(MENAFN- IMARC Group)
IMARC Group's report titled“ Licensed Sports Merchandise Market Report by Product Type (Apparel and Footwear, Accessories and Gifts, Toys and Games, and Others), Distribution Channel (Online Stores, Supermarkets and Hypermarkets, Departmental Stores, Specialty Stores, and Others), Price Range (Premium, Economic), End-User (Men, Women, Children), and Region 2024-2032 “. The global licensed sports merchandise market size reached US$ 32.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 44.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
Factors Affecting the Growth of the Licensed Sports Merchandise Industry:
Expansion of Sports League:
The surge in popularity of diverse sports leagues and international sporting competitions is a key factor driving the market for licensed sports merchandise. Fans worldwide are keen on establishing connections with their beloved teams and athletes, resulting in a heightened demand for genuine, officially licensed products. This passion is not confined to major leagues such as the NFL, NBA, or UEFA but also encompasses local and regional sports, broadening the scope of the market. With sports events being broadcasted globally, the visibility of these leagues and their merchandise is amplified, leading to increased sales across various regions. The emotional bond fans share with their teams propels them to purchase apparel, accessories, and memorabilia, transforming fan loyalty into a substantial revenue source for both sports franchises and merchandise retailers.
Rising Trend of Athleisure Wear:
The fusion of sports attire with everyday wear, known as athleisure, is a major force propelling the market for licensed sports merchandise. Consumers are increasingly drawn to comfortable, sporty clothing that doubles as a fashion statement, driving up the demand for sports-themed apparel and accessories. This trend transcends traditional sports fans, appealing to a wider audience that appreciates the athletic look, quality materials, and association with top sports teams and athletes. Additionally, the integration of cutting-edge technologies in merchandise like high-quality fabrics and wearable tech enhances the functionality and style of sports-inspired clothing, meeting the lifestyle preferences of consumers seeking both comfort and a connection to their favorite sports brands.
Enhanced Brand Visibility:
The marketing and promotion of sports merchandise by leagues, teams, and players play a crucial role in boosting the market. Utilizing creative marketing tactics, active social media presence, and partnerships with influential figures enhance the visibility of licensed sports products. These strategies not only increase brand recognition but also foster a sense of loyalty and exclusivity among customers. With teams and players having widespread fan bases worldwide, effective marketing efforts can leverage this reach to encourage fans to purchase genuine merchandise as a show of support. Exclusive releases, event-specific items, and personalized products further pique consumer interest, leading to surges in sales during major sporting events or when popular athletes achieve significant milestones.
Leading Companies Operating in the Global Licensed Sports Merchandise Industry:
Adidas AG Columbia Sportswear Dick's Sporting Goods Inc. Fanatics Inc. G-III Apparel Group Ltd. Hanesbrands Inc. Nike Inc. Prada Puma SE Sports Direct International Plc Under Armour Inc. VF Corporation
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/licensed-sports-merchandise-market/requestsample
Licensed Sports Merchandise Market Report Segmentation:
By Product Type:
Apparel and Footwear Accessories and Gifts Toys and Games Others
Apparel and footwear represent the largest segment as they allow fans to express their allegiance, making them sought-after items.
By Distribution Channel:
Online Stores Supermarkets and Hypermarkets Departmental Stores Specialty Stores Others
Specialty stores hold the largest market share as they have a diverse and exclusive collection of products.
By Price Range:
Premium price accounts for the largest market share as it offers superior materials, attention to detail, and innovative designs.
By End User:
Men dominate the market due to the greater appeal of licensed sports merchandise to men.
Market Breakup by Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Global Licensed Sports Merchandise Market Trends:
Currently, there is a growing trend of sports leagues, teams, and athletes collaborating with a wide array of brands that go beyond the usual sportswear companies. These partnerships now encompass diverse product categories like clothing, accessories, shoes, electronics, and even food and drinks. This expansion serves to make licensed sports merchandise more appealing to a larger demographic. Additionally, the increasing prevalence of online shopping is revolutionizing the licensed sports merchandise industry by providing fans with easier access and convenience when buying their preferred team's items. Through online retail platforms, fans can enjoy personalized shopping experiences, access exclusive products, and engage directly with their favorite teams through digital channels.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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