Global sports equipment and apparel market expected to reach $930.5 billion by 2031, according to AMR
PORTLAND, Oregon., July 5, 2022 /PRNewswire/ — Growing consumer awareness of fitness, increasing popularity of sports and fitness activities among young people, and increasing adoption of emerging sports technologies and latest trends among the youth population are driving the growth of the global sports equipment and apparel market. Based on product type, the equipment segment grabbed the major chunk in 2020 and would dominate the roost by 2031. It would also show the fastest CAGR throughout the forecast period. By region, the market across Asia Pacific would quote fastest CAGR by 2031.
According to the report published by Allied Market Research, the global market sports equipment and apparel market was estimated at $340.6 billion in 2020 and is expected to raise $930.5 billion by 2031, registering a CAGR of 8.3% from 2022 to 2031. The report offers an in-depth analysis of key investment pockets, winning strategies, drivers and opportunities, market size and estimates , competitive scenario and hesitant market trends.
Rising consumer awareness of fitness, growing popularity of sports and fitness activities among youths, and increasing adoption of emerging sports technologies and latest trends are driving the growth of the global sports equipment and apparel market. However, the preference of young people for activities other than sports such as video games, movies, music concerts, virtual games and others and the increase in the adoption of smart phones due to the growing penetration of ‘Internet hinder market growth. On the other hand, increasing involvement of various organizations in donating sports equipment and apparel to emerging sports fans and athletes with poor financial background is expected to create lucrative opportunities for growth in the industry.
- The Covid-19 outbreak has had a negative impact on the sports equipment and apparel market due to the decline in sports activities.
- However, the market has recovered to its pre-COVID-19 growth status, owing to the resumption of sports activities and the easing of restrictions on international sports travel.
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The global sports equipment and apparel market is analyzed by product type, sport type, distribution channel and region.
Based on product type, the equipment segment accounted for more than half of the total market share in 2020 and is expected to reign supreme by the end of 2031. The same segment would show the fastest CAGR of 8, 4% throughout the forecast period.
Based on the distribution channel, the offline segment contributed more than three quarters of the total market revenue in 2020 and is expected to lead the way by 2031. The online segment, however, would grow at the fastest CAGR of 8.6% from 2022 to 2031.
Based on geography, North America held the bulk in 2020, cornering more than a quarter of the global market. Nevertheless, the market through Asia Pacific would grow at the fastest CAGR of 10.0% throughout the forecast period. The other two regions discussed in the report include Europe and LAMEA.
The major market players analyzed in the global sports equipment and apparel market report are Adidas AG, Asics Corporation, Decathlon SA, Fila Holdings Corp., New Balance, Nike Inc., Puma Se, The Gap, Inc., Under Armour, Inc., and VF Corporation. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures and others to strengthen their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 industry sectors, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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