Fitness has gained a lot of attention recently, which is prompting people to spend more on fitness-related activities such as going to the gym, enrolling in Yoga courses, or taking dance classes. In various regions, gyms and personal fitness centers are increasing due to changing lifestyles, changing eating habits, and increased health awareness.
The global sports flooring market is estimated at US$ 2,746.13 Million in 2023 and is forecast to reach US$ 3,800 Million by 2033, growing at a CAGR of 3.3% from 2023 to 2033. According to an estimate, the sales of sports flooring are expected to account for nearly 11% of the total market share by 2023.
According to Fact.MR, the market sports flooring exhibited a CAGR of 2.9% in the historical period 2018-2022. When laying sports flooring, a lot of characteristics are carefully considered and are laid after taking many factors into account. For instance, shock absorption, which is essentially measured in percentage, displays the amount of impact that the floor typically absorbs. These features are likely to help to gain more market reach for sports floorings.
In addition to its performance, sports flooring has to withstand rolling loads and face ball rebound, further boosting its demand on the global market. Engineered wood is becoming a popular synthetic surface for sports floors as a result of advancements in technology and material science. Based on the above factors, it is predicted that the global sports flooring market would experience a boom between 2028 and 2032, creating an absolute dollar opportunity of US$ 556.4 Million.
The increasing number of sports enthusiasts and the new materials being used in sports floors are also expected to drive demand. Additionally, increasing investments in research and development and infrastructure development are contributing to the growth of fitness center demand. Thus, the market for sports flooring is expected to register a CAGR of 3.3% in the forecast period 2022-2032.
Market Competition
Among the leading market players, Bushnell Inc., Leupold & Stevens Inc., Burris Company Inc., Vortex Optics, and SAM Electrical Equipment Ltd. dominate the market. As a result of the presence of regional and domestic players, the global market is highly competitive and consolidated. Several marketing strategies have been employed by leaders such as collaborations, mergers, acquisitions, expansions, and partnerships.
To maximize their market positioning among customers, major corporations use innovative approaches to product development. Consequently, environmentally friendly sports floors have been integrated into sports, which are less toxic and do not compromise on quality.
Key Segments Profiled in the sports flooring Industry Survey
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