Thailand’s sports equipment market to hit 32 billion baht

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The sports equipment market is set for significant growth in the coming years, thanks to a surge in consumer interest in health and wellness since the Covid-19 pandemic began.

 

President of the Thailand Sporting Trade Association Kitti Charoenpornpanichkul reported that the domestic sports equipment market reached a value of approximately 30 billion baht (US$826 million) last year. This figure surpasses the 25 billion baht recorded before the pandemic in 2019.

 

Driven by heightened consumer awareness about physical fitness and the adoption of active lifestyles, sales of sports equipment in 2023 saw a notable increase, with sports shoes accounting for half of the sales.

 

Kitti projected that the market value of sports equipment would climb to 32 billion baht this year, marking an 8% rise.

 

“The market will be driven by the increasing number of senior citizens participating in sports, recreation and leisure activities, and the growing number of youth academies.”

 

Additionally, the influx of individuals visiting Thailand for sports tourism activities has contributed to higher spending on sports equipment, said Kitti.

 

“I believe if Thailand does not face an economic slowdown, the sports equipment market will grow by more than 8%.”

 

Post-lockdown fitness trends have shifted as people have become more concerned about public health and safety, seeking convenient ways to stay active and maintain their health without frequenting fitness centres or sports facilities. This shift has further spurred demand for home sports equipment.

 

According to Kitti, reduced gym utilisation rates have prompted fitness business operators to adjust their models. Some have reduced the amount of exercise equipment to create more space for personal or group training sessions.

 

Chief executive of Fitness Innovations (Thailand) Ltd Suzanne Hosley, an education and training centre for fitness professionals, noted that the fitness industry is expected to improve in the second half of this year, with some sectors surpassing pre-pandemic levels, reported Bangkok Post.

 

By Alex Morgan

Image courtesy of jcomp on Freepik

 

Source: The Thaiger 2024-05-21

 

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