It is estimated that the Sporting Goods Market was worth USD 60.2 billion in the year 2020 and is expected to increase up to USD 72.1 Billion in 2027, with a CAGR of 2.6 percent for the Forecast Period 2021 to 2027.
Sports Goods: Introduction
The increasing awareness and importance of sports activity is the major reason behind the growth of the Global Sporting Goods Market.
Sports is considered to be the most effective tool of entertainment. It is essential for fitness, health and building a sustainable, prosperous future for the next generation. In daily routine life, it is essential to include at least one sporting activity for both mental and physical health.
The Global Sports Goods Market Size & Forecast:
The market for sports goods is predicted to experience significant growth over the coming 5 to 6 years. This is due in large part to the growing amount of healthy consumers who have incorporated sport into their routine. In the sports industry in general, including sports tourism, sports clothing and sports sponsorship products, sporting goods and more sports-related products are expected to be a major contributor within the overall industry of sports. This has led to a rise in the competition among manufacturers of sporting goods, which has resulted in higher distribution channels, better costs, quality, and effective supply chain management to ensure long-term sustainability on the market. Within the various areas, North America holds the most share in terms of value and is predicted to continue its dominance within the next few years. The prospects for growth of the market for sporting goods are favourable for the Asia Pacific region.
Other factors driving growth in the market for sports goods are the growing retail sector, rising disposable incomes of consumers, the growing support of governments and inclination for sports in a variety of countries, increasing awareness of consumers of fitness and health.
The sport is now gaining prominence due to a huge number of sporting events held around the world, such as the world cup, Olympics, Asian games and so on. Sporting activities are now mandatory by government agencies in colleges and schools to motivate students towards a career in sports. The governments of every country all over the world are taking the initiative to enhance the sport in their nations by organizing various sporting activities to help the younger athletes and investing massively in the development of the sports infrastructure of their respective countries.
Market Drivers and Market Challenges for the Global Sports Goods Market:
The market for sports-related goods is driven by the increasing number of sporting occasions like Olympics, commonwealth games, etc. This has increased the involvement of people in sporting activities that will also increase the demand for sports goods in the coming 5 to 6 years. The rising health risks and the growing disposable incomes of consumers have forced them to incorporate at the very least one sports activity as part of their daily lives. Furthermore, younger generations are more engaged in pursuing sports as a potential job. These elements are likely to boost the growth of the sporting products market around the world.
The governments of the world organize various sporting events to promote sport and games in their respective countries. The governments of emerging countries like India and China have made huge investments to build sports infrastructure within the country. The governments of these countries have launched a number of sports scholarships in order to increase young athletes to participate in sporting events. The reforms of these governments will also boost the demand for sporting goods in these areas. The market for sports goods is a non-organized market. Quality of products made locally by local companies because of the absence of rules and regulations by the government trademark infringement, among other aspects that are expected to slow the growth of the market.
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The Key Market Segmentation of the Global Sports Goods Market:
Global Sports Goods Market can be divided into Product Types, Distribution channels, End-User / Applications, and Geographical landscapes, etc.
Sports Goods Market Segmentation By Product Type:
Ball Sports
Adventurous Sports
Fitness Equipments
Golf Equipments
Sports Equipments
Athletic Footwear
Athletic Apparels
Sports Goods Market Segmentation By Distribution Channel:
Hypermarket/supermarket
Convenience/Departmental Store
Specialty Store
Online Store
Others
Sports Goods Market Segmentation By Geographical Landscape:
North America
Europe
Asia Pacific
South America
Middle East and Africa
Major Key Players in the Global Sports Goods Market Are:
Nike Inc.
Reebok
Adidas AG
Puma S.E.
F. Corporation
Asics Corporation
Under Armour Inc.
Amer Sports Corporation
MIZUNO Corporation
Skechers USA, Inc.
Converse Inc.
Brooks Sports Inc.
The North Face, Inc.
YONEX Co. Ltd.
The Covid-19 Impact Analysis:
Ball Sports Equipment, one of the segments that are analyzed in the report, is expected to grow at the highest growth rate of 3.3 percent CAGR and hit US$26.1 billion by the end of the analysis period. After a thorough examination of the implications for business of the pandemic and the economic turmoil that it has caused, and its resulting economic crisis, the growth rate in this Water Sports Equipment segment is updated to a revised 2.8 percent CAGR over the following 7 years.
The Global Sports Goods Market Report Highlights:
Global Sporting Goods Market to reach $72.1 Billion in 2027.
It is estimated that the Global Sporting Goods Market size was estimated at USD 60.2 Billion in the year 2020 and is predicted to rise to USD 72.1 Billion by 2027, with the Compound Annual Growth Rate (CAGR) in the range of 2.6 percent for 2021-2027.
Ball Sports Equipment, one of the segments that are analyzed by the study, is expected to register an increase of 3.3 percent CAGR and will reach US$26.1 billion by the close of the analysis. Following an initial review of the business consequences of the pandemic and the caused economic crisis, the development of this Water Sports Equipment segment is updated to a revised 2.8 percent CAGR over the next seven years.
It is estimated that the U.S. market will be at $16.3 Billion. China is forecast to grow at the rate of 5% CAGR.
It is estimated that the Sporting Goods market in the U.S. is estimated at US$16.3 Billion in 2020. China is the second-largest economy, is expected to grow to a value that is US$14.6 Billion by 2027. This will be accompanied by the growth rate of 5% for the time period between 2020 and 2027.
Other notable geographical markets include Japan and Canada with each expected to expand at 0.6 percent and 1.9 percent, respectively, during the 2020-2027 timeframe. For Europe, Germany is forecast to expand at around 1.2 percent CAGR.
Air Sector for Sports Equipment to Record 1.9 percent CAGR.
For the international Air Sports Equipment segment, the USA, Canada, Japan, China and Europe will be the main drivers of the 1.5% CAGR that has been estimated for this sector. These markets are worth USD 4.5 Billion and are expected to reach USD 5 Billion at the end of the analysis period.
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