New York, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The valuation of the global sporting goods market is estimated at US$ 722.2 billion in 2023 and is projected to reach US$ 1.65 trillion by the end of 2033, according to the latest market study by Persistence Market Research. The global sporting goods market is forecasted to expand at 8.6% CAGR by the end of 2033.
Rapid market expansion can be attributed to several factors, including increasing demand driven by advancements in materials, design, and technology. These advancements have led to innovative sporting goods that enhance both performance and comfort.
North America's sporting goods market is one of the largest and most diverse in the world. Some of the most popular sports in the world, including basketball, football, and baseball, are played in the region. Sporting items are also in high demand in North America due to the region's high disposable income.
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Increased disposable income and urbanization have boosted demand for sports and recreational facilities, thus pushing sales of sporting items for use in fitness centers and urban recreational spaces. Consumers with more disposable means are willing to invest in higher-quality and premium sporting items that provide enhanced comfort, durability, and style.
Key Takeaways from Market Study
- The global market for sporting goods is projected to expand at a high-value CAGR of 8.6% during the projection period (2023 to 2033).
- The market in the United Kingdom was valued at US$ 35.19 billion in 2022 and is predicted to expand at 11.7% CAGR through 2033.
- By product type, apparel is the leading segment in the market and is projected to expand at a CAGR of 7.8% from 2023 to 2033.
- Intermediate end users accounted 47.8% of product sales in 2022.
“Rising disposable income and urbanization are driving the demand for sporting goods. Increasing global involvement in sports and fitness activities is leading to higher spending on premium eco-friendly and luxury sporting goods that offer a blend of comfort and style. This trend is expected to contribute to the market's expansion in the coming years,” says an analyst at Persistence Market Research.
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Key Market Players
The report underlines detailed insights into the competitive scenario of the global sporting goods market, along with highlights regarding differential strategies used by manufacturers.
Leading manufacturers of sporting goods are Adidas AG, Nike Inc., Under Armour Inc., PUMA SE, AMER Sports, Admiral Sportswear Limited, Diadora S.p.A., Ellesse, ODLO International AG, Hummel International Sport & Leisure A/S, Fila Holdings Corp., Schäper Sportgerätebau GmbH, Jako AG, Hammer Sports, Polar Electro, Joma, Legea Company, KETTLER, WaterRower, and Reusch International SpA - AG.
Recent Developments
here are some recent developments of companies in the sporting goods market in 2023:
- Nike acquired the fitness tracker company Whoop in January 2023 for $340 million. This acquisition is part of Nike's strategy to expand its digital health and fitness offerings.
- Adidas partnered with the metaverse company Genies in February 2023 to create virtual sneakers. These sneakers can be used in virtual worlds like Roblox and Fortnite.
- Puma launched a new line of sustainable footwear in March 2023. The shoes are made from recycled materials and are designed to reduce the company's environmental impact.
- Columbia Sportswear acquired the outdoor apparel company Mountain Hardwear in April 2023. This acquisition will help Columbia expand its offerings in the outdoor recreation market.
Know More about Report Inclusions
Persistence Market Research published a new market report on the global sporting goods market, covering global industry analysis for 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights based on sporting category, product type, end user, sales channel, and region.
- Sporting Category: Football, Bike Sports, Tennis, Racket Sports, Outdoor Sports, Fitness, Running, Water Sports, Winter Sports, Golf, Other Sports
- Product Type: Apparel, Equipment, Shoes, Others
- End User: Beginner, Intermediate, Professional
- Sales Channel: Wholesalers/Distributors, Hypermarkets/Supermarkets, Specialty Stores, Multi-brand Stores, Independent Sports Stores, Online Retailers, Others
- Region: North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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For additional information on how the sporting goods market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
About Consumer Goods Division at Persistence Market Research
The Consumer Goods team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs by offering expert analysis, actionable insights, and strategic recommendations. With a repertoire of over 1,000 reports and 1 billion+ data points, the team has analyzed the consumer goods industry lucidly in 50+ countries for over a decade. We provide end-to-end research and consulting services; reach out to explore how we can help.
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