Sports Equipment and Apparel Market Expected to Reach $ 817,170 Million by 2027 – Allied Market Research – The Manomet Current
The increase in the popularity of sporting events originating in Europe is a major contributor to the growth of the global sports equipment and clothing market. In addition, the initiative of various manufacturers of sports equipment and clothing to donate these products to financially weak athletes and sports fans is expected to positively impact the overall market growth.
According to a new report released by Allied Market Research, titled “Sports Equipment and Clothing Market by Product Type, Sports Type and Distribution Channel: Industry Opportunity Analysis and 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. Nord was the largest contributor to the global sports equipment and clothing market with $ 138,758 million in 2019.
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Sports equipment are utility devices or useful tools for engaging in a sports activity. Likewise, sportswear is useful in enhancing athletic performance with the required comfort. In addition, the increase in the fitness awareness among consumers and the rapid increase in disposable income per capita is expected to boost the market 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 market growth. 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 global sports equipment and apparel market is segmented on the basis of product, sport, distribution channel and region. Based on the type of product, the market is categorized into equipment and clothing and footwear. By type of sport, it is classified into cycling, outdoor, tennis, other racquet 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. Regarding the region, it is analyzed in North America, Europe, Asia-Pacific and LAMEA.
According to the analysis of the sports equipment and clothing market, by product type, the equipment segment was the most important category in 2019 and is expected to remain dominant during the forecast period. The clothing and footwear segment is expected to grow at a notable CAGR of 7.1% throughout the forecast period.
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According to the forecast of the sports equipment and clothing market, based on the type of sports, the other sports segment was the largest contributor to the sports equipment and clothing market in 2018 and is expected to remain dominant until 2020-2027 . However, the outdoor segment is expected to grow at a higher growth rate throughout the forecast period.
Based on the distribution channel, the offline segment was the dominant segment in 2019 and is expected to experience notable growth during the forecast period. The growth of this segment can be attributed to the increased adoption of offline retail formats such as supermarkets and hypermarkets in mature and emerging markets.
By region, North America was the largest market in 2019 and is expected to dominate the sports equipment and clothing market through 2020-2027. Major industry players have adopted product launch, acquisition, and collaboration as the preferred strategies to stay relevant in the global athletic equipment and apparel market share.
Main conclusions of the study
- The sports equipment and clothing market was valued at $ 470,403.0 million in 2019 and is expected to reach $ 817,169.4 million by 2026, with a CAGR of 7.2% during the forecast period .
- On the basis of product type, the equipment segment would experience the fastest growth, registering a CAGR of 7.2% during the forecast period.
- On the basis of sport type, the Others segment held the highest share in 2019, accounting for almost a fifth of the global market share.
- Based on the distribution channel, the offline segment was the largest market in 2019 and is expected to grow at a significant CAGR throughout the forecast period.
- The United States was the dominant country in 2018, accounting for a considerable share of the global sports equipment and clothing market.
The major players featured in the sports equipment and apparel industry include Decathlon SA, Nike, Inc., Adidas AG, Puma SE, Under Armor Inc., Amer Sports Corporation, ASICS Corporation, Gap Inc. and VF Corporation New Balance, Inc.
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