(MENAFN- GlobeNewsWire - Nasdaq) The growth of the sports equipment and apparel market is driven by an increase in health and fitness awareness, technological advancements in sports gear, and increased participation in sports and recreational activities. Moreover, the growth of e-commerce and online retail, along with endorsements by professional athletes, further boosts the market expansion.Wilmington, Delaware, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Sports Equipment and Apparel Market by Product Type (Equipment and Apparel and Shoes), Sports Type (Bike, Outdoor, Tennis, Other Racket Sports, Running, Fitness, Football/Soccer, Other Team Sports, Winter Sports, Watersports and Others), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2024-2034" . According to the report, the sports equipment and apparel market was valued at $374.2 billion in 2023, and is estimated to reach $991.8 billion by 2034, growing at a CAGR of 9.5% from 2024 to 2034.
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Prime determinants of growth
The growth of the sports equipment and apparel market is driven by several key factors. Increase in health and fitness awareness among the global population has led to a surge in participation in various sports and physical activities. Technological advancements have resulted in innovative products that enhance performance and safety, which helps attract more consumers. The rise of e-commerce platforms has made it easier for customers to access a wide range of products, further boosting market growth. In addition, endorsements and sponsorships by professional athletes and sports celebrities significantly influence consumer preferences and purchasing decisions. These drivers collectively contribute to the expanding demand for high-quality, performance-oriented sports equipment and apparel worldwide.
Report coverage & details:
Report Coverage
| Details |
| Forecast Period | 2024–2034 |
| Base Year | 2023 |
| Market Size in 2023 | $374.2 billion |
| Market Size in 2034 | $991.8 million |
| CAGR | 9.5% |
| No. of Pages in Report | 306 |
| Segments Covered | Product Type, Sports Type, Distribution Channel, And Region. |
| Drivers |
Increase in health and fitness awareness Technological advancements in sports equipment Rise in participation in sports and recreational activities Growth of e-commerce and online retail Endorsements by professional athletes |
| Opportunities | Innovation in sustainable and eco-friendly products Growth in women's sports participation Increase in demand for personalized and custom equipment Integration of smart technology and wearable devices |
| Restraint | High cost of advanced sports equipment Prevalence of counterfeit products Limited infrastructure in developing regions |
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The equipment segment maintained its leadership status in 2023
By product type, the equipment segment held the highest market share in 2023 owing to its essential role in facilitating the practice and play of various sports. Many sports require specific equipment that is indispensable, such as balls, rackets, bats, protective gear, and fitness machines. These items are often necessary for participation, training, and ensuring safety, making them a non-negotiable purchase for athletes and sports enthusiasts. Additionally, the continual development of innovative and technologically advanced equipment, aimed at enhancing performance and safety, drives consistent demand. The high cost and regular replacement need of these items, especially in professional and competitive sports, contribute to their larger market share compared to apparel, which often has a longer usage lifecycle.
The fitness segment led the market in 2023
By sports type, the fitness segment held the highest market share in 2023. There is a growth in global trend toward health and wellness, with more individuals incorporating fitness routines into their daily lives to improve overall well-being. The versatility of fitness activities, such as gym workouts, yoga, and running, appeals to a broad demographic, including various age groups and fitness levels. In addition, the rise of fitness influencers on social media platforms has popularized fitness culture, which has helped encourage the adoption of trendy workout gear and equipment. Moreover, the convenience of home workouts, driven by advancements in online fitness programs and virtual classes, has further driven the demand for fitness-related products, strengthening the dominance of this segment in the sports equipment and apparel market.
The online segment dominated the market in 2023
By distribution channel, the online segment held the highest market share in 2023. The convenience of shopping online allows customers to browse a wide range of products from various brands without geographical limitations. Online platforms provide detailed product information, customer reviews, and comparison tools, which enhances the shopping experience for consumers. Moreover, e-commerce offers competitive pricing, frequent discounts, and special promotions, appealing to cost-conscious consumers. The ability to shop from any place, combined with hassle-free delivery and easy return policies, adds to the increase in sales of this segment. In addition, the rise of mobile shopping apps and secure payment options has further boosted online sales. As digital connectivity continues to grow globally, the online channel is anticipated to drive the growth of the sports equipment and apparel market.
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Asia-Pacific led the market in 2023
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023. There is a rise in trend toward health and fitness across countries such as China, India, and Japan, driven by rise in disposable incomes, urbanization, and increase in awareness of lifestyle diseases. The trend has led to a surge in participation rates in various sports and fitness activities, and an increase in demand for specialized equipment and apparel. The large youth population of Asia-Pacific, along with the influence of global sports events and media, also contributes to the increased interest in sport equipment and apparel products. Rapid urban development and infrastructure improvements have further facilitated the growth of sports facilities and organized sports leagues, which in turn, boosts the sport equipment and apparel market demand. Moreover, the expansion of e-commerce platforms has significantly improved access to a wide range of sports products, which has played a crucial role in the sport equipment and apparel market growth in the Asia-Pacific region.
Players: -
The report provides a detailed analysis of these key players in the global sports equipment and apparel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Dev
In June 2023, JD Sports acquired an 80% stake in Deporvillage, an online retailer of outdoor sporting equipment, to strengthen its presence in the online sports equipment market .
In March 2023, DICK'S Sporting Goods launched VRST, a new men's athletic apparel brand to target the demand of modern active men. The launch represents DICK'S expansion in the activewear market, focusing on versatile and stylish athletic wear
In May 2022, Adidas and Foot Locker announced a partnership to focus on product innovation, advanced experiences, and deeper consumer connectivity. The partnership positions Foot Locker as the lead partner for Adidas in the basketball category and involves expanding key franchises across women's, kids', and apparel .
In March 2022, Adidas announced the formal completion of its divestiture of Reebok to Authentic Brands Group (ABG) . During a transition period, Adidas will continue to operate the business on behalf of ABG before fully transferring to ABG's partners later in 2023.
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