness activity. Doctors and healthcare consultants also recommend people exercise and engage in activities that will additionally drive market growth.” says Fact.MR’s analyst
Key players in the Boxing Gloves market are Everlast Worldwide Inc., Reebok International Ltd., Adidas AG, Title Boxing Llc, Fairtex, Twins Special Co. Ltd., Sports Direct International plc.
- Everlast Worldwide Inc. launched the Everlast Powerlock2 Pro Fight Glove in January 2022, the excellent balance of power and protection to retain hands secure while still delivering a powerful punch.
- Adidas Boxing has declared that its Tilt 350TM Professional Grade Training / Sparring boxing gloves will be available in October 2021. The Tilt 350TM boxing gloves feature a new enrolled design innovation that aids in the maintenance of a neutral wrist position, potentially reducing hand and wrist injury and increasing punching power.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the chromatography syringes market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of, 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), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).