PORTLAND, Ore., July 5, 2022 /PRNewswire/ -- Growing awareness regarding fitness among consumers, increase in popularity of sport and fitness activities among the youth and increase in adoption of emerging sports technologies and latest trends among youth population drive the growth of the global sports equipment and apparel market. Based on product type, the equipment segment grabbed the major share in 2020 and would rule the roost by 2031. It would also exhibit the fastest CAGR throughout the forecast period. By region, the market across Asia-Pacific would cite the fastest CAGR by 2031.
According to the report published by Allied Market Research, the global sports equipment and apparel market was estimated at $340.6billion in 2020 and is predicted to amass $930.5 billion by 2031, registering a CAGR of 8.3% from 2022 to 2031. The report offers an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in awareness regarding fitness among consumers, rise in popularity of sport and fitness activities among the youth and growing adoption of emerging sports technologies and latest trends drive the growth of the global sports equipment and apparel market. However, youths' preference toward activities other than sports such as video games, movies, musical concerts, virtual gaming, and others and increase in adoption of smart phones due to growing internet penetration hinder the market growth. On the other hand, increase in participation of various organizations in donation of sports equipment and apparel to emerging sport enthusiasts and athletes with poor financial background are anticipated to create lucrative opportunities for growth in the industry.
- The Covid-19 outbreak had a negative impact on the sports equipment and apparel market due to decline in sport activities.
- However, the market returned to its pre-COVID-19 growth status, owing to the resumption of sport activities and ease in international sport travel restrictions.
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The global sports equipment and apparel market is analyzed across product type, sports 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 likely to rule the roost by the end of 2031. The same segment would exhibit the fastest CAGR of 8.4% throughout the forecast period.
Based on distribution channel, the offline segment contributed to more than three-fourths of the total market revenue in 2020 and is expected to lead the trail 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 major share in 2020, garnering more than one-fourth of the global market. Nonetheless, the market across 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 key market players analyzed in the global sports equipment and apparel market report include Adidas AG, Asics Corporation, Decathlon S.A., 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 brace their stand in the industry.
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