Wilmington, Delaware, United States, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The licensed sports merchandise market size was valued at US$ 30.8 Bn in 2021. Online manufacturers and retailers of licensed sportswear are increasingly leveraging the popularity of e-commerce to fuel sales of sports equipment, video games, and shoes and clothing. Rising popularity of regional and international sports leagues has led to a rapidly growing consumer base, thereby boosting the market outlook.
A meticulously obtained sales forecast for licensed sports merchandise by TMR analysts underscored a rapid commercialization of sporting events worldwide play a major role. The trend has invigorated the demand for licensed merchandise for a wide range of sports that includes endurance sports and e-sports.
Broadcasting of live sporting events, observed the TMR analysts, has opened up new growth frontiers for licensed sports merchandise market. Rise in viewership for e-sports has made a positive bearing on the market prospects.
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Key Findings of Licensed Sports Merchandise Market Study
- Demand for Sports Apparel and Accessories to Generate Sizable Opportunities: Rise in demand for sports apparel and accessories has underpinned tremendous growth opportunities for companies in the licensed sports merchandise market. The segment led the global market in 2021 and will continue to stay the course during the forecast period of 2022–2031. In part, substantial adoption of sports apparel is fueled by expansion of online retail distribution channels.
- Commercialization of Sports Enable Companies to Reap Steady Revenue Gains: The TMR analysis in the study opine that commodification of sports has generated vast momentum to the expansion of lucrative avenues in the licensed sports merchandise market. Commercialization of sporting events and tournaments will continue to act as a favorable trend for the marketing and sales of licensed sports merchandise, thereby creating sizable revenue streams.
Licensed Sports Merchandise Market: Drivers
- Rising viewership of national as well international sporting events in conjunction with growing consumer base for licensed sports apparel and accessories is a key driver of the licensed sports merchandise market. OTT platforms for sports broadcasting will positively impact future market demand for licensed sports merchandise.
- Sports participation is growing steadily in developed nations, including in endurance sports activities. This is expanding the canvas for players in licensed sports merchandise market.
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Licensed Sports Merchandise Market: Regional Growth Dynamics
- The licensed sports merchandise market in North America is projected to expand at a leading CAGR during the forecast period. Massive viewership for numerous sports in the region has spurred the demand. More importantly, widespread popularity of major professional sports leagues in the U.S., including NBA, MLB, and NFL, have expanded the scope of commercialization of licensed sports merchandise in the regional market.
- Rise in international sports and growing participation in sports have bolstered the revenue streams in the Asia Pacific market. The region is witnessing incredible avenues on the back of steadily swelling number of sports enthusiasts.
Licensed Sports Merchandise Market: Key Players
Leading companies and other prominent companies are implementing mergers & acquisitions strategy to gain shares in the licensed sports merchandise market.
Most manufacturers and retailers of licensed sportswear are leaning on expanding their product line by unveiling new designs in a bid to gain a competitive edge over others.
Some of the key market players are Fanatics, Inc., Sports Direct International plc, DICK’S Sporting Goods Inc., Hanesbrands Inc., Under Armour, Inc., Puma SE, Adidas AG, Nike, Inc., and VF Corporation.
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Licensed Sports Merchandise Market Segmentation
- By Product Type
- Sports Apparel
- Top Wear
- Jerseys
- T-Shirts & Tops
- Sweatshirts & Hoodies
- Jackets
- Others (Caps, Hats, etc.)
- Bottom Wear
- Track Pants
- Leggings
- Shorts
- Skirts
- Others (Socks, Capris, etc.)
- Others (Sleepwear, Baby Suits & Swimsuits, etc.)
- Top Wear
- Sports Footwear
- Sports Accessories & Toys
- Sunglasses
- Backpack
- Fishing Lure
- Others (Mugs, etc.)
- Video Games or Software
- Others (Domestic and Housewares, etc.)
- Sports Apparel
- By Price
- Premium
- Economic
- By Distribution Channel
- Online
- Company website
- Ecommerce website
- Offline
- Supermarkets/Hypermarkets
- Specialty Stores
- Other Retail Stores
- Online
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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