The sports equipment and apparel market is expected to register a high CAGR during the forecast period, between 2021 and 2028. The purpose of sports equipment is to enable the participant to take part in sports activity while meeting the regulations and rules of the sport. Athletes' performance is also enhanced with this equipment and apparel.
Sports Equipment and Apparel Market Trends, Drivers, Restraints, and Opportunities
- Introduction of innovative products is estimated to fuel the market growth.
- Increasing fan base of major sport events such as Olympics, Indian Premier League, FIFA, and football leagues is fueling the demand for sports equipment and apparels, which in turn drives the growth of the market.
- Growing preference for indoor activities such as playing videogames and rise in use of smartphones among youth due to increasing Internet penetration adversely affect the market growth.
- High cost of sporting goods can impede the market growth.
- Proclivity of consumers toward other leisure activities such as virtual reality gaming, watching movies, and live music shows can restraint the growth of the market.
- Rising inclination toward sport and fitness activities among the youth propels is anticipated to foster the market growth during the forecast period.
Scope of the Sports Equipment and Apparel Market Report
The report on sports equipment and apparel market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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Sports Equipment and Apparel Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2020
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Historic Data
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2018 & 2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Equipment & Apparel and Shoes), Sports Types (Bike, Outdoor, Tennis, Other Racket Sports, Running, Fitness, Football/Soccer, Other Team Sports, Winter Sports, Water Sports, and Others), Distribution Channels (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Decathlon S.A., Nike, Inc., Adidas AG, Puma SE, Under Armour Inc., Amer Sports Corporation, ASICS Corporation, Gap Inc., and V.F.
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Sports Equipment and Apparel Market Segment Insights
Equipment segment is projected to hold significant market share
In the terms of types, the sports equipment and apparel market can be segmented into equipment & apparel and shoes. The equipment segment is projected to hold a significant market share and expected to dominate during the forecast period. Rising adoption of sports activities in daily life as a hobby and career is driving the growth of the market segment.
On the other hand, the shoes segment is anticipated to grow at a robust rate in the projected timeline. Rising demand for shoes to improve the performance and comfort is driving the growth of the market segment.
Others segment is anticipated to account for a substantial share
Based on sports types, the sports equipment and apparel market can be segmented into bike, outdoor, tennis, other racket sports, running, fitness, football/soccer, other team sports, winter sports, water sports, and others. The other segment accounted for a substantial market share in 2020, and is expected to grow at a rapid pace during the forecast period. However, the outdoor segment is expected to constitute a significant market share due to rising inclination toward fitness and adoption of outdoor activities among schools.
Online segment is growing at a significant pace in near future
On the basis of distribution channels, the market can be bifurcated into online and offline. The online segment is estimated to account a large market share and is expected to exhibit a high CAGR during the forecast period. The ease in reading the reviews of any sports product and then buying it affiliates the growth of this market segment. Moreover, the presence of multiple discounts on equipment and shoes on various online marketplace is propelling the growth of the market segment.
North America is expected to dominate the market
In terms of regions, the sports equipment and apparel market can be categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America was the prominent regional market in 2019. This can be attributed to growth in adoption of sports activities in the US and Canada. Conversely, the market in Asia Pacific is expected to grow at a healthy rate in the projected timeline due to increasing government initiatives to encourage people to indulge in sports activities.
Segments
Types
- Equipment
- Apparel and Shoes
Sports Type
- Bike
- Outdoor
- Tennis
- Other Racket Sports
- Running
- Fitness
- Football/Soccer
- Other Team Sports
- Winter Sports
- Water sports
- Others
Distribution Channels
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key 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.
Competitive Landscape
Key players in the sports equipment and apparel market are Decathlon S.A., Nike, Inc., Adidas AG, Puma SE, Under Armour Inc., Amer Sports Corporation, ASICS Corporation, Gap Inc., and V.F. Corporation New Balance, Inc. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
