Sporting Goods Market Size, Share, Growth, and Industry Growth by Type (Ball Sports, Adventure Sports, Golf, Winter Sports, and Others) By Application (Franchise Outlets, Department Stores, Specialty Sports, Discount Stores, Online, and Others) Regional Forecast To 2031

Sporting Goods Market REPORT OVERVIEW

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The sporting goods market size is expected to be USD 52.02 billion in 2022 and market is projected to touch USD 67.02 billion by 2030, exhibiting with a growing Compound annual growth rate (CAGR) of 3.2% during the forecast period. In the market study, our analysts have considered sporting goods players such as Nike, Reebok, Puma SE and Yonex Co. Ltd. are the top companies operating the sporting goods market.

The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The market is expanding as a result of ongoing innovations and quick technical progress to keep up with shifting customer tastes. The demand for such equipment is being further boosted by rising awareness of the advantages of living a healthy lifestyle and the value of participating in sports and fitness activities.

Numerous sporting events are being put on by governments all over the world to encourage participation in sports and games in those nations. Huge investments are being made by governments of emerging nations like India and China to build out their sports infrastructure. To encourage young people to participate in sporting events, the governments of these nations have introduced a variety of sports scholarships. The changes carried out by these administrations would increase the demand for sporting products in these areas even more.

COVID-19 Impact: Postponement of Sporting Events Hindered the Sporting Goods Market

Many businesses, particularly the sports and fitness sector, have been negatively impacted by the Covid-19 pandemic. The Olympic Games are only one of the many competitions and sporting events that have either been postponed or had their structure changed. As a result, those involved in the market are attempting to determine the impact that disruptions to financial flows, uncertainties, and probable losses in long-term attendance and involvement will have in the future.

LATEST TRENDS

"Print and Television Advertising, Sponsorships and Collaborations to Augment the Market"

Companies are working to increase brand recognition through print and television advertising, the internet, social media platforms, team sponsorships, and collaborations with athletes from other sports and fitness enthusiasts in an effort to optimize market penetration. In addition, popular athletes and social media influencers are promoting several companies, which is anticipated to support the expansion of the market for athletic products.

Sporting Goods Market Segmentation

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• By Type Analysis

By type, market is segmented into ball sports, adventure sports, golf, winter sports and others. The ball sports segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into franchise outlets, department stores, specialty sports, discount stores, online and other. The franchise outlets segment will lead the global share through 2030.

DRIVING FACTORS

"Rising Participation in Outdoor and Fitness Activities to Propel the Market Demands"

The expansion of this sports goods industry is also being aided by the rising popularity of regional, national, and worldwide competitions like the Cricket World Cup, Olympic Games, and World Cup of Soccer. The prevalence of lifestyle-related illnesses including stress and obesity is encouraging more individuals to participate in outdoor and fitness activities, which is driving up demand for various types of sporting and fitness equipment. The demand for products is also being influenced by the expanding availability of well-known worldwide brands of sporting equipment. One important aspect that is predicted to promote market expansion is women's engagement in sports. The discrepancy between men and women partaking in sports in England has decreased by millions, according to the BBC.

"Cheap Production costs and a Flourishing Manufacturing Costs to Boost the Market"

As people become more aware of the advantages that such activities have for their physical development, spending on children's athletic items has progressively grown over time. Sports equipment may be found in profitable regions like China and India. Key elements driving an increase in product demand in these nations include rising disposable income and rising consumer living standards. Additionally, the market is projected to develop due to cheap production costs and a flourishing manufacturing sector.

RESTRAINING FACTORS

"Trademark Infringement and Poor Quality of Items to Impede the Market"

It is an unorganized market for sporting products. A few factors that are projected to impede the market expansion of sports products include trademark infringement and the poor quality of items produced by local producers owing to a lack of government restrictions.

Sporting Goods Market REGIONAL INSIGHTS

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"North America’s Sporting Goods Market’s Share to Grow Exponentially with the Forecast Period."

The sports equipment market was dominated by North America, which also contributed the biggest revenue share. Football, basketball, and other sports are becoming more and more popular, which has prompted the regional administration to build arenas and provide its residents with improved athletic opportunities. This is anticipated to produce a favorable picture for the industry growth market over the anticipated time frame. The market for sports equipment in Asia Pacific is anticipated to see the greatest CAGR during the forecast period. Due to COVID-19, sales of exercise equipment in Asia Pacific nations increased quickly in 2021. Due to the popularity of games and the consequent increase in the number of leagues that play in them, India has achieved considerable advancements in outdoor equipment over the past few years.

Additionally, Australia's strong demand might be ascribed to the country's growing interest in sports. The demand for athletic goods is also anticipated to be boosted by rising disposable income and consumer expenditure in emerging economies like China, India, and the Middle Eastern nations. These nations have also been holding a number of sports competitions and have created the infrastructure to entice more individuals to engage in a number of gaming competitions, which has led to the expansion of the APAC market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

LIST OF TOP SPORTING GOODS COMPANIES

• Nike Inc. (U.S.)
• Reebok (U.S.)
• Adidas AG (Germany)
• Puma SE (Finland)
• Amer Sports Corporation (Finland)
• VF Corporation (U.S.)
• Asics Corporation (Japan)
• Under Armour Inc. (U.S.)
• Brooks Sports Inc. (U.S.)
• The North Face, Inc. (U.S.)
• YONEX Co. Ltd. (Japan)
• MIZUNO Corporation (Japan)
• Skechers USA, Inc. (U.S.)
• Converse Inc. (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.