The market for sporting goods is expected to flourish at CAGR of 4.1% over the forecast period 2018-2027.
— The sporting goods market has been segmented into ball sports, adventurous sports, fitness equipments, golf equipments, sports equipments, athletic footwear and athletic apparels among others. Among these segments, the ball sports segment is expected to dominate the market and is anticipated to reach around USD 82 billion by the end of forecast period i.e. 2023. It can be attributed towards enormous sale of sport products by means of ecommerce.
With an increase in personal disposable income combined with rising health concerns has forced consumers to adopt at least one sports activity in their daily routine. In addition to this, there is an increase interest among young generation to be active in sports as well as embrace it as their future career. These factors are anticipated to spur the growth of sporting goods market across the globe.
The market for sporting goods is expected to flourish at CAGR of 4.1% over the forecast period 2018-2027. Factors such as increasing curiosity among governments across the globe for organizing various sports events to promote sports and games activities in their countries are estimated to prosper sporting goods market by noteworthy revenue by the end of 2027. Government in these countries is launching various sports scholarships to encourage the participation of young generation in sporting events. Such transformation by these governments is likely to uplift the demand of sporting goods in these regions.
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In the regional segment, North America is anticipated to hold the largest consumer base of sports goods market owing to the increasing participation of younger generation in sports activities. North America market is estimated to reach USD 35 billion by the end of 2023 and is anticipated to reach market share of 40% in global market by the end of forecast period. Asia-Pacific market for sports goods is anticipated to expand at a higher pace over the forecast period owing to the developing sports infrastructure of developing countries coupled with the government initiatives to promote sports activities in the region
Rising Number of Sports Events: Major Uplift
Sports good market is majorly aided by rising number of sports events such as Olympics, common wealth games etc. It has broadened the participation of people as well as young generation in sports activities which will fuel the demand of sporting goods. This factor is envisioned to strengthen the growth of sporting goods market in upcoming years.
However, with absence of government regulations and trademark infringement, the quality of goods manufactured by local manufacturers is poor. Such factors are anticipated to hinder the growth of sporting goods market.
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The report titled “Global Sporting Goods Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global sporting goods market in terms of market segmentation by product, distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global sporting goods market which includes company profiling of Adidas, Amer Sports, Jarden, Mizuno, Nike and Under Armour.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the sporting goods market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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