Europe Sporting Goods Market
Europe Market Study on Sporting Goods: Football Accessories to Remain Most Popular across Continent
Sporting Goods Market Segmented By Football, Teamsports, Tennis, Bike Sports, Racket Sports, Outdoor Sports, Water Sports, Running, Winter Sports, Golf
Recently revised data on the Europe sporting goods industry research by Persistence Market Research estimates a market value of US$ 182.5 Bn in 2021, which is expected to increase 1.9X by the end of the decade. The study suggests that the market will progress at a healthy CAGR of 6.7% over the period of 2021-2031.
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- Adidas AG
- Nike, Inc.
- Under Armour, Inc.
- PUMA SE
- Amer Sports
- Hammer Sports
- Polar Electro
Key Points Covered in Europe Sporting Goods Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on sales of sporting goods in Europe and how to navigate
- Recommendation on key winning strategies
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Evolution of Sporting Goods Industry in Europe
Increasing popularity in sporting activities has created an ever-growing buzz in the sports industry. With increasing involvement of population, demand for sporting goods and equipment has seen a steady rise and is expected to progress over the coming years.
As sports get more and more popular, the fan base is now expanding to regions that were not known for some sports. One such instance of a growing fan base is NBA (National Basketball Association), which has become a global phenomenon after being immensely famous in the North American region.
NBA is becoming extensively popular in the United Kingdom.
- Fanatics, a leading name in licensed sports merchandise announced with NBA, on 16th July 2021, the opening of the first NBA Store in the U.K., which is located at London’s popular pedestrian shopping area at 14-16 Foubert’s Place.
- The European Commission launched its green consumption commitment initiative on 25th January 2021, and one of the major names in the sporting goods industry was among the first few companies to announce its participation in the initiative.
- French sporting goods retailer Decathlon, while participating in this initiative, is also working on its own ways to reduce carbon footprint. It’s doing this by repairing and recycling used sports equipment and putting it for sale online.
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In terms of value, the Europe sporting goods market is anticipated to register a CAGR of 6.7% during the forecast period 2021 – 2031, and is expected to be valued at over US$ 350 Bn by 2031-end.
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Factors Impacting Market
Primary factors powering demand for sporting goods are an increasing prevalence of obesity due to a modern and hectic lifestyle and increasing health and wellness awareness among the female population in Europe.
A hectic modern lifestyle, increasing intake of high-calorie processed food, and prolonged desk-bound jobs are major causes for increasing prevalence of obesity among the population in Europe, which is in turn fueling the demand for sporting goods to improve the quality of life.
Also, growing prevalence of obesity is driving the demand for fitness-related sports equipment and encouraging end users to increase their spending on sporting goods. Furthermore, increasing disposable income in major European countries is expected to drive revenue growth of the Europe sporting goods market over the forecast period.
One of the major restraints for the growth of the sporting goods market in Europe is the increasing time spent on the internet, mobile device games, and other related non-physical activities by the younger generation that is reducing their interest in physical sports.
This trend has diminished the demand for sports goods and products in Europe and is one of the main factors hampering the growth of the Europe sporting goods market.
Market Analysis by Product
The Europe sporting goods market is segmented on the basis of product type into Football, Team sports, Tennis, Bike Sports, Racket Sports, Outdoor Sports, Water Sports, Running, Winter Sports, Golf, and Other Sports. Each of the product type segments are further sub-segmented into Online Apparel, Equipment, and Shoes sub-segments.
Among all the product type segments in the Europe sporting goods market, the Football segment is projected to be the fastest growing segment over the forecast period and is estimated to account for 1/4 of the market share of the Europe sporting goods market by the end of 2031.
The team sports product segment is expected to be the second largest segment in terms of value in the Europe sporting goods market by the end of 2031.
Market analysis by country
The Europe sporting goods market is segmented on the basis of country into Germany, France, Italy, Spain, Austria, Switzerland, Netherlands, and Rest of Europe. The Football segment is expected to remain dominant throughout the forecast period and is estimated to hold 3/10 value share by the end of 2031. The market in Russia is expected to expand at a CAGR of 6.8%.
Key Market Players
Adidas AG, Nike Inc., Under Armour Inc., PUMA SE, Amer Sports, Odlo, Hammer Sports, Polar Electro, KETTLER, and WaterRower Inc. are some of the leading companies in Europe manufacturing sporting goods.
Adidas AG is one of the leading manufacturers operating in the Europe sporting goods market, engaged in the design, development, production, and distribution of athletic and sports lifestyle products.
Nike, Inc. designs, develops, and distributes athletic footwear, apparel, equipment, sports accessories, and services. PUMA SE is one of the leading companies in sports and sports lifestyle products such as footwear, apparel, and accessories.
Leading market players are focused on strategic collaborations and expansion activities to increase their footprint throughout Europe.