Sporting Goods Market
Industry: Consumer Goods
Published Date: August-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 200
Report ID: PMRREP33537
The global sporting goods market is forecasted to expand at 8.6% CAGR and reach US$ 1.65 trillion by the end of 2033, up from its market size of US$ 722.2 billion in 2023, as per this latest industry analysis by Persistence Market Research.
Sporting goods are a large category of designed equipment, gear, and accessories. These products are designed to improve the performance, safety, and experience of athletes and individuals participating in sports and fitness activities. Individuals who participate in recreational sports, fitness training, competitive athletics, and outdoor activities require sporting equipment. These items are developed to meet certain performance standards, safety regulations, and ergonomic considerations, allowing users to enjoy their favorite sports and activities while limiting the chance of injury.
In terms of market competition, the environment is dynamic and ever-changing, with companies attempting to differentiate themselves through product innovation, brand positioning, marketing techniques, and responsive customer service. The capacity to adapt to shifting consumer tastes and market trends is critical for maintaining a competitive edge in this broad and competitive industry.
Attribute | Key Insights |
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Sporting Goods Market Size (2022A) |
US$ 663.18 Billion |
Estimated Market Value (2023E) |
US$ 722.2 Billion |
Projected Sales of Sporting Goods (2033F) |
US$ 1.65 Trillion |
Value CAGR (2023 to 2033) |
8.6% |
Collective Value Share of Top 3 Countries (2022) |
15% to 20% |
Worldwide demand for sporting goods market increased at a CAGR of 6.7% between 2018 and 2022. Prospects for the market appear promising as it is projected to expand at a CAGR of 8.6% through 2033, driven by changing consumer preferences toward comfort, design, and technology. In recent years, consumers have become more conscious of the environmental impact of their purchases, and sporting goods companies have capitalized on the opportunity by offering sustainable, eco-friendly products made from recycled materials to reduce carbon footprints, in line with consumers’ preferences.
Product development and smart sports equipment, such as fitness trackers, smartwatches, and linked sports gear, have emerged as a result of technological advancements. Manufacturers capitalize on the potential to develop and offer technologically upgraded items that appeal to tech-savvy consumers.
Manufacturers and brands spend heavily on R&D to introduce new materials, improved manufacturing techniques, and features that enhance the performance, comfort, and durability of sporting products. The rise of e-commerce has broadened the reach of sporting goods manufacturers and retailers. Online platforms offer convenience and a diverse choice of items, which contributes to increased sales of athletic goods.
“Rising Global Participation in Sports and Outdoor Recreational Activities”
Popularity of sports, both amateur and professional, has risen in recent years, and as more people participate in sports activities, there is a greater need for sporting items such as equipment, footwear, and apparel.
Outdoor recreational pursuits like hiking, camping, cycling, and water sports have seen a rise in popularity as a result of the pandemic as people look for safer ways to exercise and engage in leisure activities. This pattern has boosted sales of outdoor sporting goods.
“Wide Availability of Unsafe Counterfeit Products Weakening Brand Loyalty”
Consumers’ preferences change quickly, especially with the rise of social media and influencer marketing. Companies struggle to keep up with shifting trends and preferences, which has an impact on their capacity to produce and promote consumer-friendly products. To avoid this risk, businesses should invest in market research to keep track of current trends, as well as collaborate closely with influencers and social media platforms.
The sporting goods industry is also vulnerable to the creation and selling of counterfeit items, which can weaken customer trust in authentic brands and have an impact on product sales. Counterfeit items can also represent a safety concern to consumers who are unaware they are acquiring a counterfeit product, as these products may not meet safety regulations or go through necessary quality control inspections, thereby putting consumers in danger.
What’s Pushing the Sporting Equipment Market in the United States?
“Growing Emphasis on Sustainable Production by Sporting Goods Market Manufacturers”
The market for sporting goods in the United States holds promising prospects for sustained growth due to evolving preferences of consumers, advancements in materials, and a heightened focus on sustainability. The region boasts some of the world's most popular sports such as basketball, football, and baseball, driving significant demand for sporting goods, especially basketball equipment. With robust disposable incomes and active lifestyles, the United States presents a profitable market for sports goods manufacturers.
The United States has a presence of well-known sporting goods businesses.
Expanding millennial and Gen Z population is fueling the rise of the sporting goods sector in the country.
What Elements are Influencing the Sales of Sporting Goods in Germany?
“High Culture of Health and Fitness Awareness”
The market in Germany accounted for a valuation of US$ 39.74 billion in 2022 and is projected to expand at a CAGR of 3.5% over the forecast period (2023 to 2033).
Germany’s culture of health and fitness awareness, as well as high levels of sports involvement in football, basketball, and handball, drive demand for sporting goods in Germany. This has resulted in an increased interest in equipment and clothing that can help people stay active and healthy.
Why are Sporting Goods Manufacturers Attracted to the United Kingdom?
“Heightened Health Awareness among Consumers Prompting Sports Participation”
Sales of sporting equipment in the United Kingdom were worth US$ 35.19 billion in 2022 and are expected to advance at an 11.7% CAGR during the forecast period.
The market in the United Kingdom is highly competitive, with several international brands competing against local players. Demand for sporting goods in the country is influenced by the country's health and fitness awareness, as well as high levels of sports participation.
Which Product Type Accounts for Higher Sales Across the World?
“High Sales of Sports Apparel Due to Focus on Innovation and Athleisure Wear Production”
The apparel segment is expected to expand at a CAGR of 7.8% through 2033. This segment encompasses apparel and accessories designed to enhance the comfort, performance, and style of athletes and fitness enthusiasts across a range of sports and physical activities.
Companies within this sector continually innovate by introducing novel technologies, materials, and designs to cater to the distinct needs and preferences of individuals engaged in various sports and exercise routines. The advent of athleisure wear, which combines sports performance qualities with casual styling, has broadened the market and blurred the distinction between sports apparel and everyday fashion.
Why are Intermediate End Users Accounting for Higher Revenue Streams?
“Constant Focus on Self-Improvement Driving Sporting Goods Usage”
Intermediate end users generated significant revenue in 2022, accounting for 47.8% share of the global sporting equipment market. The intermediate segment represents a significant market opportunity for exercise equipment and athletic goods manufacturers and retailers.
Intermediate users constantly focus on self-improvement and may invest in exercise equipment and gear that help them advance to the next level in their sport. Moreover, intermediate consumers have a wide range of sporting interests and could be involved in various activities, which drives market expansion.
Which Sales Channel is Foreseen to Gain Traction During the Forecast Period?
“Tailored and Curated Merchandise in Independent Stores Driving Product Sales”
Sales of sporting goods through independent sports stores are anticipated to progress at a noteworthy CAGR of 10.4% over the forecast period.
Independent sports stores play an important role in enhancing the variety and accessibility of sports-related products. Independent sports stores cater to niche markets by focusing on certain sports or recreational activities and offering specialized equipment for sports such as soccer, tennis, golf, cycling, hiking, or water sports.
Specializing allows sports stores to offer a tailored and curated range of merchandise, catering directly to enthusiasts of specific sports. This specialization is making independent sports stores a compelling sales channel choice for consumers. Soccer gear accounts for particularly high sales since it is the most popular sport in the world.
The sporting goods industry is extremely competitive with a variety of brands and models offered at various price points. Adidas Group, Nike Inc., and Puma SE are some of the top manufacturers of sporting goods in the market. These firms emphasize research and development and work hard to produce innovative goods with enhanced comfort and improved materials to strengthen their market position.
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Attribute | Details |
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Forecast Period |
2023 to 2033 |
Historical Data Available for |
2018 to 2022 |
Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
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The global sporting goods market reached US$ 663.18 billion in 2022.
From 2018 to 2022, global sales of sporting goods increased at 6.7% CAGR.
North America accounted for a leading market share in 2022.
Worldwide sales of sporting goods are forecasted to reach US$ 1.65 trillion by 2033.
Leading sporting goods manufacturers are Adidas AG, Nike Inc., Under Armour Inc., PUMA, and WaterRower.
The market for sporting goods is projected to expand at 8.6% CAGR through 2033.