Rise in sports and fitness awareness worldwide and surge in state, national, and international level competitions organized by different governments drive the growth of the global sports equipment and apparel market
PORTLAND, Oregon, April 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Sports Equipment and Apparel Market by Product Type (Equipment and Apparel), Sports Type (Bike, Outdoor, Tennis, Other Racket Sports, Running, Fitness, Football/Soccer, Other Team Sports, Winter Sports, Watersports, and Others), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global sports equipment and apparel industry garnered $470.40 billion in 2019, and is estimated to reach $817.17 billion by 2027, registering a CAGR of 7.2% from 2020 to 2027.
Prime determinants of growth
Rise in sports and fitness awareness worldwide, increase in expenditure on sports training and development among children, and surge in state, national, and international level competitions organized by different governments drive the growth of the global sports equipment and apparel market. However, rise in inclination of kids toward indoor leisure activities along with political influence on sports events hinder the market growth. Contrarily, inclination toward outdoor activities including adventure sports and outings to break the monotony of daily life and rise of online retail platform create new opportunities in the coming years.
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The equipment segment to dominate in terms of revenue during the forecast period
Based on product type, the equipment segment contributed to the largest market share in 2019, holding more than half of the global sports equipment and apparel market, and is estimated to continue to dominate in terms of revenue during the forecast period. Moreover, this segment is projected to witness the highest CAGR of 7.2% from 2020 to 2027. This is attributed to surge in investments of consumers on sports equipment. The report also offers a detailed analysis of the apparel & shoes segment.
The offline segment to maintain its lead status throughout the forecast period
Based on distribution channel, the offline segment accounted for more than three-fourths of the global sports equipment and apparel market in 2019, and is estimated to maintain its lead status throughout the forecast period. Moreover, this segment would register the highest CAGR of 7.2% during the forecast period. This is due to attractive offers available in the physical stores along with option to try equipment and apparel on the spot. The research also analyzes the online segment.
North America to maintain its dominant share by 2027
Based on region, North America held more than one-fourth of the global sports equipment and apparel market in 2019, and is estimated to maintain its dominant share by 2027. This is attributed to increase in inclination of consumers in outdoor activities that boosts launch of new sports apparel along with availability of trendy and fashionable apparel. However, Asia-Pacific is projected to maintain the highest CAGR of 10.1% from 2020 to 2027, owing to surge in purchasing power of consumers and increase in marketing initiatives such as big marketing campaigns and celebrity endorsements.
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Leading market players
- Decathlon S.A.
- Nike, Inc.
- Adidas AG
- Puma SE
- Under Armour Inc.
- Amer Sports Corporation
- ASICS Corporation
- Gap Inc.
- V.F. Corporation New Balance, Inc.
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SOURCE Allied Market Research