Valuation of the sports equipment and apparel market worth USD 930.5 billion by 2031, at a CAGR of 8.3%
PORTLAND, OR, USA, July 18, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Sports equipment and apparel market By Product Type, By Sport Type, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020-2031”, lockdowns in various countries and bans on international travel have disrupted the supply chain and the revenue chain.
Sports Equipment & Apparel Market was valued at USD 340.6 Billion in 2020 and is projected to reach USD 930.5 Billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.
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Sports equipment is utilitarian devices or tools that are useful for practicing a sporting activity. Likewise, sportswear is helpful in improving sports performance with the required comfort. Rising fitness awareness among consumers and rapidly increasing per capita disposable income are expected to drive demand for sports equipment and apparel.
In addition, the trend of sportswear among young athletes and the advancements in the formulation of sports equipment are fueling the growth of the market. However, declining participation of the younger generation in sports activities is hampering the growth of the market.
By product type, the equipment segment holds the highest share of 52.8% in 2019, and it expects to maintain its dominance during the forecast period. Consumers are spending progressively more on sportswear and associated gear, with a large portion of spending constituting sportswear and accessories. The equipment segment remains very competitive, thanks to the presence of many established players in the market. The equipment market is booming thanks to e-commerce, which is a popular retail medium these days that also gives consumers the advantage of comparing all the brands of sports equipment available.
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Based on sport type, the fitness equipment and apparel segment was valued at $64,574 million in 2019 and is projected to reach $1,23,968 million by 2031 at a CAGR of 7.8%. Healthy living is the current trend and this trend is expected to remain relevant for a long time. Today, people have become very knowledgeable about health and fitness and have started investing in different activities such as yoga, gyms, and many other forms of training to stay fit. As a result, market growth will likely be fueled by these sports equipment and apparel market trends.
Based on the distribution channel, the online segment is expected to register the highest CAGR of 8.6% over the forecast period. The online channel is one of the rapidly emerging sales channels in the sports equipment and apparel industry. Consumers prefer online platforms because of their ease of access and convenience. This platform offers a number of online shopping discounts to attract more customers.
Based on region, Asia-Pacific is expected to reach $2,94,049 million by 2031. Asia-Pacific is the fastest growing and largest regional markets in the world. This is attributed to a stable economic situation coupled with an increase in disposable income. Additionally, consumer preference for a healthy lifestyle and steady increase in adventure tourism and outings contribute to the size of the region’s sports equipment and apparel market.
Key Players in the Sports Equipment and Apparel Market include:
• Adidas S.A.
• Asics Corporation
• Decathlon SA
• Fila Holdings Corp.
• New Balance
• Nike Inc.
• Puma SE
• L’Écart Inc.
• Under Armor Inc.
• VF company.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.