The global sports and leisure equipment market is projected to register a CAGR of ~4.5% during the study period.
- The booming enthusiasm for country-level and international tournaments is gaining tremendous followers worldwide and is leading to a large number of athlete admissions every year, which is, therefore, propelling the demand of associated businesses, including sports and leisure equipment.
- Furthermore, the prominence of sports activities, especially ball sports, owing to health and wellness trends, the increasing influence of social media and celebrity endorsement is encouraging consumers to buy various types of sports equipment.
- By distribution channel, although, online retailing has remained a considerably stable distribution channel for the sales of sports equipment in the past, it is expected to gain more prominence in the future due to the associated convenience. However, specialty stores hold the largest share in the present market scenario.
Key Market Trends
Increased Sports Participation Rate Owing to Favorable Government Initiatives
Globally, there has been a significant rise in the percentage of population adopting a healthy lifestyle and the preference for staying fit has increased consumer indulgence in various sports activities. In line with the athleisure trend, consumers are increasingly seeking for various sports and leisure equipment, especially ball sports. Additionally, an increase in government initiatives in various countries, meant to improve sports participation, is playing a key role in driving the market for the last few years. For instance, the Government of Australia is planning to invest USD 230 million in sport and physical activity initiatives over the next five years. Such initiatives are expected to encourage more people to indulge in various outdoor sports, which, in turn, will increase the sales of sports equipment.
Europe Holds Significant Share in the Market
Europe holds a significant amount of market share, owing to the well-penetrated sports environment and enormous athlete participation rate witnessed in the region. Countries such as the United Kingdom are notable for the diversity of their sporting interest. Rugby union, golf, football, and tennis are among the most popular sports of the general population in the region. Approximately 40.7% of male adults and roughly 31.7% of female adults participate in sports on a weekly basis. Apart from sports participation, the favorable weather condition (snowfall) is attracting tourists from different parts of the world who are indulging in winter sports. This creates a great opportunity for manufacturers involved in the business of marketing equipment and sports garments, such as ski and snowboarding, to drive the market growth in the region.
The market studied is highly fragmented and consists of regional and international competitors. It is dominated by players, like Adidas AG, Amer Sports, PUMA SE, and Under Armour. These companies are focusing on digital and social media advertisements to make consumers aware about the new product launches in the market. Furthermore, key players are embarking on online distribution channels for their online marketing and branding of their products, in order to expand their geographic reach and increase their customer base. Moreover, leading manufacturers in the market are focusing on leveraging opportunities posed by the emerging markets of Asia-Pacific, like Thailand and India, to expand their revenue base.
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