Sports Good Market Size Estimation, Growth Rate, and Future Trends, 2021
Increasing awareness about health benefits associated with sports and fitness activities such as improved health and reduced the risk of chronic disorders are boosting the market demand of sports goods.
(firmenpresse) - The Global Sports Goods Market is subject to witness a substantial growth due to the rising enthusiasm towards sports & sporting events, increasing focus towards fitness activities, and growing penetration of retail e-commerce sector across the globe. Additionally, rising disposable income and health consciousness among young population in both developed and developing economies worldwide are anticipated to drive the growth of sports goods market over the forecast period. Changing lifestyle patterns and increasing participation in sports related activities by young population are estimated to fuel the market growth in upcoming years.
Increasing awareness about health benefits associated with sports and fitness activities such as improved health and reduced the risk of chronic disorders are boosting the market demand of sports goods. Additionally, sports and fitness activities helps to limit depression, cardiovascular diseases, and diabetes. Such factors are leading to the soaring demand of sports and fitness activities. Globally, the market is predicted to grow at significant CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the sports goods & equipment.
Rising adoption of sports good & equipment during sports activities in order to avert injuries to leg muscle, knee pain, hip pain, and back pain, is leading to substantial purchase of sports good & equipment in North America and Asia Pacifica market. Additionally, lowering cost of the sports goods in Asia-Pacific market is expected to augment market demand in near future. The recent development of innovative manufacturing technology that is increasingly adopted by industry players, has led to production of high performing sports good & equipment. For example, recent advancement in sports footwear industry such as advent of a forged mesh technology, that allows development of a single layer shoe with a ribbed pattern on the upper portion with help of ARAMIS, which is a motion capture technology, has gained a lot of appreciation and demand from North America and European region.
Growing popularity of international sporting events such as football, tennis, cricket and basketball are expected to drive larger customer base towards sports goods & equipment over the forecast period. Moreover, increasing penetration of e-commerce sector coupled with growing number of specialty and sports shops and department and discount stores across the globe are anticipated to favor market expansion in the upcoming years as well.
The sports good market is broadly categorized into four major segments based on the application type such as ball sports, adventure sports, fitness equipment and golf equipment. The ball sports is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of the ball sports segment is attributed to the easy availability of ball sports goods and cost efficiency. The fitness equipment segment has also witnessed substantial growth due to the rise in health consciousness among young population.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in sports equipment sector, shifting preference towards sports, fitness, and adventure activities, like aerobics, hiking, training, and trail running and existence of well-established sports infrastructure in the region. Asia-Pacific region is predicted to hold a major share in the sports goods market displaying a massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with rising enthusiasm for various sports events, increasing per capita income, growing penetration of e-commerce websites and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the sports goods market are Callaway Golf Co., Amer Sports Co., Puma SE, Adidas AG, Nike, Inc., Mizuno Co., and YONEX Co. Ltd.
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Datum: 08.04.2020 - 09:25 Uhr
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