Sporting Goods Market Is Projected To Expand With A Higher Momentum Witnessing A CAGR Of 4.1% Till 2023 (Impact of COVID-19 on Global Market)

Sports has proved to be one of the most effective tools for entertainment, health and building a sustainable and prosperous future for next generation. For both physical and mental health, it is necessary to include at least one sports activity in daily life routine. The rising awareness and importance of sports activities is majorly driving the sports goods market across the globe.

“The CAGR value Could change due to COVID-19 Pandemic on Global Industry”

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Market Size & Forecast

The global sporting goods market is anticipated to expand with a higher momentum witnessing a compound annual growth rate of 4.1% over the forecast period i.e. 2016-2023. North America is anticipated to hold the largest consumer base of sports goods market, owing to the increasing participation of younger generation in sports activities. North America market is estimated to reach USD 35 billion by the end of 2023 and the market is anticipated to reach market share of 40% to the global market by the end of forecast period. Asia-Pacific market for sports goods is anticipated to expand at a higher pace over the forecast period owing to the developing sports infrastructure of developing countries coupled with the government initiatives to promote sports activities in the region.

Global sports equipment market is expected to reach USD 82 billion by the end of 2023; this can be attributed towards huge sale of sports product by E-commerce means. Ball sports segment is anticipated to reach USD 28 billion by the end of 2023 witnessing a compound annual growth rate of 4.1% over the forecast period. Now-a-days sports career is achieving popularity due to large number of sports events organised across the globe such as world cup, Olympics, Asian games etc. Sports activities are now made compulsory by the government bodies in school and colleges to encourage the generation towards sports career. Government of all countries across the globe are taking initiatives to develop sports activities in their countries by organising various sports events to encourage the young players and by making huge investment to develop the sports infrastructure of their countries

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Key Players

Adidas
Amer Sports
Jarden
Mizuno
Nike
Under Armour
Scope and Context

Market Segmentation

By Product

Ball Sports
Adventurous Sports
Fitness Equipments
Golf Equipments
Sports Equipments
Athletic Footwear
Athletic Apparels
By Distribution Channel

Hypermarket/supermarket
Convenience/Departmental Store
Specialty Store
Online Store
Others
By Region

Global Sporting Goods Market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

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Growth Drivers and Challenges

Sports goods market is majorly propelled by rising number of sports events such as Olympics, common wealth games etc. This has increased the participation of consumers in sports activities which will further fuel the demand of sporting goods in upcoming 5-6 years. Rising health concerns along with the increasing personal disposable income of consumer has forced consumers to adopt at least one sports activity in their daily routine. In addition to this, young generation is more active to adopt sports activities as their future career. These factors are anticipated to spur the growth sporting goods market across the globe.

Governments across the globe are organising various sports events to promote sports and games activities in their countries. Government of developing countries such as India and China are making huge investments to develop sports infrastructure in the country. Government in these countries are launching various sports scholarships to encourage the participation of young generation in sports event. These governments’ reforms will further uplift the demand of sports goods in these regions. Sporting goods market is an unorganised market. Poor quality of goods manufactured by local manufacturers due to absence of government regulations, trademark infringement are some factor that are anticipated to hinder market growth of sports goods market.

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