The sporting and athletic goods market has experienced robust growth, anticipated to rise from $182.73 billion in 2023 to $198.08 billion in 2024, with a CAGR of 8.4%. This growth is fueled by the fitness boom and increasing health awareness. By 2028, the market is expected to reach $269.08 billion, growing at a CAGR of 8.0%, driven by sustainability practices and social media influences.
Major Driver In The Sporting And Athletic Goods Market
The sporting and athletic goods manufacturing market is poised to benefit from steady economic growth projected for both developed and developing countries. As stated by the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021, with recovering commodity prices playing a significant role in driving economic growth. The stable growth of the US economy and the slightly faster growth of emerging markets relative to developed markets are expected to fuel public and private investments, joint ventures, and foreign direct investments in end-user markets. This greater economic growth is anticipated to propel the sporting and athletic goods manufacturing market, shaping its trajectory throughout the forecast period, including in 2023, 2024, and 2028.
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Sporting And Athletic Goods Market Competitive Landscape
Christian Dior SE, The Procter & Gamble Company, Nike Inc., The Michelin Group, Bridgestone Corporation, Adidas AG, WestRock Company LLC, International Paper Company, Kimberly-Clark Corporation, Decathlon S.A., Russell Athletic LLC, Anta Sports Products Limited, Skechers USA Inc., Under Armour Inc., New Balance Athletics Inc., Rajesh Exports Ltd., Callaway Golf Company, Li-Ning Company Limited, ASICS Corporation, Columbia Sportswear Company, Fila Holdings Korea Ltd., Amer Sports Corporation, Mizuno Corporation, The North Face Inc., Patagonia Inc., YONEX Co. Ltd., Skis Rossignol S.A., K-Swiss Inc., Performance Sports Group Ltd., Derby Cycle Corporation
Key Sporting And Athletic Goods Market Trend
Additive manufacturing is growing as an important trend as the sports goods industry has become competitive. Additive manufacturing involves building three-dimensional objects using digital models and successively adding multiple layers of material. The sports goods industry has fast-changing customer demands and requirements for product performance. Additive manufacturing enables the manufacturer to fulfill those demands by providing an efficient approach to rapid prototyping. Therefore, a manufacturer can produce a specific design depending on the individual’s prototype. For example, Asics Corporation, a Japanese company specializing in the production of sportswear and athletic equipment, will launch ACTIBREEZE in July 2022. ACTIBREEZE is a ground-breaking geometric structure, made possible by a parametric design method and cutting-edge 3D printing technology, featured in an inventive 3D printed sandal that is specifically made to support the body and mind of a recovering athlete. This structure provides the wearer with outstanding comfort and protection.
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Sporting And Athletic Goods Market Segmentation
The sporting and athletic goods market covered in this report is segmented –
1) By Type: Fishing Equipment, Skating And Skiing Equipment, Golf Equipment, Other Sporting Equipment
2) By Material: Plastics, Wood, Metal, Other Materials
3) By Distribution Channel: Online Stores, Speciality Stores, Convenience/Departmental Store, Other Distribution Channels
By Geography:The regions covered in the sporting and athletic goods market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the sporting and athletic goods market in 2023.
The Sporting And Athletic Goods Global Market Report 2024 furnishes information about the global sporting and athletic goods market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
