Global Sports Equipment and Clothing Market Expected to Reach $ 619,279 Million by 2023, According to Allied Market Research
Portland, Oregon and PUNE, India, May 24, 2018 / PRNewswire / –
According to a new report released by Allied Market Research titled “Sports Equipment and Clothing Market by Product, Sports and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 20172023,” the Global Sports Equipment and Clothing Market was valued at $ 384,562 million in 2016, and should reach $ 619,279 million by 2023, registering a CAGR of 7.1% from 2017 to 2023. North America dominated the global sports equipment and clothing market in 2016, accounting for a third of total revenue.
Sports equipment is a useful utility device or tool for engaging in a sports activity. Likewise, sportswear is useful in enhancing athletic performance with the required comfort.
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The increased awareness of fitness among consumers and the rapid increase in disposable income per capita is expected to stimulate the demand for sports equipment and clothing. In addition, the trend of sportswear among young sports fans and the advancement in the formulation of sports equipment are fueling the growth of the market. However, the declining participation of the younger generation in sports activities is hampering the growth of the market. In addition, increasing consumer interest in non-sporting leisure activities such as movies, music concerts, virtual games and others is slowing the growth of the market. Conversely, increasing the participation of various organizations in donating such equipment and clothing to emerging sports fans and athletes with low financial resources is expected to provide a lucrative opportunity for the market. For example, 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 process of donating sports equipment. Thus, the increase in the distribution of sports equipment and clothing through the online retail platform is expected to drive the growth of the market in the near future.
The other team sports segment is expected to dominate the sports equipment and clothing market during the forecast period, owing to the increase in government and NGO initiatives to raise awareness of the sport. However, the fitness segment is expected to gain the attention of very fitness-conscious consumers.
In 2016, the equipment segment dominated the sports equipment and clothing market in terms of value. The increase in consumer preference for the equipment due to its great importance in sports activities is fueling the growth of the segment. In addition, evolving designs and increasing performance efficiency of these products are driving the growth of the segment.
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In 2016, the offline segment dominated the sportswear and apparel market in terms of value, owing to the propensity of consumers to experience the feel, touch, construction and other sports-related attributes of the product before l ‘purchase. In addition, the rapid availability and accessibility to exclusive products in these distribution channels is one of the main sales drivers.
Main conclusions of SporTs equipment and clothing market:
- In terms of value, the outdoor segment is expected to grow at a CAGR of 9.8% during the forecast period.
- North America is expected to dominate the market, registering a 6.0% CAGR in terms of value.
- Asia Pacific is expected to show exponential growth in demand by 2023, with a CAGR of 11.0% in terms of value.
- The equipment segment accounted for more than half of the total market share in 2016.
- The offline distribution channels segment is expected to register a CAGR of 6.9% during the forecast period.
- China and rest of Asia Pacific collectively accounted for more than half of the total Asia Pacific sports equipment and clothing market in 2016.
- In the global sports equipment market, Poland is expected to grow at a CAGR of 8.8%, in terms of value.
North America and Europe collectively accounted for about more than half of the global sports equipment and clothing market share in 2016. The development of lifestyle, increase in disposable income of consumers and increase in sporting events are expected to boost the Asia Pacific Marlet.
The major players in the sports equipment and clothing market are Decathlon SA, Nike, Inc., Adidas AG, Puma SE, Under Armor Inc., Amer Sports Corporation, ASICS Corporation, Sports Direct International Plc. and VF Corporation New Balance, Inc.
The other important players in the market are:
- Galaxy International LLC
- Aqua Lung International
- Athlete Inc. (Gap Inc.)
- Burton Sportartikel GmbH
- Dita International BV
- Fischer Beteiligungsverwaltungs GmbH
- Hi-Tec Sports Ltd. (Batra group)
- K2 Sports (Kohlberg & Company, LLC)
- Kookaburra Sport Pty. Ltd.
- Penalty (Cambuci SA)
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Allied Market Research (AMR) is a market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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