2020 TSMA

28 2020 Taiwan Sporting Goods Manufacturers Association Mr. Jong-Chin Shen Minister of Ministry of Economic Affairs Rising Fitness Trend Boosts Sports & Leisure Industry to New Highs According to Research and Markets, the global sporting and equipment sector’s total revenue amounted to US$488.5 billion for 2018, with the compound annual growth rate since 2014 reaching 4.5 percent. The figure is projected to grow to 5.4 percent by 2022 when annual revenues are expected to top US$611 billion. With the global fitness trend continuing to grow, and the fast approaching 2020 Tokyo Olympics forecast to provide a further boost, Taiwan sporting goods and equipment makers are expected to benefit from increased business opportunities. Demand for fitness equipment has been on the rise thanks to the growing number of new gym openings at home and abroad, helping to boost Taiwan manufacturers’ sales both domestically and internationally. Data from the Ministry of Economic Affairs’ Department of Statistics clearly indicates this positive trend, with the Taiwan sporting goods industry’s production amounting to NT$24.2 billion (US$790.5 million) for the first six months of 2019, marking a new record high and an impressive 15.3 percent increase over the same period a year earlier. Taiwan sporting goods and equipment makers have been working to stay ahead of the game on the tech front, boosting their spending on research and devel- opment in recent years. In 2017, R&D spending reached a record high NT$1.26 billion, for an annual increase of 18.3 percent. Indoor fitness equipment has been the main force behind the growth seen