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Sporting Goods Market By Product (Ball over net games, Ball games, Fitness/Strength equipment, Athletic training equipment, Others) By Distribution Channel (Online retail, Specialty & sports shops, Department & discount stores) - Growth, Share, Opportunities & Competitive Analysis, 2016 – 2028

What Effect do Technological Advancements have on Sporting Goods?

Sports goods are the equipment and apparel required for sports participation that aid in the prevention of sports-related injuries. Furthermore, fitness products are defined as a subset of sports goods worn during workouts. Individuals frequently utilise these items because they provide numerous benefits, including increased flexibility, muscle strength, and cardiovascular and pulmonary health. Furthermore, as the emphasis on fitness grows, numerous institutions in India are pushing individuals to actively participate in physical activities. The concept of smart sports equipment is becoming more popular as sports becomes a major vertical market for linked objects and the Internet of Things. Sensor technology has allowed for the creation of a wide range of sports equipment, including golf sticks, ball games, tennis rackets, cricket bats, and others. The technology ensures that the equipment can sense motion using vibration sensors along with capture detailed biometric data that can be processed to control data for each shot as well as any other performance statistics for the athlete.

Artificial intelligence in sports is gaining traction across the board, with Distribution Channels ranging from post-game analysis to in-game activity to the fan experience. AI is also being used to assist gamers in improving their performance. It has been established that the technology of a multiple-camera match analysis system, which is used in practically all European professional leagues and international events, is as dependable as GPS; it can obtain quantification data with less than 5% error and is legitimate for investigation. As they perform all of the functions of a social media manager, the demand for social media virtual assistants is fast expanding. They also handle time-consuming social media activities so that athletes can concentrate on their training and team management. Furthermore, as players' and sports' popularity has grown, it has become increasingly difficult for them to communicate with each fan. However, because of the growing demand for various sports and fitness enhancement in the majority of locations, new product launches in the market help keep consumers' interest alive. For instance, in November 2019, StanceBeam, an Indian technology business, launched StanceBeam Striker, a smart cricket bat sensor that connects to a shot analysis app. The IoT supporting device enables players and coaches to get usable, real-time, and 360-degree batting performance data analyses.

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What is the Market Size of Sporting Goods in terms of value?

The global Sporting Goods Market is projected to increase at a significant CAGR of 2.30% in the coming years. In 2021, the global Sporting Goods market was valued at USD 61.2 billion and is projected to reach at the value of USD 70.2 billion by 2028. The demand for Sporting Goods is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD 8.9 billion during the forecast period of 2022 and 2028.

What is the Significance of Additive Manufacturing in Sporting Goods?

As the sports goods market becomes more competitive, additive manufacturing is becoming a more important trend. Building three-dimensional objects using digital models and sequentially adding several layers of material is what additive manufacturing is all about. Customer needs and product performance standards in the sports goods business are constantly changing. By providing an efficient approach to quick prototyping, additive manufacturing enables the producer to meet such needs. As a result, a manufacturer can create a specific design based on the individual's prototype. For instance, in September 2019, GuardLab, a New York-based sports technology business, collaborated with Bauer Hockey, an athletic equipment manufacturer, to launch personalised 3D printed mouth-guards.

Interesting Facts about Sporting Goods Industry

  • The rapidly growing popularity of athletic activities is predicted to be the key market driver for significantly rising sports product sales. Increasing obesity prevalence, rising health and fitness consciousness, rising intake of processed foods, rising disposable income, and growing popularity of sports activities among the general population are some of the primary factors influencing demand for athletic goods and, as a result, the market's development.
  • North America region had a major share in terms of volume as well as value in the global Sporting Goods market in 2021 and is projected to continue its dominance over the forecast period.
  • Lockdown restrictions imposed to prevent the spread of coronavirus infections resulted in a decline in regional sales of sporting gear and goods. Restricted outdoor activity and the cancellation of all athletic events during lockdowns resulted in a significant decrease in the size of the sporting goods market.
  • In the market, both international and domestic businesses compete. To acquire maximum client penetration, key market participants focus on methods such as retail innovation and new product launches, distribution channel expansion, entry into department and discount stores, and collaboration with celebrities.

Who are the Top 10 players/companies in the Sporting Goods market in term of value?

In terms of value, the main players in the global Sporting Goods market include Mizuno Corporation; Callaway Golf Co.; Adidas AG; Amer Sports; Sumitomo Rubber Industries Limited; Nike, Inc.; Puma SE; Sports Direct International PLC; Under Armour; Yonex Co., Ltd. These key players are concentrating on new product developments as well as technological innovation to enhance their production in Sporting Goods to gain competitive market share at a global level. For instance, in June 2021, Deporvillage, an online-only provider of outdoor sporting goods, was recently bought by JD Sports Group. The corporation will purchase an 80 percent ownership in Deporvillage, while the founders, Xavier Pladellorens and ngel Corcuera, will keep a 0 percent stake. On the other hand, in March 2021, VRST is a men's athletic gear brand created for the modern active man who lives life on the go, according to DICK'S Sporting Goods, the leading omni-channel sporting goods retailer in the United States.

Who are the Top 10 Countries in the Sporting Goods Market?

In the global Sporting Goods market, the major countries are US, Canada, China, Japan, The Netherlands, Germany, France, Italy, Spain, and UK. The largest market share is in United States. The sporting goods sector is a big industry both globally and in the United States, and it is expected to continue to develop in the coming years. The worldwide sports apparel business, for example, is predicted to produce over $200 billion in yearly revenue by 2024. The rising popularity of sports like football and basketball is motivating governments in the region to build arenas and provide citizens with a better athletic experience. The sporting goods industry is a multibillion-dollar industry that comprises a wide range of products such as athletic footwear, exercise equipment, licensed sports merchandise, and athletic apparel. The annual sales of sporting goods stores in the United States are estimated to be around 45 billion dollars. As a result, the United States is the most important market in the sports apparel and footwear sector, accounting for almost 30 % of total sales. Although Nike is at the top of the heap, there are a slew of other American sports apparel and footwear companies to consider, including Big 5 Sporting Goods, Reebok, Under Armour, and Hibbett Sports. Hibbett Sports, situated in Alabama, made net sales of about one and a half billion dollars in its most recent fiscal year, the majority of which came from footwear sales.

Which is the Key Product Segment in the Sporting Goods Market?

The market for sports equipment was dominated by the ball games segment. Because baseball games are widely viewed around the world, the income earned by this category is significantly more than the revenue generated by the other segments. One of the primary elements contributing to the segment's rise is the growing global popularity of sports including cricket, basketball, and football. The fitness/strength equipment segment, on the other hand, is expected to grow at the fastest rate throughout the projection period. Due to rigorous, complex, and primarily sedentary work cultures, the metropolitan population's lives have changed dramatically in recent years. Consumers' interest in sports and fitness is growing as their health worries grow in tandem with their disposable incomes.

What are the Major Driving Factors for Sporting Goods Market?

The rapidly increasing popularity of athletic activities is expected to be the primary market driver for rapidly increasing sales of sporting products. Increasing obesity prevalence, rising health and fitness consciousness, rising intake of processed foods, rising disposable income, and expanding popularity of sports activities among the general population are some of the primary factors affecting demand for athletic goods and therefore developing the market. The growing Internet penetration and propensity of the younger people to play online/digital games are predicted to limit the growth of the sporting goods sector. The market is growing as a result of continuous innovations and rapid technical improvements to stay up with changing consumer demands. The growing awareness of the importance of sports and fitness activities, as well as the benefits of a healthy lifestyle, is fuelling demand for such equipment.

What are the Major Restraints for Sporting Goods Market?

Owing to lack of standardised infrastructure for the selling of real products, the athletic goods industry is likely to be hampered by the increased prevalence of counterfeit products. In addition, the growing popularity of digital and online gaming among the region's youth is projected to stymie sales of sporting products and equipment. Overall, both of these problems are projected to significantly limit athletic goods suppliers' market potential. Poor quality of items created by local manufacturers due to a lack of government controls, as well as trademark infringement, are some of the factors that are expected to stymie the market's growth.

Which Region Dominated the World Sporting Goods Market?

In 2021, North America dominates the Sporting Goods market over the forecast period because of the growing participation of the younger generation in sporting activities The worldwide sports equipment and accessories market is expanding rapidly and is distinguished by rapid acceptance of newer technology and adaptability to shifting trends. The sector thrives enormously on e-commerce, which is a major retail channel nowadays and also allows buyers to compare all available brands of sports equipment. It is a one-stop shop for all sports accessories and equipment, which increases the region's scalability in the worldwide sports equipment market. Professional sports are watched by millions of people all over the world, providing a captive audience for advertising and marketing opportunities. The NFL (National Football League), NBA (National Basketball Association), NHL (National Hockey League), and MLB are the most well-known in the United States (Major League Baseball). In reality, the Dallas Cowboys have the largest franchise value of any sports club in the world, at 5.7 billion US dollars. In 2020, sporting goods retail sales in the United States were estimated to be at 53 billion US dollars, a significant increase over the previous year. Athletic footwear generates billions of dollars in revenue in the United States alone each year, making it a critical component for this industry. Nike once again demonstrated its supremacy in this area, earning more revenue from footwear than adidas and Puma combined.

Asia Pacific sports goods market is expected to grow at a rapidly during the projected period, owing to emerging countries' sports infrastructure and government measures to promote sports activities in the region. Due to COVID-19, Asia Pacific countries saw a rapid growth in fitness equipment sales. India has also achieved considerable advances in outdoor equipment in recent years, owing to the growing popularity of games and, as a result, the expanding number of related leagues. In 2020, the sports sector in India had a market value of more than 16 billion Indian rupees. The Indian Premier League accounted for the vast majority of media consumption in the country's sports business. Other domestic competitions, such as Pro Kabbadi and the Indian Super League, have recently acquired prominence. In fiscal year 2021, the export value of sports items was almost 176 million US dollars. This was an increase of more than 1% above the previous year's total of about 174 million dollars.

Segmentation of Global Sporting Goods Market-

Global Sporting Goods Market – By Product

  • Ball over net games
  • Ball games
  • Fitness/Strength equipment
  • Athletic training equipment
  • Others

Global Sporting Goods Market – By Distribution Channel

  • Online retail
  • Specialty & sports shops
  • Department & discount stores

Frequently asked questions about the global Sporting Goods industry

The global Sporting Goods market is expected to be impacted significantly by COVID-19.

North America accounted for the highest share in the global Sporting Goods market in terms of value.

The significant rise in popularity of athletic activities is predicted to be the key market driver for increased sports goods sales. Increased obesity prevalence, increased health and fitness consciousness, increased consumption of processed foods, increased disposable income, and increased popularity of sports activities among the general population are some of the primary factors influencing demand for athletic goods and, as a result, the market's development.

Ball games segment had a major share in 2021 with more than 40% of the market revenue share.

Speciality and sports shops segment had a major share in 2021 with more than 30% of the market revenue share.

Sporting Goods Market Scope

Report Attribute Details
Market Value in 2021 USD 61.2 billion
Market Value in 2028 USD 70.2 billion
CAGR 2.30%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Choose License Type
Budget Buying
Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
Trusted By
Godaddy
Published Date:  Jul 2022
Category:  Consumer Goods
Report ID:   58207
Report Format:   PDF
Pages:   190
Rating:    4.8 (48)
Delivery Time: 24 Hours to 48 Hours   
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