Sports Equipment and Apparel Market to Grow with a CAGR of 9.3% Globally through 2028
Global Sports Equipment and Apparel
Market continues to thrive due to factors such as rising awareness of health
and fitness, technological innovations, and the influence of global sporting
events and sponsorships.
According to TechSci Research report, “Global Sports
Equipment and Apparel Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Sports Equipment and
Apparel Market stood at USD 481 billion in 2022 and is anticipated to grow with
a CAGR of 9.3% in the forecast period, 2024-2028. The global sports equipment
and apparel market is a vast and dynamic industry that encompasses a wide range
of products and services catering to athletes, sports enthusiasts, and
fitness-conscious individuals. This market has experienced significant growth
over the years, driven by a combination of factors such as increasing sports
participation, rising health awareness, technological advancements, and
changing consumer preferences.
The global sports equipment and apparel market is a
multifaceted industry that encompasses a diverse array of products and
services. It includes sports equipment like basketballs, soccer balls, golf
clubs, tennis rackets, and a wide variety of apparel, from athletic shoes and
sportswear to accessories like fitness trackers and sports sunglasses. This
market also encompasses a broad range of activities, from mainstream sports
like soccer, basketball, and tennis to emerging trends in fitness, including yoga,
crossfit, and outdoor activities like hiking and cycling.
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Equipment and Apparel Market”
As societies become more health-conscious, the demand
for sports equipment and apparel has surged. Consumers are increasingly
adopting active lifestyles and looking for high-quality products to support
their fitness goals. This trend has resulted in substantial market growth. The
popularity of sports and physical activities has increased worldwide. Emerging
markets, such as China and India, have witnessed a surge in sports
participation, bolstering demand for sports equipment and apparel. Major
sporting events like the Olympics, FIFA World Cup, and the NBA Finals also
contribute to the market's growth by fostering enthusiasm for sports.
The integration of technology into sports equipment
and apparel has been a game-changer. Innovations like smart fabrics, wearable
fitness trackers, and advanced materials in sports gear have enhanced
performance, comfort, and safety. Consumers are increasingly seeking products
that offer these technological advantages. The advent of e-commerce has
transformed the retail landscape. Consumers can now easily access a wide range
of sports equipment and apparel through online platforms, expanding market
reach and enabling consumers to compare prices and features more conveniently. High-profile
athletes and sports personalities endorse various sports brands. These
endorsements create a sense of trust and aspiration among consumers, driving
sales and brand loyalty.
Despite its growth, the sports equipment and apparel
market faces several challenges. One of the primary challenges is the
increasing competition among brands. With numerous companies vying for market
share, it's crucial to stand out through innovative products and effective
marketing strategies. Economic fluctuations and the cost of production are
additional challenges. The cost of manufacturing materials, labor, and
transportation can impact product prices, potentially limiting consumer
purchasing power. Market sustainability is also a concern. The industry has
been scrutinized for its environmental impact due to the use of
non-biodegradable materials and unsustainable manufacturing practices.
Consumers are increasingly looking for eco-friendly options, putting pressure
on brands to adopt sustainable practices.
Numerous global and regional brands compete in the
sports equipment and apparel market. Some of the key players include Nike,
Adidas, Puma, Under Armour, New Balance, Reebok, and ASICS. Each of these
brands offers a wide range of products, from running shoes and sports jerseys
to fitness trackers and athletic accessories. They invest heavily in research
and development to innovate and offer high-performance products that cater to
evolving consumer demands.
Eco-friendly and sustainable products are becoming
increasingly popular. Brands are incorporating recycled materials, reducing
waste, and adopting more environmentally friendly manufacturing practices. The
integration of technology into sports equipment is a significant trend.
Smartwatches, fitness trackers, and other wearable devices have gained
popularity among consumers. These devices provide valuable data on performance,
helping athletes and fitness enthusiasts track their progress. Many brands
offer customization options, allowing customers to design their own sports
apparel and footwear. This personalized experience enhances brand loyalty and
customer satisfaction.
The blending of athletic and leisurewear has created
the athleisure trend. Consumers are seeking comfortable, stylish clothing that
can be worn both for workouts and daily activities. This trend has led to
increased sales of athleisure apparel. Brands are embracing inclusivity and
diversity, offering a broader range of sizes, styles, and colors to cater to a
more diverse customer base. This approach resonates with consumers and aligns
with social trends toward inclusivity. Reducing plastic waste and adopting
sustainable packaging solutions is becoming a priority for many brands.
Eco-friendly packaging not only appeals to environmentally conscious consumers
but also helps reduce the carbon footprint of the industry.
The COVID-19 pandemic had a profound impact on the
sports equipment and apparel market. Lockdowns, restrictions on physical
activities, and the closure of gyms and sports facilities disrupted the
industry. However, the pandemic also accelerated certain trends, such as the
growth of e-commerce and the focus on health and wellness. Many consumers
turned to home fitness equipment and online workouts, leading to increased
demand for fitness gear.
As restrictions have gradually lifted, the market has
shown resilience and adaptability. Brands have pivoted to meet changing
consumer needs and safety concerns, launching innovative products and digital
solutions to cater to the evolving landscape.
The global emphasis on health and wellness is expected
to continue, bolstering demand for sports equipment and apparel. Consumers are
likely to invest in products that support their physical fitness goals and
active lifestyles. The integration of technology into sports gear will persist,
with ongoing innovation in wearable technology, smart fabrics, and data
analytics. This will provide athletes and fitness enthusiasts with increasingly
sophisticated tools to track and improve their performance. The demand for
eco-friendly and sustainable products will only grow. Brands will continue to
adopt environmentally responsible practices to meet consumer expectations and
reduce their carbon footprint.
The global sports equipment and apparel market is
segmented into type, sports type, distribution channel, regional, and company.
Based on the type, apparel segment emerged as the
dominant player in the global sports equipment and apparel market. Sports
apparel has transcended its functional role and become a fashion statement.
Leading brands have recognized the importance of merging style and
functionality, creating lines of sports apparel that are not only
performance-oriented but also aesthetically appealing. This convergence of
fashion and sportswear has drawn a diverse audience that includes not only
athletes but also those seeking comfort and style in their daily lives.
Based on region, Asia Pacific has a significant share of
the global sports equipment and apparel market. The Asia Pacific region is home
to a vast and diverse population, making it a hotbed of potential consumers for
sports equipment and apparel. Countries like China and India, with their
massive populations, play a crucial role in driving the demand for sports-related
products. The increasing middle-class population in these countries has more
disposable income, enabling them to invest in sports equipment and apparel.
Major companies operating in Global Sports
Equipment and Apparel Market are:
- New Balance
- PUMA SE
- VF Corporation (VFC)
- Adidas AG (Adidas)
- Amer Sports Corporation
- Asics Corporation
- Gap Inc.
- Nike, Inc. (Nike)
- Under Armour, Inc
- Decathlon S.A.
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“The global sports equipment and apparel market is a
vibrant and ever-evolving industry that reflects changing consumer preferences,
technological advancements, and societal trends. The market's growth is driven
by the increasing focus on health and fitness, the rise in sports
participation, and the integration of technology into sports gear. Challenges
such as economic fluctuations and sustainability concerns are being addressed
through innovation and responsible business practices. Looking ahead, the industry
is poised for continued growth, with sustainability, technology, and
customization as key drivers.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Sports Equipment and Apparel Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type
(Equipment, Apparel and Shoes), By Sports Type (Bike, Outdoor, Tennis, Racket
Sports, Running, Fitness, Football/Soccer, Others), By Distribution Channel
(Online and Offline), By Region, By Competition, 2018-2028, has evaluated
the future growth potential of global sports equipment and apparel market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global sports equipment and apparel market.
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