The sporting goods market is dominated by a few large companies, such as Nike, Adidas, Puma, and Under Armour. The Asia Pacific region is expected to be the fastest-growing market, due to its large and growing population and rising disposable incomes
New York, Jan. 16, 2024 (GLOBE NEWSWIRE) — Global Sporting Goods Market Overview
The global sporting goods market is anticipated to grow at a rate of 8.6%, reaching a value of US$ 1.65 trillion by 2033, compared to its 2023 size of US$ 722.2 billion, according to a recent analysis by Persistence Market Research.
Sporting goods encompass a wide range of designed equipment and accessories intended to enhance the performance, safety, and experience of individuals involved in sports and fitness activities. These products meet specific standards, safety regulations, and ergonomic considerations to ensure users can enjoy their favourite sports while minimizing the risk of injury.
In the competitive market, companies strive to stand out through product innovation, branding, marketing, and responsive customer service. Adaptability to changing consumer preferences and market trends is crucial in this dynamic and competitive industry.
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|Market Revenue 2023
|US$ 722.2 Billion
|Estimated Revenue 2033
|US$ 1.65 Triillion
|Growth Rate – CAGR
|No. of Pages
|By Function, Output, Application Regions, Brightness, Throw Distance, Application, Region
|North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa
|Key Companies Profiled
Sales Trends in Sporting Goods (2018 to 2022) vs. Future Projections (2023 to 2033)
Between 2018 and 2022, the global demand for sporting goods grew at a rate of 6.7%. The market outlook is positive, with a projected CAGR of 8.6% until 2033. This growth is driven by evolving consumer preferences, focusing on comfort, design, and technology. The industry has responded to the increasing awareness of environmental impact by offering sustainable, eco-friendly products made from recycled materials.
Technological advancements have led to the development of smart sports equipment, such as fitness trackers and smartwatches. Manufacturers are leveraging technology to create innovative products that appeal to tech-savvy consumers.
Investment in research and development is high, leading to the introduction of new materials, improved manufacturing techniques, and enhanced features in sporting products. The rise of e-commerce has expanded the reach of sporting goods manufacturers and retailers, offering convenience and a diverse range of products, contributing to increased sales of athletic goods.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at – https://www.persistencemarketresearch.com/market-research/sporting-goods-market.asp
Key Drivers of Market Growth
The increasing awareness of fitness and overall health is boosting the potential of the sports equipment market. Approximately 16 percent of the US population aged 15 and above is now involved in sports activities, according to data from the Bureau of Labour Statistics, indicating a growing demand that is likely to continue. The popularity of licensed merchandise in sports equipment further contributes to the market’s expansion.
Consumers today seek high-quality and advanced products for better performance, driving up global sports equipment market revenue. Ongoing innovations and improvements in sports equipment materials are encouraging more people to engage in sports.
Opportunities for Market Growth
The younger generation’s sedentary lifestyles have led to numerous lifestyle diseases, creating a significant need to shift towards sports for fitness. Increased awareness of sports is expanding the market size, with consumers showing interest in new trends like athletic and casual designs. Urbanization and rising disposable incomes are also driving people towards sports for a healthier lifestyle, providing significant opportunities for market growth.
Market Challenges and Constraints
While there are numerous opportunities for the sports equipment market, challenges exist. The sports industry faced difficulties during the pandemic, limiting equipment manufacturing and operations, which hindered market growth. Some individuals may perceive sports equipment as expensive, potentially impeding the anticipated increase in market size.
Competitive Scenario in the Sporting Goods Industry
The sporting goods market is highly competitive, offering a wide range of brands and models at different prices. Leading manufacturers like Adidas Group, Nike Inc., and Puma SE focus on research and development to create innovative products that enhance comfort and use improved materials, aiming to strengthen their position in the market.
In 2023, Nike announced a three-year collaboration with Liga BBVA MX Femenil, the Mexican women’s football league, showcasing its commitment to the global expansion of women’s football. As part of this partnership, Nike will be the exclusive sports partner for the league.
In 2023, Under Armour, Inc. introduced a new testing approach to address fiber shedding at its source, supporting the company’s sustainability goal of having 75% of its product fabrics made from low-shed materials by 2030.
In 2023, PUMA launched the Brilliance Pack, featuring women-specific fits named FUTURE, ULTRA, and KING, presenting vibrant new color combinations.
Market Segmentation Overview:
Product Insights into Sports Goods
The ball games category was the leading segment in the Sports Goods market, making up 34.0% of the revenue in 2021. This is because ball games, like cricket, basketball, and football, have widespread global appeal, resulting in higher earnings compared to other segments. The segment is anticipated to grow at a rate of 6.3% over the forecast period due to the increasing popularity of these events.
On the flip side, the fitness/strength equipment segment is expected to have the highest growth rate. Changes in urban lifestyles, characterized by demanding and sedentary work cultures, have led people to focus more on sports and fitness due to health concerns and higher disposable incomes.
Sales Channels Overview
Specialty and sports shops were the dominant sales channel, accounting for 45.0% of Sports Goods revenue in 2021. These stores offer a wide range of branded products and expert customer service, contributing to their growth. Online retail is projected to grow at a CAGR of 7.4% from 2022 to 2030, driven by increased internet penetration, targeted marketing, smartphone use, and consumer spending on e-commerce platforms.
North America led the Sports Goods market with a revenue share of 31.7% in 2021. The region’s government initiatives to establish arenas for popular games like football and basketball contribute to the positive market outlook. In the Asia Pacific, the market is expected to witness the highest CAGR of 7.3% over the forecast period. The COVID-19 pandemic led to a surge in fitness equipment sales in Asia Pacific countries in 2021. Growing interest in sports and the establishment of leagues in India, along with rising income and spending in emerging markets like China, India, and the Middle East, are driving the demand for sporting goods in the region.
Key Questions Answered in the Report:
- What factors contribute to the growth trends in the market?
- What is the present market size, and how is it anticipated to change in the forthcoming years?
- What key elements are influencing the market?
- How is the sporting goods market divided, considering types, fuels, applications, or other relevant factors?
- Who are the primary participants in the sporting goods market?
- What strategies are these players employing to establish a competitive edge?
- What factors are driving the expansion of the sporting goods market?
- Which regions are expected to experience notable growth, and what are the reasons behind it?
- What recent technological advancements are impacting the sporting goods industry?
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
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Originally published at https://www.einpresswire.com/article/681618475/sporting-goods-market-projected-to-achieve-a-cagr-of-8-6-expected-to-reach-a-market-share-of-us-1-65-trillion-by-2033-persistence-market-research