“Increase in popularity of the sporting events originated in Europe majorly contributes toward the growth of the global sports equipment and apparel market. In addition, initiative of various sports equipment and apparel manufacturers to donate these products to financially weak athletes and sports enthusiasts is anticipated to positively impact the overall market growth.”
According to a new report published by Allied Market Research, titled, “Sports Equipment and Apparel Market by Product Type, Sports Type, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2027,” the global sports equipment and apparel market size was valued at $470,403 million in 2019 and is expected to grow at a CAGR of 7.2% to reach $817,170 million by 2027. North America was the highest contributor to the global sports equipment and apparel market with $138,758 million in 2019.
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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. Furthermore, increase in fitness consciousness among consumers and rapid rise in per capita disposable income are expected to boost the sports equipment and apparel market demand. 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 growth. 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 the near future.
The global sports equipment and apparel market is segmented on the basis of product, sports, distribution channel, and region. 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, water sports, and others. In terms of distribution channel, it is divided into online and offline. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to the sports equipment and apparel market analysis, by product type, the equipment segment was the most prominent category in 2019 and is expected to remain dominant during the forecast period. The apparel and shoes segment are expected to grow at a notable CAGR of 7.1%throughout the forecast period.
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According to the sports equipment and apparel market forecast, based on sports type, the other sports segment was the highest contributor to the Sports Equipment and Apparel market in 2018 and is expected to remain dominant through 2020-2027. However, the outdoor segment is expected to grow at a higher growth rate through the forecast period.
Based on the distribution channel, the offline segment was the dominant segment in 2019 and is expected to witness a notable growth in the forecast period. The growth in this segment can be attributed to increase in adoption of offline retail formats such as the super market and hypermarket in both the mature and emerging markets.
By region, North America was the most prominent market in 2019 and is expected to dominate the sports equipment and apparel market through 2020-2027. The key players in the industry have adopted product launch, acquisition, and collaboration as their go-to strategies to stay relevant in the global Sports Equipment and Apparel market share.
Key findings of the study
- The sports equipment and apparel market was valued at $470,403.0 million in 2019 and is estimated to reach $817,169.4 million by 2026, growing at a CAGR of 7.2% through the forecast period.
- Based on product type, the equipment segment would witness the fastest growth, registering a CAGR of 7.2% during the forecast period.
- Based on sports type, the others segment held the highest share in 2019, accounting for nearly one-fifth of the global market share.
- Based on the distribution channel offline segment was the most prominent market in 2019 and is expected to grow at a significant CAGR throughout the forecast period.
- S. was the dominant country in 2018, accounting for a considerable share in the global Sports Equipment and Apparel market
The key players profiled in the sports equipment and apparel industry includes Decathlon S.A., Nike, Inc., Adidas AG, Puma SE, Under Armour Inc., Amer Sports Corporation, ASICS Corporation, Gap Inc., and V.F. Corporation New Balance, Inc.
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