The market is expanding as a result of ongoing innovations and quick technological progress to keep up with shifting consumer preferences. The demand for such equipment is being further boosted by rising awareness of the advantages of living a healthy lifestyle and the value of participating in sports and fitness activities. The athletic and fitness industries have been negatively impacted by the Covid-19 pandemic. Numerous competitions and sporting events, such as the Olympics, have either been postponed or had their formats changed. Because of this, market participants are attempting to gauge the potential downstream effects of disrupted cash flows, insecurities, and potential declines in long-term attendance and engagement.
The growth of this market for sports equipment is also being aided by the rising popularity of regional, national, and international competitions like the Olympic Games, Cricket World Cup, and Soccer World Cup. More people are participating in outdoor and fitness activities as a result of rising rates of lifestyle-related health problems like stress and obesity, which is driving up demand for various types of sports and fitness equipment. The growing availability of well-known international brands of athletic gear also helps to drive up product demand. Sports participation by women is a significant factor that will probably spur market expansion. The BBC reports that in 2018, there were 1.55 million fewer sports participants in England between men and women.
Over the upcoming years, it is anticipated that the gap will narrow even more, which will increase demand for equipment. As people become more aware of the advantages such games have for their physical development, spending on such toys for kids has gradually increased over time. Sports equipment has lucrative markets in China and India. The key drivers accelerating product demand in these countries are rising disposable income and rising consumer living standards. In addition, low manufacturing costs and a thriving manufacturing sector are likely to fuel market expansion in Asia Pacific.
By raising brand awareness through TV commercials, print ads, the internet, social media platforms, team sponsorships, and partnerships with athletes from different sports and fitness enthusiasts, businesses are attempting to maximise market penetration. Additionally, popular athletes and social media influencers are endorsing different brands, which is likely to support the expansion of the market for sports equipment.
With a 34.0% revenue share in 2021, the ball games segment commanded the majority of the sports equipment market. Due to how widely watched baseball is worldwide, this segment’s revenue is significantly higher than that of the other segments. Over the forecast period, the segment is anticipated to experience a CAGR of more than 6.3%. One of the major driving forces behind the segment’s growth is anticipated to be the rising global popularity of sports like football, basketball, and cricket
Global Sports Goods Stores Market: Major Players
Derby Cycle AG
Bauer Performance Sports
Johnson Outdoors, Inc.
Luxottica Group spa
Freedom Group Inc.
Callaway Golf Co.
Icon Health & Fitness
Dorel Industries Inc.
Global Sports Goods Stores Market: Types
Global Sports Goods Stores Market: Applications
Ball Sports Goods
Water Sports Goods
Air Sports Goods
Despite challenging economic conditions, the sporting-goods industry has been able to resume growth levels that were present before COVID-19. Executives in the sporting goods sector paid close attention to three major trends in 2020: consumer shifts, the digital revolution, and industry disruptions. These trends persisted, occasionally accelerated, or took intriguing new directions in 2021. Since many people are still working from home, athleisure has become more popular, changing how people view traditional work attire. Many people now view sports and general fitness differently as a result of increased health awareness. As consumers continue to shop online despite a relaxation of lockdown regulations, e-commerce has prospered. Digital forms of individual or group physical activity have grown in popularity, opening up new market opportunities for sporting goods.