Sports Equipment & Apparel Market Expected to Reach $930.5 Billion by 2031 as New Opportunities Drive Expansion
The global sports equipment and apparel market is segmented on the basis of product type, sport type, distribution channel and geography.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, October 13, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Sports equipment and apparel market By Product Type, By Sports Type, By Distribution Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2020-2031, “The Sports Equipment and Apparel Market was valued at 340 $.6 billion in 2020 and is expected to reach $930.5 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.
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Sports equipment is utilitarian devices or tools that are useful for practicing a sporting activity. Likewise, sportswear is helpful in improving sports performance with the required comfort. Rising fitness awareness among consumers and rapidly increasing per capita disposable income are expected to drive demand for sports equipment and apparel. In addition, the trend of sportswear among young athletes and the advancements in the formulation of sports equipment are fueling the growth of the market.
However, declining participation of the younger generation in sports activities is hampering the growth of the market. Rising consumer awareness of fitness, growing popularity of sports and fitness activities among youths, and growing 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.
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 by 2031. The online segment, however, would grow at the fastest CAGR of 8.6% from 2022 to 2031. The emergence of advanced technology is driving the growth of online channel commerce worldwide. Moreover, online sales have contributed significantly to the revenue of companies operating in the market. Major players in the market are increasingly collaborating with online channel sites to enhance their presence in the market.
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The base of the region, Asia-Pacific is expected to reach $2.94,049 million by 2031. Asia-Pacific is the fastest growing and largest regional markets in the world. This is attributed to a stable economic situation coupled with an increase in disposable income. Additionally, consumer preference for a healthy lifestyle and steady increase in adventure tourism and outings contribute to the size of the sports equipment and apparel market in the region.
The major players in the sports equipment and apparel market 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.
Main results of the study:
○ The Sports Equipment & Apparel market size was valued at USD 3,40,572 Million in 2020 and is projected to reach USD 9,30,536 Million by 2031, registering a CAGR of 8.3% from 2022 to 2031.
○ Based on Product Type of Sports Equipment & Apparel Market Analysis, Apparel & Footwear segment was valued at $1,61,360 Million in 2020 and is projected to reach $4,39,388 Million by 2031, recording a CAGR of 8.3% from 2022 to 2031.
○ In 2020, based on the type of sport, the other team sports segment was valued at $61,508 million, accounting for 18.1% of the global sports equipment and apparel market share.
○ In 2021, the United States was the largest market in North America and is expected to reach $2,23,304 million by 2031, growing at a CAGR of 7.7% during market forecast sports equipment and clothing.
Reason to buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Sports Equipment and Apparel Market.
○ Highlights key business priorities to guide companies to reform their business strategies and establish themselves in the vast geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Sports Equipment and Apparel Market, thereby allowing players to develop effective long term strategies in order to generate revenue from their market.
○ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
○ Take an in-depth look at the global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies that drive business interest with respect to products, segmentation, and industry verticals.
○ Asia-Pacific Sportswear and Athletic Footwear Market to Show Increase in By 2027
○ Major factors in the Sports Events Market driving the demand across the globe
○ Sports Training Market Revenue to Reach CAGR Forecast Value through 2031
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. 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 area.
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