Posted On: 2020-05-04
Recreation solutions acquired the largest revenue share in the overall sports & fitness equipment and recreation solutions market in Saudi Arabia- 6Wresearch
The sports & fitness equipment and recreation solutions market revenues witnessed a steady growth in recent years as a result of rising number of sports and fitness facilities in the country due to government efforts to increase participation of masses in sports & fitness across the country. The Sports & fitness equipment and recreation solutions market revenues are anticipated to grow substantially over the coming years on the back of rapidly increasing recreation and leisure industry. However, on account of the pandemic COVID-19 spread in 2020, market revenues are anticipated to decline steeply in the current year as a result of halt in construction and renovation projects of sports facilities and recreation parks & entertainment centers.
According to 6Wresearch, Saudi Arabia sports & fitness equipment and recreation solutions market size is projected to grow at a CAGR of 14.7% during 2020-26F. Growing participation of youth population in sports & fitness activities, rising urbanization, growing number of commercial buildings, hotels and malls are some of the factors that would boost the construction of gymnasiums, entertainment centers and recreation facilities, that in turn would fuel the demand for sports & fitness equipment and recreation solutions over the coming years. As a result of rise in demand for leisure activities and introduction of action sports in the country, along with government’s aim to increase average spending on recreation activities from 2.5% in 2018 to 6% in 2030, out of total consumer spending, recreation solutions are anticipated to dominate the sports & fitness equipment and recreation solutions market revenues over the coming years.
According to Akash Sharma, Senior Research Analyst, 6Wresearch, “Government sector accounted for a major share in Saudi Arabia sports & fitness equipment and recreation solutions market in 2019 as most sports facilities and fitness clubs in Saudi Arabia are owned by the government, including the sport cities built in the country, sports stadiums along with indoor halls and swimming pools. As the government of Saudi Arabia started to invest heavily towards the development of sports & entertainment across the country, with plans for the establishment of new sports facilities and modernisation of existing facilities, along with development of concert halls and theatres, the government sector revenues would retain its position as a dominant shareholder in the sports & fitness equipment and recreation solutions market revenues during the forecast period.
With the privatization of several sports clubs and a rising number of private gymnasiums and recreation facilities, the private sector market revenues are also anticipated to flourish during the forecast period.” Akash further added.
According to Alpana Tyagi, Research Analyst, 6Wresearch, “The central region of Saudi Arabia garnered the highest revenue share in sports & fitness equipment and recreation solutions market in 2019 as a result of the concentration of a large number of sports & fitness facilities in this region. Also, the central region would continue to dominate the market revenues during the forecast period as well, owing to the construction of several entertainment centers and sports facilities across the region. Upcoming mega projects such as Al-Qiddiya entertainment city, sports boulevard project, and the King Salman park would also be located in the central region of the country thus, leading to increase in demand for sports & fitness equipment and recreation solutions in the central region of the country over the coming years.
Upcoming developments in the western region such as the Neom project and the red sea project along the west coast of Saudi Arabia, expected to be complete by 2025, would propel the growth of sports & fitness equipment and recreation solutions market revenues, in the Western region of the country during the forecast period.” Alpana concluded.
“Saudi Arabia sports & fitness equipment and recreation solutions market (2020-2026F)" report provides an in-depth analysis with 64 figures and 3 tables, covered in 118 pages. The report estimates and forecast the overall Saudi Arabia sports & fitness equipment and recreation solutions market by types, end-users and regions including Central, Western, Eastern and Southern regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics