The 21st century has led to a number of technological innovations that have made our lives immeasurably simpler and more comfortable. However, the biggest challenges can directly be linked to our sedentary lifestyle leading to diabetes, obesity, heart disease, and hypertension. Millions of people across the world have begun taking their health a lot more seriously now and exercising at the gym is no longer considered an option. However, not every individual tends to use gym gloves even though they are recommended by gym trainers to avoid hand or wrist injuries. Even though manufacturers are experimenting with different materials, shades, and fits, many gym goers may not be comfortable using gym gloves and might consider them to be an additional expense that may be deemed unnecessary. All of these factors play a part in restraining the growth of the gym gloves market.
Gym gloves are an essential for both newcomers as well as experienced fitness enthusiasts and are an important fitness accessory. Heavy weight lifting can lead to grievous injuries to the wrist, palms, or hands. Gym gloves are the perfect solution to avoiding this and can be evaluated on the basis of their padding, grip, quality, comfort, and cost.
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The Fact.MR report on the gym gloves market predicts it to grow to a value of just under US$ 1.2 billion by the end of 2022 and record a sluggish CAGR of 2.9%.
Fingerless gloves account for a revenue share of more than 3/5th of the gym gloves market by glove type and they are anticipated to remain popular throughout the course of the forecast period. The fingerless glove segment is likely to be worth approx. US$ 740 million by end 2022 making it imperative for key stakeholders in the gym gloves market to be present in this segment. Full fingered gloves comprise the balance market share and are estimated to lose their popularity going forward in favor of fingerless gloves. A CAGR that is even more sluggish than fingerless gloves in the gym gloves market is testament to this.
A similar market opportunity exists in the independent sports outlet and the franchised sports outlet in the gym gloves market and companies are advised to plan their distribution strategies accordingly. For both independent and franchised sports outlets, North America has the largest regional share and it represents roughly 40% of the gym gloves market. The North America independent sports outlet market is poised to grow to more than US$ 65 million by the end of the study and key stakeholders could like at targeting this distribution channel.
The Fact.MR report on the gym gloves market has profiled some of the prominent companies actively involved in the gym gloves market. These companies include NIKE, PUMA, adidas, Under Armour, Decathlon, Dick’s Sporting Goods, Implus Corporation, RIMSports, Gold’s Gym International Inc, Fila Korea Co Ltd., and Cutters Gloves LLC.
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Velcro is the most popular material type and it accounts for a market share of approx. a third of the gym gloves market in 2017. The Velcro market is likely to be grow to more than US$ 400 million by the end of the forecast period, making it imperative for key stakeholders in the gym gloves market to manufacture Velcro gym gloves. The neoprene segment closely follows Velcro and it represents a revenue share of a little over a quarter of the gym gloves market. Even though North America and Europe are the largest regional contributors to the neoprene gym gloves market, companies may wish to target Japan as it has the highest CAGR over the course of the forecast period
Leather gloves have a revenue share of slightly under a quarter of the gym gloves market and they are predicted to remain steady at this position. The main restraint for the growth of the leather segment of the gym gloves market is the comparatively higher price of leather vis-à-vis other material types. North America is the only region that is estimated to push past a value of US$ 100 million by end 2022, making it well-worth the while of all companies in the gym gloves market
The third party online channel is currently a niche segment of the gym gloves market in terms of distribution channels. However, it is highly likely that this segment will become extremely important in the days ahead as improving Internet connectivity will allow customers in both developed and emerging markets to purchase gym gloves as and when they choose. The APEJ region can be a potential goldmine for third part online channel distribution in the gym gloves market as millions of people are coming online in this region for the first time via their mobile devices
The modern trade channel segment comprises a quarter of the revenue share by distribution channel in the gym gloves market and is projected to grow to more than US$ 285 million by end 2022. North America alone consists of approx. 2/5threvenue share of the modern trade channels market and companies are advised to take this into consideration while devising their distribution strategies
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