Portland, OR, March 26, 2019 (GLOBE NEWSWIRE) -- The global sports equipment and apparel market was valued at $384,562 million in 2016, and is expected to reach $ 619,279 million by 2023, registering a CAGR of 7.1% from 2017 to 2023. North America dominated the global sports equipment and apparel market in 2016, accounting for one-third share of the total revenue.
The sports equipment industry is rapidly evolving, owing to increase in adoption of emerging sports technologies and latest trends among youth population. Introduction of innovative products are the medium for manufacturers to sustain in the competitive market, attract new consumer, and cater to the requirements of the existing consumers. Increase in fan base of popular sport events such as Olympic, Indian premier league, FIFA, and others fuels the demand for sports equipment and apparels, which drives the growth of the market.
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In 2016, equipment segment dominated the Sports Equipment and Apparel Market in terms of value. Increase in preference of consumers for equipment owing to its high importance in sports activities fuels the growth of the segment. Moreover, evolving designs and increasing performance efficiency of these products drive segment growth.
In 2016, offline segment dominated the sports equipment and apparel market in terms of value, owing to the consumer proclivity towards experiencing feel, touch, build, and other sport-related attributes of product before purchase. In addition, quick availability and accessibility to exclusive products in these distribution channels is one of the major sales driver.
The global sports equipment and apparel market is segmented on the basis of product, sports, distribution channel, and geography. Based on product, the market is categorized into equipment and apparel & shoes. By sports, it is classified into bike, outdoor, tennis, other racket sports, running, fitness, football/soccer, other team sports, winter sports, watersports, and others. In terms of distribution channel, it is divided into online and offline. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Major players in sports equipment and apparel market include Decathlon S.A., Nike, Inc., Adidas AG, Puma SE, Under Armour Inc., Amer Sports Corporation, ASICS Corporation, Sports Direct International Plc., V.F. Corporation New Balance, Inc.
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