Sports Equipment And Apparel Market Research, 2031
The global sports equipment and apparel market was valued at $340.6 billion in 2020, and is projected to reach $930.5 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.
The sports equipment and apparel market is segmented into Distribution Channel, Product Type and Sports Type.
Sports equipment are the utility equipment essential for engaging in sports activity, and aid to meet the rules and regulations of particular sport. In addition, these equipment and apparel are essential to enhance the performance of athletes.
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. Moreover, rise in popularity of sport and fitness activities among the youth propels the overall sports equipment and apparel market growth.
However, increase in preference for indoor activities such as playing video games and rise in use of smartphones among youth due to increase in internet penetration adversely affect the market growth. In addition, proclivity of consumers towards other leisure activities such as virtual reality gaming, watching movies, live music shows, and others restrains the growth of the sports equipment and apparel industry. Moreover, the seasonality of sports creates increases the preference for other leisure activities, owing to end of the sports season, which impedes the market growth.
The global sports equipment and apparel market is segmented on the basis of product type, sports type, distribution channel, and geography. Based on product type, the market is categorized into equipment and apparel & shoes. By sports type, it is classified into bike, outdoor, tennis, other racket sports, running, fitness, football/soccer, other team sports, winter sports, watersports, and others. On the basis of distribution channel, it is divided into online and offline. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and ROW.
By product type, equipment segment holds highest share of 52.6% in 2020, and it expected to maintain its dominance during the sports equipment and apparel market forecast. Consumers are progressively spending more on sportswear and its associated equipment with a large share of the expense constituting of athleisure clothing and accessories. The equipment segment remains highly competitive, owing to presence of many established market players. The market for equipment is thriving immensely on e-commerce, which is a popular retail medium nowadays that also offers consumers the benefit to compare all the available brands of sports equipment.
On the basis of sport type, fitness sports equipment and apparel market size was valued at $ 47,954 million in 2020, and is expected to reach $ 1,23,968 million by 2031 at a CAGR of 7.8%. Healthy living is the current trend and this trend is expected to remain relevant for a long time to come. People today have become very knowledgeable about health and fitness and have started to invest in different activities such as yoga, gyms, and many other forms of training to stay fit. This is expected to boost the growth of the sports equipment and apparel market
On the basis of distribution channel, online segment is expected to register highest CAGR of 8.6% over the forecast period. Online channel is one of the fast-emerging sales channels in the sports equipment and apparel industry. Consumers prefer online platforms due to their ease of accessibility and convenience. This platform offers a number of discounts on online purchase to attract more customers. Emergence of advanced technology fosters the growth of online channel business worldwide. Moreover, online sales have significantly contributed to revenue of the companies operating in the market. The key players in the market are increasingly collaborating with online channel sites to improve their market presence.
On the basis of region, Asia-Pacific is expected to reach $2,94,049 million by 2031. Asia-Pacific is the fastest growing and the largest regional markets in the world. This is attributed to stable economic condition coupled with increase in disposable income. Moreover, consumer’s preference for healthy lifestyle and consistent rise in adventure tourism and outings to contribute in the sports equipment and apparel Market share of the market in the region.
Major players in sports equipment and apparel market include Adidas AG, Asics Corporation, Decathlon S.A., Fila Holdings Corp., New Balance, Nike Inc., Puma Se, The Gap, Inc., Under Armour, Inc, and VF Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the sports equipment and apparel market analysis from 2020 to 2031 to identify the prevailing sports equipment and apparel market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the sports equipment and apparel market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global sports equipment and apparel market trends, key players, market segments, application areas, and market growth strategies.
Sports Equipment and Apparel Market Report Highlights
| Aspects | Details |
 By Distribution Channel |
|
 By Product Type |
|
 By Sports Type |
|
 By Region |
|
 Key Market Players | VF CORPORATION (VFC), GAP INC., DECATHLON S.A., AMER SPORTS CORPORATIONASICS CORPORATION, ADIDAS AG (ADIDAS), PUMA SE, UNDER ARMOUR, INC, NEW BALANCE, NIKE, INC. (NIKE) |
Analyst Review
The sports equipment and apparel market has witnessed steady growth even under several unrests such as global uncertainty, weakened global economy, terrorist attacks, and others. According to the insights of the CXOs, the other racket sports segment is anticipated to witness significant growth, owing to increase in health awareness and rise in sports awareness.
In addition, increase in sponsored sports events by government and private organizations to augment the participation of young population from the developing regions fosters the market growth. Moreover, rise in equipment donation by various organizations is anticipated to propel the market growth. Offline segment has enabled consumers to procure exclusive sports equipment and apparel with opportunity to try and experience the products.
The total market value of sports equipment and apparel market is $4,00,172 million in 2021.
By product type, sports type, distribution channel, and by region are the segments of the sports equipment and apparel market.
The global sports equipment and apparel market is expected to grow at a CAGR of 8.3% over the forecast period.
Increase in sports and fitness awareness across the world, Government initiatives towards sports activities and events, Increase in contribution by various organizations towards donation, and Rapid growth of online retail platform are some of the key trends in the sports equipment and apparel market.
Fitness is the the leading sports type of the global sports equipment and apparel market.
North America is the largest market for the sports equipment and apparel market.
The global sports equipment and apparel market is estimated $4,52,995 Mn in 2022
ADIDAS AG, ASICS CORPORATION, DECATHLON S.A., NIKE, INC, UNDER ARMOUR, INC, PUMA SE, are some the key companies holds largest share in the sports equipment and apparel market
Loading Table Of Content...
