Boxing gloves refer to the cushioned gloves worn by boxers during fights and practice sessions. They are made to lessen the impact of punches on both the user and the opponent and are also used to protect the wearer's hands and wrists.
The main types of boxing gloves are sparring gloves, bag gloves, and competition gloves. Sparring gloves refer to training gloves with varied mold and padding in certain regions. These are made from various materials, including PU leather, genuine leather, and microfiber leather. These are sold through several distribution channels, such as supermarkets and hypermarkets, specialty stores, online retail, and others, and are used in various applications, including amateur boxing and professional boxing, by several end users, such as kids and adults.
The global boxing gloves market is segmented -
1) By Glove Type: Sparring Gloves, Bag Gloves, Competition Gloves
2) By Material Type: PU Leather, Genuine Leather, Microfiber Leather
3) By Distribution Channel: Supermarkets And Hypermarkets, Specialty Stores, Online Retails, Other Distribution Channels
4) By Application: Amateur Boxing, Professional Boxing
5) By End User: Kids, Adults
The global boxing gloves market is expected to grow from $1.23 billion in 2022 to $1.32 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The boxing gloves market is expected to reach $1.69 billion in 2027 at a CAGR of 6.3%.
The growing popularity of combat sports is expected to propel the growth of the boxing gloves market going forward. Combat sports refer to those in which competitors intentionally make complete contact with an opponent to score points, force an opponent to submit, or render an opponent helpless during a competition, match, or exhibition. Boxing gloves are used in combat sports, traditionally in boxing and kickboxing, to protect the boxer's hand from harm. The demand for boxing gloves has been dramatically enhanced by the popularity of various combat sports, resulting in market expansion. For instance, in December 2022, according to England Boxing, a UK-based national governing body of sport for boxing, during the academic year 2021-2022, around 227,600 youngsters in grades 7–11 participated in boxing at least once a week. Compared to the academic year 2020–21, this number is up 0.2%. Further, after the 2021–22 season, there were 995 club members and 25,315 individual members, respectively. With over six months of the 2022–23 season remaining, it seems likely that these statistics will be surpassed this year, as there are currently 988 club members and 21,139 individual members. Therefore, the growing popularity of combat sports drives the growth of the boxing gloves market.
Major players in the boxing gloves market are Nike Inc, Adidas AG, VF Corporation, Puma S, Columbia Sportswear Company, Reebok International Limited, Everlast Worldwide Inc., RDX Inc. Limited, Prolast Corporation, Amelia Impex, Ringside Inc., Revgear, Rival Boxing Gear, Title Boxing LLC, Renco Corporation, Twins Special Co. Ltd., Fairtex Equipment Co. Ltd., Bytomic Martial Arts, S.N Pride Sports, Ring To Cage Fight Gear, Century LLC, Combat Sports Inc., Hangzhou Amir Sports Good Co. Ltd., Pulse Sports LLC, Winmore China Enterprise Co. Ltd., Thomas Bilt, and Wahid Leather & Fitness.
Product innovations are a key trend gaining popularity in the boxing gloves market. Major companies operating in the boxing gloves market are focused on introducing innovative products and solutions to sustain their position in the market. For instance, in April 2023, Hayabusa Fightwear Inc., a Canada-based sporting goods provider, launched Hayabusa T3D, the world's first 3D-printed boxing gloves with thousands of force-dampening struts. The new T3D gloves use a mesh network of geometric cells designed to channel and absorb energy upon impact while keeping your hands comfy. This 3D lattice has thousands of force-dampening struts that have been shown to outperform and outlast conventional foam construction.
In January 2022, RAF Industries, a US-based private equity firm, acquired Hayabusa Fightwear Inc. for an undisclosed amount. With this acquisition, Hayabusa Fightwear Inc. will be able to accelerate its growth trajectory more swiftly and further realize its potential as a market leader. Hayabusa Fightwear Inc. is a Canada-based sporting goods provider, including boxing gloves, headgear, foot grips, and shorts.
North America was the largest region in the boxing gloves market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in boxing gloves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the boxing glove market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The boxing glove market consists of sales of training gloves, Mexican boxing gloves, Muay Thai gloves, and mixed martial arts (MMA) gloves. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The boxing gloves market research report is one of a series of new reports from The Business Research Company that provides boxing gloves market statistics, including boxing gloves industry global market size, regional shares, competitors with a boxing gloves market share, detailed boxing gloves market segments, market trends and opportunities, and any further data you may need to thrive in the boxing gloves industry. This boxing gloves market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.