Global Sports Equipment and Apparel Market Expected to Reach $619,279 Million by 2023, Says Allied Market Research
PORTLAND, Oregon and PUNE, India, May 24, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "Sports Equipment and Apparel Market By Product, Sports, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 20172023," 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.
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Sports equipment are utility devices or tools useful for engaging in sports activity. Similarly, sports apparel is useful for boosting the sports performance with required comfort.
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Increase in fitness consciousness among consumers and rapid rise in per capita disposable income are expected to boost demand for sports equipment and apparels. In addition, trend of sports apparel among young sports enthusiasts and advancements in formulation of sports equipment fuel the market growth. However, decline in participation of the young generation in sports activity hampers the market growth. Moreover, increase in interest of consumers in leisure activities other than sports such as movies, musical concerts, virtual gaming, and others restrains the growth of the market. Conversely, increase in participation of various organizations in donation of these equipment and apparel to emerging sport enthusiasts and athletes with poor financial background is anticipated to provide lucrative opportunity for the market. For instance, Sports Gift, Let's Play It Forward, Global Sports Foundation, and One World Play Project are some of the well-known organizations that support the sports equipment donation process. Thus, rise in distribution of sports equipment and apparel through online retail platform is anticipated to boost the market growth in near future.
The other team sports segment is expected to dominate the sports equipment and apparel market during the forecast period, owing to increase in government and NGO initiatives for spreading sports awareness. However, fitness segment is expected to gain significant attention of highly fitness concerned consumers.
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.
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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.
Key Findings of the Sports Equipment and Apparel Market:
- In terms of value, the outdoor segment is expected to grow at a CAGR of 9.8% during the forecast period.
- North America is expected to dominate the market, registering CAGR of 6.0% in terms of value.
- Asia-Pacific is projected to show exponential growth in demand by 2023, growing at a CAGR 11.0% of in terms of value.
- Equipment segment accounted for more than half of the share of the total market in 2016.
- The offline distribution channel segment is estimated to register a CAGR of 6.9% during the forecast period.
- China and rest of Asia-Pacific collectively accounted for more than half of the total Asia-Pacific sports equipment and apparel market in 2016.
- In the global sports equipment market, Poland is expected to grow at a CAGR of 8.8%, in terms of value.
North America and Europe collectively accounted for about more than half of the share of the global sports equipment and apparel market in 2016. Developing lifestyle, rise in disposable income of consumers, and increase in sporting events are expected to drive the Asia-Pacific market.
Major players in sports equipment and apparel market are Decathlon S.A., Nike, Inc., Adidas AG, Puma SE, Under Armour Inc., Amer Sports Corporation, ASICS Corporation, Sports Direct International Plc., and V.F. Corporation New Balance, Inc.
Other prominent players in the market are:
- Galaxy International LLC
- Aqua Lung International
- Athleta Inc. (Gap Inc.)
- Burton Sportartikel GmbH
- Dita International BV
- Fischer Beteiligungsverwaltungs Gmbh
- Hi-Tec Sports Ltd. (Batra group)
- K2 Sports (Kohlberg & Company, LLC)
- Kookaburra Sport Pty. Ltd.
- Penalty (Cambuci S.A.)
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