Growing numbers of resilient and safer floors for various sports activities, and increasing investments in boosting floor maintenance of athletic facilities in multi-purpose complexes offer revenue streams in the sports flooring market
Artificial turf flooring is expected to be the leading segment and is expected to remain so until 2030
ALBANY, N.Y., Sept. 1, 2020 /PRNewswire/ -- A number of indoor and outdoor sports and fitness facilities need flooring that are durable, easy to install, and shock absorbent. Demand for sports flooring with better materials is constantly growing in tennis, basketball, squash, gymnasium, group fitness, and cardio fitness activities.
Worldwide, gyms, yoga centers, Zumba, and indoor sports centers have expanded their spending on new flooring and renovations, thus increasing the revenue potential in the sports flooring market.
The appetite is high in Asia Pacific, with the regional market expected to clock CAGR of 5.5% from 2020 to 2030.
The sports flooring market is expected to clock CAGR of ~6% from 2020 to 2030, globally, and reach worth of US$ 19.5 Bn by the end of 2030.
TMR analysts opine that both governments and private players will play crucial role in the rising investments in the development of sports facilities, and hence in the expansion in the sports flooring market. This will pave way to the demand for new flooring materials, notably which are sustainable and environment-friendly.
Key Findings of Sports Flooring Market
Among the various product types in the sports flooring market, artificial turf flooring has been contributing sizable revenues
Artificial segment garnering revenues from its extensive demand in flooring for soccer, football, lacrosse, baseball, and hockey
Wood flooring is also a lucrative segment
Of the various applications, outdoor sports held a promising share
Of the various end users, commercial is expected to be the leading segment during the forecast period of 2020 – 2030
Of the various sports, football held a promising market share, vis-à-vis volume and value, in 2019
Among the various key regions, North America is a lucrative market
Sports Flooring Market: Key Driving Factors and Promising Avenues
Rapid pace of urbanization in several parts of the world has also stirred the populations to take active part if sports and fitness activities, thereby spurring the number of well-maintained sports facilities, especially for indoor sports
Rise in private sports clubs especially in the developed world has bolstered the demand in sports flooring market
The demand for high-end and low-maintenance sports flooring among facility managers has paved way to adoption of sustainable, environmentally friendly, and high-performance materials.
Demand for safer and more comfortable flooring in sports facilities, and fitness activities has also created new revenues in the market. In this regard, synthetic urethane, vinyl, and rubber flooring are gathering steam.
The use of sports flooring for branding activities is also expanding avenues for stakeholders in the sports flooring market.
Over the years, governments of numerous countries have been increasingly promoting Olympics, ICC Cricket World Cup, FIFA World Cup, and Wimbledon competitions. This has fuelled the demand for sports flooring for commercial use.
Of all the regions, North America has been a prominent share in the global sports flooring market. The regional market has seen vast spending on improving sports infrastructure in both indoor and outdoor facilities. In particular, the governments in these regions are fervently spending on sports and recreational facilities. In particular, the U.S. is expected to witness sizable revenues.
Most players are leaning on spending on expanding their production facilities in developing and developed countries. The competitive landscape is highly fragmented. To consolidate their shares, the top players are getting into acquisitions and strategic partnerships.
Well-entrenched players in the sports flooring market include Bauwerk Boen Group, LG HAUSYS, Interface, Inc., Tarkett Group, and Shaw Industries Group, Inc.
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