The sports industry is one of biggest developing industries in the world. Initially, sports was a part of military training to develop mental and physical skills. These days, more & more people are increasingly participating in sports & recreational activities due to health awareness and sports management. Sports as an activity helps consumers gain benefits such as better physical and mental health, teamwork, responsibility, and positive self-image. Consumers are spending progressively on sportswear and sports equipment along with leisure clothing and accessories. As a result of developments in the sports industry, various associations and federations have made it compulsory to wear sports equipment as per the need of the sport. The equipment offers protection from injury while playing sports.
Increasing interest in sports and rise in disposable income are fuelling the growth of the global sports equipment and apparel market. Various governments have invested in games and sports which will increase the participation of players and eventually drive the market. Rise in demand for performance efficient sports products which are strong and lightweight is expected to boost the growth of the global sports equipment and apparel market. Introduction of new technologies such as AI chatbot, augmented and virtual reality applications, and voice controlled devices will help players by improving their performance and encouraging them to opt for sports. Other trends in the market include sponsorship for sports events to motivate young players and more number of countries adopting sports as a tool for physical development of its people. Rise in number of tournaments and matches such as FIFA, IPL, and World Cup is expected to provide the opportunity to young players, thus driving the market for sports equipment and apparel. Manufacturers are innovating products to make them more comfortable and lightweight such as kneepads, helmets, etc. The sports equipment industry is highly fragmented due to a number of sports played across the globe; various types of equipment are needed according to the sports. Online channel of distribution has increased the sales of sports equipment and apparels. Consumers tend to buy from online stores due to increasing penetration of the internet and heavy discounts from these stores.
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There are some restraints which can affect the demand for sports equipment and apparel products. This includes increasing inclination of consumers toward other leisure activities such as watching movies, virtual reality gaming, and music festivals. Furthermore, some of the sports equipment are costly and unaffordable for most people. To increase the level of protection while playing the sport, some manufacturers may increase the weight of the equipment, which can cause discomfort to the player.
The global sports equipment and apparel market can be segmented based on product type, gender, distribution channel, and region. On the basis of product type, the sports equipment and apparel market can be classified into equipment, apparel, and footwear. Further, equipment and apparel can be classified into playing equipment (balls, bat and sticks, racquets, skates, and others (skateboard, flying disc, wickets, etc.) and protective equipment (helmet, shin guard, shoulder and elbow pads, gloves and others (mouth guard, kneepads, etc.) and apparel (t shirts, track pants, tights, shorts, and others (jerseys, jackets, etc.). On the basis of gender, the global sports equipment and apparel market can be classified into men, women, and kids. In terms of distribution channel, the sports equipment and apparel market can be classified into online and offline (large format stores, specialty stores, and small retail players). Based on region, the sports equipment and apparel market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Key players in the global sports equipment and apparel market are Adidas AG, Amer Sports Corporation, ASICS Corporation, Decathlon S.A., New Balance, Inc., Nike, Inc., Puma SE, Sports Direct International plc., Under Armour Inc. and V.F. Corporation
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
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