The global sports equipment and apparel market size was valued at USD 542 billion in 2021 and is estimated to reach an expected value of USD 1030 billion by 2030 at a CAGR of 7.4% during the forecast period (2022-2030). Sports equipment is necessary for participating in sports activities and helps to comply with the laws and regulations of a specific sport. Athletes' performance can be improved with the help of these gear and clothing.
Because more young people are adopting new sports technologies and fashion trends, the sports equipment market is fast changing. To survive in a cutthroat market, draw in new customers, and satisfy the needs of existing ones, producers must introduce creative items. The expansion of the market is fueled by an increase in the number of fans of well-known sporting events like the Olympics, Indian Premier League, FIFA, and others. Additionally, the growing popularity of sports and fitness activities among young people fuels the expansion of the entire market.
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Increase in Sports and Fitness Awareness across the World
Due to growing awareness of the advantages of participating in sports activities, such as improved focus and problem-solving skills, there has been increased spending on sports training and development among youngsters, spurring the demand for sports clothes and equipment. Furthermore, the development of the sports industry and related industries is supported by the shift in the educational system's paradigm. The awareness of sports and fitness has also substantially expanded due to the growth of sports instruction and training in academic settings. As a result, many educational institutions provide students with instruction so they may participate in various sporting events. In addition, the growth of competitions at the state, national, and international levels organized by various governments throughout the world encourages more young people to participate in sports and develop an interest in them. As a result, there is now a much higher demand for sporting goods, which has significantly boosted the market's overall expansion. Due to growing awareness of the advantages of participating in sports activities, such as improved focus and problem-solving skills, there has been increased spending on sports training and development among youngsters, spurring the demand for sports clothes and equipment.
Furthermore, the development of the sports industry and related industries is supported by the shift in the educational system's paradigm. The awareness of sports and fitness has also substantially expanded due to the growth of sports instruction and training in academic settings. As a result, many educational institutions provide students with instruction so they may participate in various sporting events. In addition, the growth of competitions at the state, national, and international levels organized by various governments throughout the world encourages more young people to participate in sports and develop an interest in them. As a result, there is now a much higher demand for sporting goods, which has significantly boosted the market's overall expansion.
Government Initiatives towards Sports Activities and Events
Initiatives taken by various governments to promote sports, health, and fitness have led to an increased consciousness about sports and sports-related products. For instance, Sports for All is an initiative by the US government to provide sports knowledge to citizens, which has drastically increased the involvement of consumers in the sports activity. In addition, in the US, President's Council on Fitness, Sports & Nutrition has rolled out programs and initiatives to motivate people of all ages, backgrounds, and abilities to lead an active and healthy life. Likewise, governments' investment in players and athletes is a significant factor that propels the growth of the sports industry and the corresponding growth of the sports and equipment industry.
With the support of the Australian Sports Commission (ASC), the Australian Government invested $340 million in Australian Olympians to provide the necessary support for Rio Olympics. These various initiatives and increases in investments by various governments are leading to increased participation in sports activities by young people, boosting the demand for sports equipment and apparel.
The Increase in Terrorism and Political Influence on Sports Events
Due to the large number of sports fans who watch sports telecasts or listen to sports commentary on the radio or other media, sporting events are one of the main targets of terrorists. Therefore, terrorism foundations view this fan following as an essential tool for disseminating their message. Due to interstate rivalry or to attract media attention, several athletes are attacked. Attacks by terrorists on sporting events disrupt the audience and athletes, resulting in the event's failure or cancellation and a drop in the attendance of new or seasoned athletes. This, in turn, adversely impacts the sports and other related industries, along with the sports equipment and apparel market. For instance, in December 2016, a football stadium in Istanbul witnessed a planned car explosion.
Moreover, in April 2017, the team bus of a German football club suffered through controlled explosions, which injured one of its players. Furthermore, the increase in corruption in the sports industry and the rise in political influence on sports events & competition lead to inconvenience for existing and emerging athletes. This is attributed to the fact that political interference is causing biases in the selection, promotion, sponsoring, and other beneficiary facilities for athletes, which results in a declining participation rate, thereby hampering the growth of the overall sports industry along with the sports equipment and apparel industry.
Increase in Contributions by Various Organizations toward Donation
Various big brands are entering the untapped market where a lack of sports facilities and products is witnessed. These key players are setting up sports facilities, sports centers, and playgrounds and promoting their products. Likewise, various organizations and NGOs donate sports equipment and apparel, build sports facilities, conduct sports competitions, and train potential athletes free of cost. Moreover, the developing interest of the young population in sports is anticipated to offer potential opportunities to the market in the near future. These factors significantly contribute to the sports equipment and apparel industries growth in untapped regions.
The global sports equipment and apparel market is segmented by product, sports, distribution channel, and region.
Based on product, the global sports equipment, and apparel market is categorized into equipment and apparel & shoes. The equipment segment was the highest contributor to the sports equipment and apparel market and is estimated to grow at a CAGR of 7.4% during the forecast period. Sports equipments are objects or goods that are essential to complete the sport. This equipment consists of various forms depending on the sport. The equipment includes balls, rackets, bikes, and more. The equipment segment accounted for a significant market share in 2019 and is expected to exhibit steady growth during the forecast period. Consumers are progressively spending more on sportswear and its associated equipment, with a large share of the expense of athleisure clothing and accessories. The equipment segment remains highly competitive, owing to many established market players. The equipment market is thriving immensely on e-commerce, a popular retail medium nowadays that also offers consumers the benefit of comparing all the available sports equipment brands.
By sports type, the global sports equipment and apparel market is classified into the bike, outdoor, tennis, other racket sports, running, fitness, football/soccer, other team sports, winter sports, watersports, and others. Fitness was the highest contributor and is estimated to grow at a CAGR of 6.4% during the forecast period. The fitness segment in the sports equipment and apparel market encompasses products intended to be worn or used in activities done to improve fitness levels. This may include various items such as sports shorts, gym shoes, and others. The present trend is healthy living, which is anticipated to last a very long period. People today are more health conscious and have begun to invest in various training methods, including yoga and gym memberships. The market for sporting goods and apparel is anticipated to expand as a result.
In terms of distribution channels, the global sports equipment, and apparel market is divided into online and offline. The offline segment was the highest contributor to the sports equipment and apparel market, with $368,340 million in 2019, and is estimated to reach $639,220 million by 2027, growing at a CAGR of 7.4% during the forecast period. The offline segment encompasses all the physical retail stores through which sports equipment and apparel are made available to buyers. Offline stores provide a wide range of products, from food items and groceries to merchandise, under one roof, and the products can be viewed and tried by the customers before purchase, which makes it a go-to place for consumers to buy specialty goods. The expansion of offline retail formats like supermarkets and hypermarkets in developed and developing nations is responsible for the rise of the offline segment of the sports equipment and apparel market. Additionally, the one-stop shopping experience offered by these retail formats makes it a very well-liked choice for customers. Additionally, these retail formats provide clients with a broad selection of goods at affordable prices and are typically found in locations that are conveniently accessible, which increases the segment's allure.
By region, the global sports equipment and apparel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest contributor to the global sports equipment and apparel market, growing at a CAGR of 6.4%. During the forecast period. North America is one of the major sports equipment and apparel markets in the world, comprising the US and Canada. An increase in participation in outdoor sports or adventure activities majorly drives the growth of the sports apparel market in this region. In addition, individuals are now participating in fitness activities such as running, jogging, and others to stay healthy and fit, thereby boosting the market's growth.
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Europe is the second largest region. It is anticipated to reach an expected value of USD 240 billion by 2030 at a CAGR of 5.8%. Europe comprises Germany, Poland, France, the UK, Austria, Italy, Switzerland, Sweden, Spain, Russia, Norway, Denmark, Czech Republic, Hungary, Finland, Ireland, Belgium, The Netherlands, Luxembourg, Portugal, and the rest of Europe. Growth in health and fitness awareness leads to increased participation in fitness activities such as gym, swimming, and aerobics. Consumers often wear tracksuits and ski jackets as casual wear. Moreover, women in Europe wear sports apparel for day-to-day activities. Numerous prominent players in the market have relied on product innovation and technological advancements to gain a significant share of this regional market. In addition, the rise in participation of women in outdoor sports and the adoption of sports apparel as a fashion item fuel the growth of this market in Europe.
Asia-Pacific is the third largest region. Asia-Pacific comprises Australia, China, Japan, Malaysia, Thailand, Singapore, South Korea, and the rest of Asia-Pacific. The largest and fastest-growing region in the globe is Asia-Pacific. This is due to the steady economic environment and rise in disposable income. The inclination of consumers for a healthy lifestyle and the steady increase in adventure travel and expeditions also contribute to the market's expansion in the area. The market for sports equipment and apparel is expanding as a result of the rising adoption of premium items and the easy availability of new, performance-enhancing sportswear. Due to rising middle-class populations and consumer spending power, the Asia-Pacific market has tremendous growth potential. The expansion of the regional outdoor sportswear market is also fueled by rising marketing initiatives such as aggressive advertising campaigns and celebrity endorsements. Market players should offer quality products to customers at affordable prices to expand their customer base and gain a strong footprint in the market. Moreover, market players must establish retail stores to expand their outreach and increase their market share.