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Sporting Goods and Equipment

Sporting Goods and Equipment Market Research Reports

"The Dynamic Evolution of the Sporting Goods Industry: Key Drivers and Market Insights (2024 Market Size: USD 160 billion)"!

Sporting Goods and Equipment Industry Overview

In 2023 and 2024, the sporting goods and equipment market demonstrated substantial growth and resilience, which was fueled by a surge in outdoor activities and technological advancements. It heightened consumer interest in health and fitness. According to cognitive market research, The global sporting products market size was USD 150 billion in 2023, and will be USD 160 billion in 2024, with a compound annual growth rate (CAGR) of  5%. By 2031, the market size will be USD 236.3 billion, at a CAGR of 5%. The North American market remains the most dominant, with nearly 35% of the total market share, followed by Europe and Asia-Pacific. Apparel and Footwear: This segment continues to be the most significant within the sporting goods market, accounting for 40% of the total market revenue. 

Nike and Adidas have been the dominant brands in the athleisure wear market, which the demand has significantly driven. Equipment: The equipment segment encompasses a wide range of products, including outdoor sports gear and gym machinery, and accounts for 30% of the market. In particular, the demand for home fitness apparatus increased as a result of the pandemic-induced trend toward home workouts. Accessories: The accessories segment, which encompasses products such as sports bags, protective gear, and fitness monitors, accounts for 20% of the market. The increasing prevalence of wearable technology has stimulated sales in this category. 

A significant trend has been the increased awareness of health and wellness. In 2023, the percentage of consumers who reported engaging in physical activity at least once a week increased from 45% in 2022 to over 50%. There has been a discernible shift toward outdoor sports and activities. The sales of camping equipment, bicycles, and hiking goods experienced a 15% increase in 2023 and will increasing in 2024. The incorporation of technology into sporting products has emerged as a substantial trend. Performance tracking devices, augmented reality training applications, and smart equipment are becoming more prevalent. Through 2024, the market for wearable fitness technology will expand at a compound annual growth rate (CAGR) of 9%.

Top Countries Contributing in Sporting Goods and Equipment Market

United States (2024 Market Size: USD 50 billion)

The United States maintained its position as the world's largest market for sporting products and equipment in 2023, with a market size USD 48 billion and will be USD 50 billion in 2024, indicating a consistent annual growth rate of 4%. Fitness and wellness centers, schools and universities, and professional sports leagues are the primary sectors in the United States that utilize sporting products and equipment. A robust culture of health and fitness is the primary factor driving the 40% of the market demand that is attributed to fitness and wellness centers. Schools and universities contribute 25% of the total due to their extensive sports programs. In contrast, professional sports divisions, which are characterized by the popularity of major sports such as football, basketball, and baseball, account for 15%. United States holds a significant revenue share of 30% of the global market. In 2023, more than 60 million Americans engaged in fitness activities on a regular basis, which represents a 5% increase from 2022. Furthermore,  this trend of a 10% increase in the sale of residential fitness equipment will persist in 2024. The market will expand at a compound annual growth rate (CAGR) of 8% through 2024, which is also noteworthy due to the increasing adoption of wearable fitness technology.

China (2024 Market Size: USD 38 billion)

According to cognitive market research, the China's sporting products and equipment market holds a revenue share of 20% of the total revenue generated and its market size was USD 35 billion in 2023, and will be USD 38 billion in 2024, representing a 7% annual increase. Professional sports, government and school programs, and fitness centers are the primary sectors that are driving this growth. The growing emphasis on health and fitness in China is reflected in the fact that fitness clubs account for 35% of the market demand. Policies promoting physical education are the driving force behind 30% of government and school programs. 20% of the market is comprised of professional sports, such as soccer and basketball. The country experienced a 12% increase in sports participation rates in 2023, with 300 million active participants. The increasing middle class and urbanization bolstered the 8% growth in sales of sports apparel and footwear. The market growth of wearable fitness devices will continue to be driven by the government's investment in sports infrastructure and international events, such as the Winter Olympics, with a 9% CAGR through 2024.

Germany (2024 Market Size: USD 12.6 billion)

In 2023, the sporting products and equipment market in Germany was valued at USD 12 billion and will be USD 12.6 billion in 2024, with a 5% annual growth rate. Professional sports, schools and universities, and fitness centers comprise critical sectors. The market demand for fitness facilities is 30%, which is primarily driven by Germany's robust fitness culture. Comprehensive athletics programs are supported by schools and universities, which contribute 20%. Professional sports, notably football, account for 25% of the market. Germany holds 8% of the global market share. The number of regular fitness participants in the country increased by 3% from 2022 to 23 million in 2023. Sales of sports equipment such as football gear, increased by 6%, with a significant transition toward sustainable products. Technological advancements and an increasing consumer interest in health surveillance will drive the wearable fitness technology market to expand at a compound annual growth rate (CAGR) of 7% through 2024.

Japan (2024 Market Size: USD 9.5 billion)

As per cognitive market research, the Japan sporting products and equipment market holds a market share of 6% of the total revenue generated and its market size was USD 9 billion in 2023 and will be USD 9.5 billion in 2024, representing a 5.5% annual growth rate. Professional sports, schools, and fitness centers comprise significant sectors. Japan's emphasis on health and wellness is reflected in the 25% market share of fitness facilities. Mandatory physical education programs are the driving force behind the 20% contribution from schools. 20% of the industry is comprised of professional sports, such as soccer and baseball. Sports participation rates increased by 4% in 2023, with 15 million active participants. Technological advancements and the popularity of domestic sports competitions contributed to a 7% increase in sports apparel sales. Consumer demand for health and performance monitoring tools will drive the market for wearable fitness devices to expand at a compound annual growth rate (CAGR) of 8% through 2024.

United Kingdom (2024 Market Size: USD 8.4 billion)

The U. K. sporting goods and equipment market size was USD 8 billion in 2023, and will be USD 8.4 billion in 2024, representing a 5% annual increase. Some of the most significant sectors are schools, fitness clubs, and professional athletics. Fitness centers are responsible for 35% of the market demand, which is fueled by a robust health and fitness culture. A comprehensive sports program is supported by schools, which contribute 25%. Professional sports, particularly football, occupy 20% of the market. United Kingdom holds a 5% of the global market share. The number of regular fitness participants in the country increased by 4% from 2022 to 17 million in 2023. The demand for sustainable products increased, resulting in a 5% increase in sales of sports equipment, including football apparel. Technological advancements and increasing consumer interest in health surveillance will drive the market for wearable fitness technology to expand at a compound annual growth rate (CAGR) of 7% through 2024.

France (2024 Market Size: USD 7.3 billion)

In 2023, the sporting products and equipment market in France was valued at USD 7 billion and will be USD 7.3 billion in 2024, representing a 4.5% annual growth rate. Some of the most significant sectors are schools, fitness clubs, and professional athletics. Fitness centers are responsible for 30% of the market demand, which is fueled by a robust health and fitness culture. Comprehensive athletics programs are supported by schools, which contribute 20%. Professional sports, particularly rugby and football, account for 20% of the market. France holds a 4.5% of the global market share. In 2023, there were 15 million active participants, a 3% increase in sports participation rates. Technological advancements and the popularity of domestic sports competitions contributed to a 6% increase in sports apparel sales. Consumer demand for health and performance monitoring tools will drive the market for wearable fitness devices to expand at a compound annual growth rate (CAGR) of 7% through 2024.

Canada (2024 Market Size: USD 6.3 billion)

According to cognitive market research, the Canada's sporting products and equipment market holds 4% market share of the total revenue generated and its market size was USD 6 billion in 2023 and will be USD 6.3 billion in 2024, with a 5% annual growth rate. Professional sports, schools, and fitness centers comprise significant sectors. Canada's emphasis on health and wellness is reflected in the fact that fitness clubs comprise 35% of the market demand. Extensive athletics programs are the driving force behind the 25% contribution from schools. Professional sports, particularly ice hockey, account for 20% of the market. There were 12 million active participants in 2023, a 4% increase in sports participation rates. Technological advancements and the popularity of domestic sports competitions contributed to a 6% increase in sales of sports apparel and equipment. Consumer demand for health and performance monitoring tools will drive the market for wearable fitness devices to expand at a compound annual growth rate (CAGR) of 7% through 2024.

Australia (2024 Market Size: USD 5.3 billion)

In 2023, the sporting products and equipment market in Australia was valued at USD 5 billion and will be USD 5.3 billion in 2024, with an annual growth rate of 6%.  Some of the most significant sectors are schools, fitness clubs, and professional athletics. The market demand for fitness facilities is 30%, which is primarily driven by the robust health and fitness culture of Australia. Comprehensive athletics programs are supported by schools, which contribute 20%. Cricket and rugby, which are professional sports, account for 20% of the market. Australia holds a 3% of the global market share. In 2023, there were 10 million active participants, resulting in a 5% increase in sports participation rates. Technological advancements and the popularity of domestic sports competitions contributed to a 7% increase in sports apparel sales. Consumer demand for health and performance monitoring tools will drive the market for wearable fitness devices to expand at a compound annual growth rate (CAGR) of 8% through 2024.

South Korea (2024 Market Size: USD 4.8 billion)

The South Korea sporting products and equipment market holds a 2.5% of market share of the total revenue generated and its market size was USD 4.5 billion in 2023 and will be USD 4.8 billion in 2024, representing a 6.5% annual percent growth rate. Professional sports, schools, and fitness centers comprise significant sectors. The market demand for fitness facilities in South Korea is 25%, which is indicative of the country's emphasis on health and wellness. Extensive athletics programs are the driving force behind the 20% contribution from schools. 20% of the market is comprised of professional sports, with baseball and soccer being the most prevalent. In 2023, there were 9 million active participants, a 5% increase in sports participation rates. Technological advancements and the popularity of domestic sports competitions contributed to a 7% increase in the sales of sports apparel and equipment. Consumer demand for health and performance monitoring tools will drive the market for wearable fitness devices to expand at a compound annual growth rate (CAGR) of 8% through 2024.

Italy (2024 Market Size: USD 4.2 billion)

The sporting products and equipment market in Italy was valued at USD 4 billion in 2023 and will be USD 4.2 billion in 2024, representing a 5% annual growth rate. Some of the most significant sectors are schools, fitness clubs, and professional athletics. The demand for fitness facilities in Italy is 25%, which is primarily due to the country's robust health and fitness culture. Comprehensive athletics programs are supported by schools, which contribute 20%. Professional sports, notably football, account for 25% of the market. Italy holds a revenue share of 2% of the global market. In 2023, there were 8 million active participants, resulting in a 4% increase in sports participation rates. Technological advancements and the popularity of domestic sports competitions contributed to a 6% increase in sports apparel sales. Consumer demand for health and performance monitoring tools will drive the market for wearable fitness devices to expand at a compound annual growth rate (CAGR) of 7% through 2024.

PESTEL Analysis of Sporting Goods and Equipment Market

Political

The sporting products and equipment market is significantly impacted by the political landscape, which affects regulations, trade policies, and government support for sports and physical activities. The market is positively impacted by government policies that promote health and fitness, such as public health campaigns and subsidies for sports infrastructure, in numerous countries. For example, the demand for sporting products and equipment may be stimulated by initiatives that promote physical activity in schools and communities. Additionally, international relations and trade policies are essential. Tariffs, import restrictions, and trade agreements can influence the cost and availability of basic materials and finished products. For example, the U.S.-China trade tensions have resulted in heightened tariffs on a variety of products, such as sporting equipment, which can affect pricing strategies and profit margins. In contrast, free trade agreements among regions can enable the establishment of more efficient supply chains and access to new markets. Other critical factors include regulatory standards and compliance requirements. 

Economical

The economic environment significantly impacts the sporting products and equipment market. Consumer spending power is directly influenced by economic stability and development, which in turn influences the demand for sporting goods. During periods of economic prosperity, consumers are more inclined to spend on discretionary products, such as sporting goods and equipment, which results in market growth. The market's most significant economic indicators are consumer income levels and employment rates. Investing in high-quality sporting equipment, fitness apparel, and recreational activities is made possible by increased disposable incomes. In contrast, the market is typically adversely affected during economic downturns as expenditure on non-essential items decreases. For instance, the COVID-19 pandemic's economic consequences resulted in diminished consumer expenditures on sports-related merchandise in numerous regions. Currency fluctuations and inflation rates are also significant factors. Sporting products may become more costly for consumers as a result of elevated inflation, which can diminish their purchasing power. Currency fluctuations can have an impact on the cost of imported raw materials and finished products, which in turn can affect the pricing strategies and profit margins of global companies.

Social

The sporting products and equipment market is significantly influenced by social factors, which affect consumer behavior, market demand, and industry trends. The growing emphasis and awareness of health and wellness are among the most significant social drivers. With the increasing recognition of the advantages of an active lifestyle, there is an increasing demand for recreational sporting goods, sportswear, and fitness apparatus. This trend is especially prevalent among urban populations and younger demographics who prioritize fitness and well-being. Demographic shifts, including the aging populations in developed countries and the growing middle class in emergent markets, also influence the market. There is an increasing demand for low-impact fitness equipment and activities that are appropriate for seniors in countries with an aging population. In the interim, the demand for sporting products is being driven by the growing middle class in countries such as China and India, which have more disposable income to spend on sports and recreational activities. Cultural factors, such as the prevalence of specific activities, substantially determine market trends. For example, the demand for soccer-related equipment and apparel is significantly higher in Europe and Latin America due to the immense popularity of soccer.

Technological

The sporting goods and equipment market is propelled by technological advancements, which promote innovation, enhance product performance, and enhance consumer experiences. The integration of peripheral technology is one of the most significant technological trends. The popularity of devices such as fitness trackers, smartwatches, and heart rate monitors has increased, providing consumers with real-time data on their health metrics and physical performance. This trend will persist as advancements in data analytics, connectivity, and sensors further enhance the functionality and appeal of wearable fitness technology. Advancements in materials science have also transformed the sporting products market. The development of high-performance, durable, and lightweight materials, including carbon fiber, sophisticated polymers, and moisture-wicking fabrics, has resulted in the production of exceptional sports equipment and apparel. These materials increase the safety, comfort, and efficacy of athletes, thereby increasing the demand for technologically advanced products among consumers. Another innovative advancement that has significantly affected the industry is 3D printing technology. 

Environmental

Environmental factors are significantly impacting the sporting products and equipment market as sustainability becomes a critical concern for consumers, companies, and regulators. The demand for eco-friendly and sustainable products in this industry is being driven by the increasing awareness of environmental issues, including air pollution, climate change, and resource depletion. The environmental impact of manufacturing processes and the use of basic materials are among the primary environmental concerns. Due to their extraction, production, and disposal processes, conventional materials such as metals, synthetic fibers, and plastics have substantial environmental impacts. Consequently, there is a growing trend toward the use of sustainable materials, including biodegradable materials, organic cotton, and recycled plastics. Companies are investing in research and development to develop environmentally favorable, innovative materials that minimize their ecological impact. Water usage and waste management are also critical environmental factors. The manufacturing process for sporting goods, notably apparel and footwear, frequently results in substantial waste generation and water consumption. Companies are progressively implementing strategies to reduce waste and conserve water. Closed-loop recycling initiatives, which involve the design of products to be recycled at the conclusion of their life cycles, are becoming increasingly prevalent.

Legal

The sporting goods and equipment market is significantly impacted by legal factors, which affect market practices, product standards, and operations. A complex web of regulations and compliance requirements that differ across various regions and countries must be navigated by companies in this industry. Product safety and standards are among the most significant legal considerations. Governments and regulatory bodies enforce stringent safety standards to guarantee the safety of sporting products and equipment for consumer use. Failure to comply with these standards may lead to product recalls, legal penalties, and harm to the brand's reputation. For instance, regulations may establish the safety features of sports machinery, the durability of fitness equipment, and the materials used in protective apparel. Another critical legal factor is the protection of intellectual property (IP). The protection of these innovations through patents, trademarks, and copyrights is crucial, as companies invest significantly in research and development to develop innovative products.

Key Players of Sporting Goods and Equipment Market

Nike

In the fiscal year 2023, Nike, the foremost company in the global sporting products and equipment market, reported revenues of USD 51 billion and will be USD 54 billion in 2024. Continuous innovation and expansion in both product offerings and market reach are the driving forces behind this growth. Nike allocates USD 3 billion annually to research and development initiatives in order to maintain its leadership in technology and design. Nike's primary commercial segments consist of footwear, apparel, equipment, and accessories. Footwear constitutes 60% of the organization's revenue. The sporting goods and equipment segment, which encompasses products such as protective equipment, sports balls, and performance apparel, accounts for 15% of Nike's total revenue. Fitness and wellness, professional sports, and recreational activities are among the industries that rely on Nike's products. Nike occupies a dominant position in the global sporting products and equipment market, with an 27% market share. This is primarily attributable to its extensive distribution network, innovative products, and robust brand presence. Nike's market strategy emphasizes the expansion of its e-commerce platform to capture a broader online market and the steady growth of direct-to-consumer sales.

Adidas

Adidas, a significant competitor in the global sporting products and equipment market, reported revenues of USD 23 billion in 2023, with an increase to USD 24.5 billion in 2024. In order to preserve its market position, the organization allocates USD 1.5 billion annually to researching and developing new products and innovations. Adidas is predominantly engaged in three sectors: footwear, apparel, and equipment. Footwear continues to be the company's most significant segment, accounting for 55% of its total revenue. The sporting goods and equipment segment, which encompasses products such as fitness equipment, sports objects, and accessories, generates 20% of Adidas's general revenue. Professional sports, fitness and wellness, and outdoor activities are the primary sectors that utilize Adidas's products. Adidas holds a significant portion of the global market, 15%. The company's extensive distribution network, robust brand recognition, and diverse product line all contribute to this market share. Adidas's strategic emphasis on sustainability, innovation, and partnerships with influential designers and personalities has enabled the company to establish a substantial consumer base.

Under Armour

In 2023, Under Armour, a prominent participant in the sporting goods and equipment market, generated revenues of USD 6 billion and will generate USD 6.5 billion in 2024. In order to enhance its product offerings and foster innovation, the organization allocates USD 250 million annually to research and development. Apparel, footwear, and accessories and equipment comprise Under Armour's operation. The company's total revenue, with apparel being the greatest segment, accounting for 65% of the total. The sporting products and equipment segment, which encompasses performance gear, training equipment, and sports accessories, generates 10% of the total revenue. Fitness and wellness, professional sports, and juvenile sports are among the markets that employ Under Armour's products. In the sporting products and equipment market, Under Armour occupies 3% of the global market share. The company's strategic marketing initiatives, innovative products, and high-performance athletic wear and accessories are the primary factors supporting this share. The company's market strategy involves partnerships with prominent athletes and sports teams, which increase the visibility and credibility of the brand.

Puma

Revenues of USD 8 billion were reported by Puma in 2023, and will generate USD 8.5 billion in 2024. Puma is a prominent brand in the sporting products and equipment industry. In order to maintain its competitiveness and innovation, the organization allocates USD 500 million annually to research and development. Puma is organized into three primary segments: footwear, apparel, and accessories and equipment. Footwear is the company's most significant segment, accounting for 50% of its total revenue. The sporting goods and equipment segment, which encompasses products such as protective equipment, sports balls, and training tools, generates 15% of the total revenue. Professional sports, fitness and wellness, and casual wear are among the primary industries that employ Puma's products. Puma holds a 5% of the global market share in the sporting products and equipment market. Puma's comprehensive distribution network, innovative product offerings, and robust brand presence contribute to this market share. The company's brand allure and market reach have also been enhanced by its partnerships with prominent athletes and fashion designers.

ASICS

In 2023, ASICS, a well-known brand in the sporting products and equipment market, reported revenues of USD 5 billion and will generate USD 5.3 billion in 2024. In order to sustain its competitive advantage and foster innovation, the organization allocates USD 200 million annually to research and development. ASICS's industry is divided into three segments: footwear, apparel, and accessories and equipment. Footwear is the company's most significant segment, accounting for 60% of its total revenue. The sporting goods and equipment segment, which encompasses products such as sports accessories, training equipment, and performance apparel, generates 10% of the total revenue. Running, fitness and wellness, and professional sports are among the sectors that employ ASICS's products. In the sporting products and equipment market, ASICS holds a 2% of the global market share. This share is bolstered by the company's emphasis on high-performance athletic apparel and gear, innovative products, and robust brand loyalty. ASICS's market strategy involves partnerships with notable athletes and sporting events, which increase the brand's visibility and credibility.

Recent developments in Sporting Goods and Equipment Market

Conclusion

With a worldwide market size of USD 150 billion in 2023, the sporting goods and equipment market demonstrated strong development. The global sporting products market size will be USD 160 billion in 2024, with a compound annual growth rate (CAGR) of  5%. By 2031, the market size will be USD 236.3 billion, at a CAGR of 5%. The increased popularity of sports and leisure activities around the world, along with technological developments in equipment and the growing focus on health and fitness, are major factors fueling this expansion. With an increasing emphasis on healthy lives around the world, the fitness and wellness category is leading the pack, making for about 40% of the market demand.

The U.S. market will increase from USD 48 billion in 2023 to USD 50 billion in 2024, making it the largest market overall. Next on the list is China, where the market size is USD 35 billion in 2023 and will be USD 38 billion in 2024. The UK, Japan, and Germany all play important roles and control a sizable portion of the international market. Nike has a 27% market share, while Adidas, Under Armour, Puma, and ASICS are among the key firms that continue to dominate the market. These businesses pour a lot of money into R&D; Nike, for example, spends over USD 3 billion a year on it. This money goes into creating new products and improving existing ones. Sustainability efforts, like minimizing carbon footprints and making use of recycled materials, are also on the rise, thanks to customers' demands for greener goods. With a CAGR of about 6% over the next several years, the sporting goods and equipment market appears to have a bright future. New developments, including the proliferation of home fitness solutions, the incorporation of wearable technologies, and the general uptick in athletic engagement, might influence the market.

 

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