The report titled “Global Sporting Goods Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global sporting goods market in terms of market segmentation by product, distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The sporting goods market has been segmented into ball sports, adventurous sports, fitness equipments, golf equipments, sports equipments, athletic footwear and athletic apparels among others. Among these segments, the ball sports segment is expected to dominate the market and is anticipated to reach around USD 82 billion by the end of forecast period i.e. 2023. It can be attributed towards enormous sale of sport products by means of ecommerce.
With an increase in personal disposable income combined with rising health concerns has forced consumers to adopt at least one sports activity in their daily routine. In addition to this, there is an increase interest among young generation to be active in sports as well as embrace it as their future career. These factors are anticipated to spur the growth of sporting goods market across the globe.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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The market for sporting goods is expected to flourish at CAGR of 4.1% over the forecast period 2018-2027. Factors such as increasing curiosity among governments across the globe for organizing various sports events to promote sports and games activities in their countries are estimated to prosper sporting goods market by noteworthy revenue by the end of 2027. Government in these countries is launching various sports scholarships to encourage the participation of young generation in sporting events. Such transformation by these governments is likely to uplift the demand of sporting goods in these regions.
In the regional segment, North America is anticipated to hold the largest consumer base of sports goods market owing to the increasing participation of younger generation in sports activities. North America market is estimated to reach USD 35 billion by the end of 2023 and is anticipated to reach market share of 40% in global market by the end of forecast period. Asia-Pacific market for sports goods is anticipated to expand at a higher pace over the forecast period owing to the developing sports infrastructure of developing countries coupled with the government initiatives to promote sports activities in the region.
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Rising Number of Sports Events: Major Uplift
Sports good market is majorly aided by rising number of sports events such as Olympics, common wealth games etc. It has broadened the participation of people as well as young generation in sports activities which will fuel the demand of sporting goods. This factor is envisioned to strengthen the growth of sporting goods market in upcoming years.
However, with absence of government regulations and trademark infringement, the quality of goods manufactured by local manufacturers is poor. Such factors are anticipated to hinder the growth of sporting goods market.
This report also provides the existing competitive scenario of some of the key players of the global sporting goods market which includes company profiling of Adidas, Amer Sports, Jarden, Mizuno, Nike and Under Armour.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the sporting goods market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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