Sporting and athletic goods market comprises of the sales of sporting & athletic goods by entities that produce the sporting & athletic goods, except clothing and footwear. The sporting & athletic goods market is bifurcated into skating & skiing equipment, fishing equipment, golf equipment and other sporting equipment. A sport is one of the most effective tools for health, entertainment, and building a sustainable & prosperous future for next generation. For both mental and physical health, it is essential to include at least one sports activity in everyday life routine. Increase in awareness and importance of sports activities is primarily driving the sporting and athletic goods market across the globe.
Referring to study, “Sporting And Athletic Goods Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global sporting and athletic goods market include Callaway Golf Company, Decathlon, NIKE, Russell, Performance Sports Group. Key manufacturers are performing extensive research & development related to raw material used for instance use of carbon fiber to manufacture the supporting & athletic goods as it offers various advantages including high-strength, light weight and better performance of the product. Furthermore, players focus on introducing innovative technologies in order to improve in-store trade experience whilst providing a seamless shopping experience over the multiple channels.
Based on type, sporting and athletic goods market is segregated as skating & skiing equipment, fishing equipment, golf equipment and others. Based on material, market is segregated as wood, plastic, metal and others. In addition, based on distribution channel, market is segregated as convenience or departmental Store, specialty stores, online stores and others. Online stores segment is estimated to exhibit higher growth rate due to increase in usage of mobile phones & other electronic devices by clients to browse or shop online for products during the forecast period.
The sporting and athletic goods market is driven by rise in awareness regarding fitness & healthy lifestyle, followed by increase in disposable income & standard of living and growth in technological advancements in sporting goods. However, production of counterfeit products and high costs incurred in equipment manufacturing may impact the market. Moreover, rise in demand for lightweight materials & advanced technologies are key opportunities for market.
Nowadays sports career is attaining popularity owing to large number of sports events organized across the globe such as Olympics, world cup, Asian games etc. Now sports activities are made compulsory by the government bodies in schools & colleges for encouraging the generation towards sports career. Government of all regions across the globe are taking various initiatives for developing sports activities in their countries by organizing different sports events to support the young players and by making vast investment to develop the sports infrastructure of their countries. Based on geography, the Asia-pacific is the largest region in global sporting and athletic goods market owing to growth in government inclination coupled with support for sport activities in many countries across the region. The North-America and Europe regions are expected to exhibit higher CAGR due to increase in awareness of health & fitness through the encouragement of sports over the forecast period. It is likely that future of the global sporting and athletic goods market will be optimistic because of developing sports infrastructure of developing countries along with increase in government initiatives to promote sports activities during the forecast period.
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Ankur Gupta, Head Marketing & Communications