The Global Sports Equipment and Apparel Market is estimated to grow at a CAGR of 7.2% during the forecast period 2020-2027. As per the detailed market study, the global sports equipment and apparel industry was valued at $470.40 billion in the year 2019, and is anticipated to reach $817.17 billion by the end of the year 2027. The equipment segment holds the largest market share in the year 2019 and accounted for ~50% of the market share and is estimated to grow at the highest CAGR of 7.2% during the forecast period. Moreover, the fitness segment dominated the market in the year 2019 with ~1/5th of the market share and the outdoor segment is anticipated to grow at a CAGR of 9.4% during 2020-2027. Furthermore, the online segment is estimated to witness a growth with a CAGR of 7.2% during 2020-2027.
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The global sports equipment and apparel market is driven by various growth factors such as latest trends among youth population and increase in adoption of emerging sports technologies. Moreover, increase in fan base of popular sports events such as FIFA, Indian Premier League, Olympic and others fuels the demand for sports equipment and apparels. Also, increase in popularity of fitness and sports activities among the youth propels the market growth for the long-term. Whereas, rise in preference for indoor activities such as videogames, mobile games and others due to increase in internet penetration and rise in usage of smartphones majorly impacts the market growth negatively. Additionally, end-user intent towards leisure activities such as live music shows, watching movies and virtual reality gaming are some restraining factors for the market growth.
Segmentation Overview of the Global Sports Equipment and Apparel Market
The global sports equipment and apparel market is segmented on the basis of product, sports type and distribution channel. These major market segments are further categorized into sub-segments to study the overall dynamics of the market considering growth determinants and geographical dynamics.
The Product Type Segment of the Global Sports Equipment and Apparel Market is Sub-Segmented into:
The Sports Type Segment of the Global Sports Equipment and Apparel Market is Sub-Segmented into:
The Distribution Channel Segment of the Global Sports Equipment and Apparel Market is Sub-Segmented into:
Key Players Insights of the Global Sports Equipment and Apparel Market
V.F. Corporation New Balance, Inc., Gap Inc., ASICS Corporation, Amer Sports Corporation, Under Armour Inc., Puma SE, Adidas AG, Nike, Inc. and Decathlon S.A. are some major players included in the research study of the global sports equipment and apparel market. The market players are adopting various competitive strategies to withhold the market share in the global marketplace.
Geographical Overview of the Global Sports Equipment and Apparel Market
The Asia-Pacific sports equipment and apparel market is estimated to grow at the highest growth rate with a CAGR of 10.1% during the forecast period 2020-2027. On the other hand, the North America sports equipment and apparel market hold the dominant market position in the year 2019 with more than 1/4th of the market share considering the market revenue.
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