Global sports equipment and apparel market to reach $930.5 billion by 2031, study finds

  • Global sports equipment and apparel market estimated at US$340.6 billion in 2020
  • APAC expected to reach fastest CAGR of 10% by 2031

The global sports equipment and apparel market is expected to reach $930.5 billion by 2031, according to a report by Allied Market Research (ASM).

The amount represents a compound annual growth rate (CAGR) of 8.3% from 2022 to 2031.

The global sports equipment and apparel market was estimated at US$340.6 billion in 2020 by AMR.

Based on product type, the equipment segment accounted for more than half of the total market share in 2020 and is expected to gain even more influence by the end of 2031. The same segment would show the fastest CAGR 8.4% throughout the forecast period. .

In terms of distribution channel, the offline segment contributed more than three quarters of the total market revenue in 2020 and is still expected to lead the way by 2031. The online segment, however, is expected to grow at the fastest CAGR of 8.6. % from 2022 to 2031.

By region, North America held the largest share in 2020, capturing more than a quarter of the global market. However, the study reveals that Asia-Pacific (APAC) is poised to grow at the fastest CAGR of 10% throughout the forecast period.

AMR adds that the market has returned to its pre-pandemic growth status due to the resumption of sports activities and the easing of restrictions on international sports travel.

According to the study, the increase in fitness awareness among consumers, the growing popularity of sports and fitness activities among young consumers, as well as the growing adoption of emerging sports technologies and latest trends, are driving the market growth.

However, AMR adds that the preference of young people for activities other than sports, such as video games, movies, concerts and virtual games, coupled with an increase in the adoption of smartphones due to the growing penetration of the Internet, hinders the growth of the market.

That said, the report notes that an increase in organizations’ involvement in donating sports equipment and apparel to emerging sports fans and athletes with weak financial backgrounds is expected to create lucrative opportunities for growth in the industry.

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