The Indian sports and fitness goods market is projected to reach US$ 5,565 million by 2023 at a CAGR of 9.0% during 2019-2023 five-year period. The market was valued at $ 3,314 million in 2017.
The rising interest in health, fitness, better level of awareness, expansion of physical education institutions, professionalism in sports and an expansion in the business of sports are the key attributes to augment the sports industry in the country.
Indian Sports and Fitness Goods Market Drivers, the report by ResearchAndMarkets.com, highlights the growth and projections for the sports and fitness market in India.
Sports is considered an important part for the overall growth of an individual. As a result, numerous schools, colleges and other public institutions in India are encouraging students to opt for physical education as well as other curricular activities. Besides this, growing awareness about personal health among the Indian population has led them to join health clubs and gyms or actively participate in different sports.
In addition to this, they are also engaging in unconventional fitness activities like zumba, kickboxing and aerobics. Rising interests in these activities has augmented the expansion of fitness centres across the region, in turn, propelling the growth of the market according to the report.
India represents a large customer base for sports goods. The population of India in 2017 was around 1.3 billion which is equivalent to around 18% of the total world population. Moreover, a large share of its current population is represented by the young generation. The age group 15-29 years constitutes more than a quarter of the total Indian population, which is the target consumer base for sports and fitness products.
Social media has largely grown to encompass a major proportion of the Indian population and is acting as a catalyst in driving the growth of the sports and fitness sector. Sports and fitness product manufacturers directly communicate with their targeted audience.
Sportspersons use social media to endorse brands with millions of fans hitched to their social media pages.
The growth of sports and fitness industry and business is leading to private investments in sports infrastructure development. The government agencies are upgrading existing infrastructure. Sports facilities are being developed at State-owned public facilities like parks, clubs and health centres. There is a significant rise in private investment in sports infrastructure. Majority of residential societies are coming up with clubs, gymnasiums and facilities for outdoor sports. The infrastructure in schools, colleges and other institutions are being upgraded. There are facilities like gyms, swimming pools, stadiums, playing courts. The demand and trends for these facilities are on the rise.
India’s economic growth has resulted in a continuous growth in income and expenditure. As a result, consumers have started focusing on personal wellbeing. This has resulted in an increase in the demand for gyms, fitness centres, and other fitness related activities. Health and fitness awareness is also opening business avenues for the industry.
The report divides the Indian sports and fitness goods market into ball games, adventure sports, fitness goods and golf goods. Among these, balls represent the largest product segment.