New York, United States, March 04, 2024 (GLOBE NEWSWIRE) -- Sports equipment are the valuable items necessary for participating in a sport and adhering to its rules and regulations. Moreover, this equipment and clothes are necessary for enhancing the performance of athletes.
The sports equipment market is expanding rapidly due to the growing acceptance of breakthrough sports technologies and the newest fashion trends among the youth. Manufacturers can sustain themselves in a competitive marketplace, attract new consumers, and meet the needs of existing consumers by introducing innovative products. An increase in the fan base of famous sporting events such as the Olympics, Indian premier league, FIFA, and others feed the need for sports equipment and apparel, driving the market growth. Moreover, the surge in the popularity of sports and fitness activities among young people drives the expansion of the industry as a whole.
Download Free Sample Report PDF @ https://straitsresearch.com/report/sports-equipment-and-apparel-market/request-sample
Increase in Sports and Fitness Awareness across the World to Drive the Global Sports Equipment and Apparel Market
According to Straits Research, “The global sports equipment and apparel market size was valued at USD 542 billion in 2021 and is estimated to reach an expected value of USD 1030 billion by 2030 at a CAGR of 7.4% during the forecast period (2022-2030).” The demand for sports equipment and gear has been spurred by the increase in sports training and development expenditures among youngsters due to increasing awareness of the benefits of partaking in sports activities, such as enhanced focus and problem-solving skills. In addition, the shifting paradigm of the educational system promotes the expansion of the sports business and related industries. In addition, sports education and sports training in academic institutions has substantially boosted awareness of sports and fitness. Thus, numerous schools and educational institutions provide pupils with training and the opportunity to compete in various sports tournaments. In addition, the increase in the state, national, and international tournaments organized by various governments worldwide contributes to increased youth sports participation and interest. This has increased demand for sports equipment and apparel, considerably contributing to the market's expansion.
Increase in Contributions by Various Organizations towards Donation to Provide Opportunities for theGlobal Sports Equipment and Apparel Market
Numerous significant brands are approaching an undeveloped market where sports facilities and products are in short supply. These leading players are constructing sporting facilities, sports centers, and playgrounds and promoting their products accordingly. Similarly, numerous organizations and NGOs donate sports equipment and gear, construct sports facilities, host free sports events, and provide free training for future athletes. In addition, a growing interest in sports among the youthful population is predicted to create prospects for the market in the near future. These factors collectively contribute considerably to the sports equipment and apparel industry's growth in unexplored regions.
Key Highlights
- Based on product, the global sports equipment, and apparel market is categorized into equipment and apparel & shoes. The equipment segment was the highest contributor to the sports equipment and apparel market and is estimated to grow at a CAGR of 7.4% during the forecast period.
- By sports type, the global sports equipment and apparel market is classified into the bike, outdoor, tennis, other racket sports, running, fitness, football/soccer, other team sports, winter sports, watersports, and others. Fitness was the highest contributor and is estimated to grow at a CAGR of 6.4% during the forecast period.
- In terms of distribution channels, the global sports equipment, and apparel market is divided into online and offline. The offline segment was the highest contributor to the sports equipment and apparel market, with $368,340 million in 2019, and is estimated to reach $639,220 million by 2027, growing at a CAGR of 7.4% during the forecast period.
Regional Insights
By region, the global sports equipment and apparel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America's sports equipment and apparel market, growing at a CAGR of 6.4% during the forecast period. North America, which consists of the United States and Canada, is one of the world's most extensive sports equipment and apparel marketplaces. The expansion of the sports apparel market in this area is primarily driven by the rising engagement in outdoor sports and adventure activities. In addition, individuals are now engaging in fitness activities such as running, jogging, and others to maintain their health and fitness, supporting market growth.
Europe is the second largest region. It is anticipated to grow at a CAGR of 5.8%. Europe comprises Germany, Poland, France, the United Kingdom, Austria, Italy, Switzerland, Sweden, Spain, Russia, Norway, Denmark, the Czech Republic, Hungary, Finland, Ireland, Belgium, the Netherlands, Luxembourg, and the remaining European nations. Increased health and fitness consciousness increase involvement in fitness activities such as the gym, swimming, and aerobics. Typically, consumers use tracksuits and ski jackets as casual attire. In addition, European women wear athletic apparel for daily activities. Numerous market leaders have depended on product innovation and technological developments to capture a substantial portion of this regional market. In addition, the increase in women's engagement in outdoor activities and the acceptance of athletic apparel as a fashion accessory contribute to the expansion of this industry in Europe.
Asia-Pacific is the third largest region. Asia-Pacific consists of Australia, China, Japan, Malaysia, Thailand, Singapore, South Korea, and the remaining Asian countries. Asia-Pacific is the largest and fastest-growing market region in the world. This is the result of stable economic conditions and rising disposable income. In addition, consumer desire for a healthy lifestyle and the constant growth of adventure tourism and expeditions contribute to the expansion of the regional market. Increased discretionary income and easy access to new, performance-enhancing sports clothes have led to a surge in the acceptance of premium items, which has fueled the expansion of the sports equipment and apparel sector. The Asia-Pacific market has enormous development potential due to the rising consumer spending power and middle-class population. In addition, the increase in marketing initiatives, such as intensive marketing campaigns and celebrity endorsements, contributes to the expansion of the outdoor sports gear market in the region.
Competitive Landscape
Major players in the global sports equipment and apparel market include Decathlon S.A., Nike, Inc., Adidas AG, Puma S.E., Under Armour Inc., Amer Sports Corporation, ASICS Corporation, Gap Inc., V.F. Corporation New Balance, Inc.
Market News
- May 2022 - Adidas AG (XETRA: ADS.DE) ("Adidas"), a global leader in the sporting goods industry, and Foot Locker, Inc. (NYSE: F.L.) ("Foot Locker"), the New York-based specialty athletic retailer, today announced a new and enhanced partnership built around product innovation, elevated experiences, and deeper consumer connectivity. This enhanced relationship will establish Foot Locker as the lead partner for Adidas in the basketball category, accelerate energy and hype launches, and include developing and expanding critical franchises across women's, kids, and apparel.
- March 2022 - Adidas announced today that as of February 28, 2022, it has formally completed the divestiture of Reebok to Authentic Brands Group (ABG). In several markets, Adidas will continue to operate the business on behalf of ABG during a transition period, following which the Reebok business will fully transfer to ABG's operating partners via a series of deferred local closings. These deferred local closings will occur later this year and in early 2023. In line with the definitive agreement signed in August 2021 and due to the formal completion of the divestiture, Adidas has now received the majority of the total consideration of up to € 2.1 billion in cash, with the remainder comprised of deferred and contingent consideration.
Global Sports Equipment and Apparel Market: Segmentation
By Product Type
- Equipment
- Apparel & Shoes
By Sports Type
- Bike
- Outdoor
- Tennis
- Other racket sports
- Running
- Fitness
- Football/Soccer
- Other team sports
- Winter sports
- Watersports
By Distribution Channel
- Online
- Offline
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/sports-equipment-and-apparel-market/segmentation
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 905 0080 (U.S.)
+91 8087085354 (India)
+44 203 695 0070 (U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter
