Pole Vault Equipment Market to Exhibit 3.2% CAGR and Generate $1,50,766.1 Thousand by 2031 | Research Dive
The global pole vault equipment market is expected to grow primarily due to the increasing popularity of pole vaulting tournaments and competitions. The institutional sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031
NEW YORK, July 7, 2023 /PRNewswire/ -- Global Pole Vault Equipment Market Forecast Analysis:
As per the report published by Research Dive, the global pole vault equipment market is expected to register a revenue of $1,50,766.1 thousand by 2031 at a CAGR of 3.2% during the forecast period 2022-2031.
Segments of the Pole Vault Equipment Market
The report has divided the pole vault equipment market into the following segments:
- Product Type: pole vault mat, vault box, cross bars, height gauge, pole vault uprights, accessories, and others
- Pole Vault Mat – Most dominant in 2021
The ongoing need for improved safety in the sport of pole vaulting is expected to push the growth of this sub-segment further. - Buyer Type: individual, promotional, and institutional
- Institutional – Highest market share in 2021
Institutions invest in high-quality pole vault equipment to support their sports programmes and offer safe and effective training facilities for their athletes. This is expected to boost the sub-segment in the 2022-2031 timeframe. - Sales Channel: sports variety stores, direct to customer channel, third party, online channel, and other channels
- Direct to Customer Channel – Most profitable in 2021
Through D2C channels, customers may quickly purchase pole vault equipment without leaving their homes or visiting a physical store, which is expected to push the growth of this sub-segment further. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
The rapidly growing popularity of pole vaulting as a sport, the presence of established manufacturers and suppliers, and the high level of investment in sports facilities are predicted to propel the market in the forecast period.
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Dynamics of the Global Pole Vault Equipment Market
The rising popularity of pole vaulting as a sport and exercise, especially among younger individuals, is expected to make the pole vault equipment market a highly profitable one in the forecast period. Additionally, the constant search for technological innovations in pole vault equipment material and design selection is predicted to propel the market forward. However, the high expense of pole vaulting equipment might become a restraint in the growth of the market.
Increased endorsements and sponsorships are predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increased awareness about the health benefits of pole vaulting is expected to propel the pole vault equipment market forward in the coming period.
COVID-19 Impact on the Global Pole Vault Equipment Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The pole vault equipment market, too, was negatively impacted due to the pandemic. Lockdowns and restrictions on public gatherings and sporting activities led to the cancellation or postponement of numerous sporting events, including pole vaulting competitions. In addition, sports teams and schools now have fewer resources due to the economic effects of the pandemic, making it more challenging for them to acquire high-quality pole vault equipment. These factors significantly hindered the market growth amidst the pandemic.
Key Players of the Global Pole Vault Equipment Market
The major players of the market include
- Gill Athletics
- ESSX
- Aluminium Athletic Equipment Co.
- Nordic Sport AB
- BSN Sports LLC
- United Canvas & Sling Incorporated
- Dimasport SA
- Blazer Athletic Equipment
- Altius Poles
- A.R.H. Sports Equipment Ltd.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in March 2020, ESSX, a top producer of pole vault equipment, launched its newest product, the bamboo to glass fiber reinforced polymer (GFRP) pole vault pole.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Pole Vault Equipment Market:
- How is the Popularity of Pole Vault Equipment Increasing and Evolving?
- Global Pole Vault Equipment Market to Experience Noteworthy Growth with a Rise in the Need for High-Quality Pole Vault Equipment
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