New York, March 21, 2024 (GLOBE NEWSWIRE) -- The global sporting goods market size is poised to grow at a CAGR of over ~4% from 2024 to 2036. The market is anticipated to garner a revenue of USD 800 billion by the end of 2036, up from a revenue of ~USD 535 billion in the year 2023.This growth can be attributed to sports' increasing popularity, particularly among younger generations. Additionally, the sports industry is sparked by the growing number of sports events and tournaments, the greater involvement of sports tourism and trips, the improved capability development infrastructure, and the development in performance gear, among other reasons that promote industry expansion resulting in market development.
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Overall, the sports industry consists of sporting merchandise, nutrition, and sports betting, among others. The sports equipment business has a total income of more than 164 billion U.S. dollars in 2023. This growth is being driven by an increase in consumer spending, as well as an increase in popularity of sports due to increased media coverage and the availability of online streaming services.
Increasing Participation in Sports and Fitness Activities to Boost Market Growth
As more people become interested in leading an active and healthy lifestyle, they are looking for sporting goods to help them achieve their goals. Furthermore, as more people participate in sports and fitness activities, they are looking for more advanced and specialized equipment to help them improve. Today, people are more involved in physical activity to preserve one’s health as well as for entertainment. According to the Physical Activity Guidelines for adults 18 and older in US, 46.9% meet the aerobic physical activity guidelines. With increasing awareness about the importance of physical fitness and overall well-being, individuals are actively seeking ways to incorporate exercise into their daily routines. Moreover, the emergence of fitness trends, such as yoga, Pilates, and high-intensity interval training (HIIT), has attracted a wider audience and encouraged them to invest in appropriate sporting goods. More than 320 million people throughout the world engage in yoga, with approximately 37 million of this people engaged from the U.S. only.
Sporting Goods Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Larges Presence of Sports Manufacturers to Drive the Growth in the North America Region
The sporting goods market in North America region is estimated to garner the largest revenue by the end of 2036. North America is home to a large number of people who participate in sports and other activities, as well as a large number of sports clubs, leagues, and professional organizations. Additionally, the region is also home to many major sporting goods manufacturers and retailers, which contribute significantly to the growth of the market. Based on the revenues, the US leads the Sports Footwear industry; in 2024, it is expected to reach $15.37 billion. One of the American successful brands and manufacturers is Nike, Inc. It is a multinational corporation of athletic footwear and apparel. As of June 2021, there are 1,295 Nike retail stores worldwide. In 2021, Nike’s online sales grew by 65%, and the digital sales took up to 30% of Nike’s direct channel revenue. Moreover, the popularity of professional sports events, such as marathons, triathlons, and team sports among regional population, has inspired individuals to participate and engage in similar activities.
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Increasing Awareness Of Health And Wellness to Drive the Growth in the Asia Pacific Region
The Asia Pacific sporting goods market is estimated to garner the largest revenue by the end of 2036 driven by the increasing awareness of health and wellness among the population. People are becoming more and more conscious of their health and are taking preventive measures to stay fit and active. The fitness population in China has reached an estimated number of about 370million people at the end of 2022. This has increased the need for sporting goods including exercise equipment, sportswear and other sports accessories. In 2021, China’s sportswear retail sales hit USD 50 billion, equivalent to 14% of the apparel industry in the country. Additionally, the growth of the professional and amateur sports industry in the region is also anticipated to contribute to the market growth.
Sporting Goods Segmentation by Product
- Adventures Sports
- Ball games
- Fitness/Strength equipment
- Athletic training equipment
The Ball Games segment in the sporting goods market is anticipated to hold the largest revenue by the end of 2036. This can be attributed to the increasing popularity of sports such as basketball and soccer, as well as the growing trend of recreational and leisure activities. There have been more than 200 million pairs of basketball shoes sold to date in 2020. The Nike Air Force 1 was the best-selling basketball shoe in 2020-2021. The segment is further bolstered by the rapid availability of technically superior sporting equipment, including high-grade golf balls. Every year, over a billion golf balls are offered selling. Titleist reported USD 670 million in golf ball sales in 2022. As more people take up sports, the demand for sporting goods is expected to continue growing, leading to more revenue for the Ball Games segment.
Sporting Goods Segmentation by Distribution Channel
- Hypermarket/Supermarket
- Convenience/Departmental Store
- Specialty Store
- Online Stores
The Specialty Store segment in the sporting goods market is anticipated to hold the largest revenue by the end of 2036. Specialty stores offer a wider range of products and services compared to traditional sporting goods stores. It also offers personalization, such as specific equipment, personal training, and expert opinions from professional employees. Therefore, customers pay a high price to receive these services, making specialty centers profitable. In 2021, only the total sales of sports stores in the United States were equal to almost 68 billion U.S. dollars. In addition, specialty stores cater to a specific niche market, such as runners, cyclists, or golfers. This allows them to focus on providing products and services that meet the unique needs of their customers, which can lead to higher customer loyalty and repeat business. Additionally, specialty stores often have a strong online presence, which allows them to reach a wider audience and increase sales.
A few of the well-known indsutry leaders in the sporting goods market that are profiled by Research Nester are Samsung Electronics Co., Ltd., ROHM Co., AMS AG, Sharp Corporation, Broadcom Inc., Apple, Inc., STMicroelectronics NV., DICK'S Sporting Goods, Elan Microelectronic Corp., Everlight Electronics Co. Ltd., Sitronix Technology Corporation, and other key market players.
Recent Development in the Sporting Goods Market
- Samsung Electronics Co., Ltd., a Worldwide Olympic and Paralympic Partner, along with a roster of inspiring global athletes, approved The official theme for the 2024 Olympic and Paralympic Games, the Paris 2024 Olympic and Paralympic Games “Open always wins,” to develop countless chances and fresh viewpoints thru operations both before and during the event.
- DICK’S Sporting Goods, in partnership with Juxtapose Studio, has released a campaign dubbed Click On DICKS.com to notify its clients that its exceptional customer support, exclusive items, and broad selection can still be accessed online.
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