Boxing Gloves Market Worth $2.24 Billion by 2031 - Exclusive Report by Coherent Market Insights

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Jun 14, 2024, 11:15 ET

BURLINGAME, Calif., June 14, 2024 /PRNewswire/ -- The global Boxing Gloves Market size is projected to grow from USD 1.53 billion in 2024 to USD 2.24 billion by 2031 at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period, according to a new report by Coherent Market Insights. The popularity of boxing and other combat sports like MMA has been steadily rising globally in the recent years. More and more people are taking up boxing as a hobby or professional sport. This has led to rising demand for boxing gloves which are an essential equipment needed to play the sport.

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Market Dynamics:

The boxing gloves market is primarily driven by the increasing participation in boxing sports. According to the Allied Market Research, over 25 million people participate in boxing sports in the U.S. alone. Also, the rising number of boxing events and tournaments worldwide is encouraging new participants to take up the sport. For instance, over 2,000 boxing tournaments are organized annually in the U.S. Moreover, increasing popularity of combat sports such as MMA is positively impacting the sales of boxing gloves. However, availability of counterfeit products may hinder the market growth.

Boxing Gloves Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$1.53 billion
Estimated Value by 2031	$2.24 billion
Growth Rate	Poised to grow at a CAGR of 5.6%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Size, By Material, By Type, By Byers
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Rising fitness and health consciousness • Popularization of mixed martial arts
Restraints & Challenges	• Availability of cheaper counterfeit products • Risk of injuries may discourage new participants

Market Trends:

Adoption of new fabrics in gloves: Manufacturers are focusing on adoption of new breathable and lightweight fabrics such as neoprene, microfiber, and spandex for production of boxing gloves. These fabrics provides optimum breathability, comfort, and durability. For instance, in 2019, Everlast introduced Powerlock 2.0 gloves made from breathable microfiber fabric and foam padding for effective performance.

Rising demand for customized gloves: There is a rising demand for personalized and customized boxing gloves among professional and amateur boxers. Manufacturers are offering wide range of color and design options along with customization of weight ounces, padding types, and fits according to the boxer's hand size, fighting style, and weight category. This trend is expected to continue over the forecast period.

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Market Opportunities:

Bag gloves dominate the glove type segment of the boxing gloves market. Bag gloves are primarily used for hitting punching bags for training purposes. They are padded to absorb the impact of punches without causing any harm. Bag gloves come with extra padding on the knuckles and back of the hand for enhanced protection and comfort during rigorous bag workouts. The extra padding helps boxers to practice their punching technique with force for longer duration without experiencing pain or injuries.

The professional boxing application segment holds the largest share in the boxing gloves market. Professional boxing requires protective gear of highest quality and performance to ensure safety of boxers during bouts. Professional boxing gloves are specifically designed for televised championship matches through rigorous certification processes. They feature extra padding on knuckles, have well-distributed weight throughout the glove, and follow size regulations as per leagues to reduce risk of injuries.

Key Market Takeaways:

The global boxing gloves market size was valued at USD 1.53 billion in 2024 and is anticipated to witness a CAGR of 5.6% during the forecast period 2024-2031. Growing popularity of combat sports and increasing number of boxing clubs and professionals are driving the market.

On the basis of glove type, bag gloves segment dominates the market owing to their use in regular training sessions for boxers to practice techniques. By application, professional boxing leads the market as quality, protective gear is imperative during televised matches and championships.

In terms of sales channel, offline distribution channel has larger share due to the opportunity to physically try gloves and choose suitable size and fit.

Regionally, North America holds the largest market share due to high participation in amateur and professional boxing.

Some of the leading players in the global boxing gloves market are Everlast Worldwide, Inc., Revgear, and Century LLC. These companies cater to both amateur and professional segments through innovative product offerings.

Overall, the boxing gloves market is expected to witness steady growth due to rising popularity of combat sports among amateur and professional athletes globally.

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Detailed Segmentation-

By Size:

- 4 to 10 oz
- 12 to 18 oz
- Above 18 oz

By Material:

- PU Leather
- Leather
- Superskin
- Others

By Type:

- Training Gloves
- Bag Gloves
- Others

By Buyers:

- Institutional
- Individual

By Region:

North America:

U.S.
Canada

Latin America:

Brazil
Argentina
Mexico
Rest of Latin America

Europe:

Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe

Asia Pacific:

China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific

Middle East:

GCC Countries
Israel
Rest of Middle East

Africa:

South Africa
North Africa
Central Africa

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Boxing Equipment Market: The boxing equipment market size is expected to reach US$ 2.9 Mn by 2030, from US$ 1.9 Mn in 2023, at a CAGR of 6.5% during the forecast period.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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