Sports has proved to be one of the most effective tools for entertainment, health and building a sustainable and prosperous future for next generation. For both physical and mental health, it is necessary to include at least one sports activity in daily life routine. The rising awareness and importance of sports activities is majorly driving the sports goods market across the globe.
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The global sporting goods market is segmented into product such as ball sports, adventurous sports, fitness equipments, golf equipments, sports equipments, athletic footwear and athletic apparels. Among these segments, ball sports segment is projected to grasp a remarkable CAGR by the end of 2023.
Likely, growing popularity of sports in developing and underdeveloped nations is envisioned to flourish the growth of global sporting goods market. Apart from this, fitness equipments segment is anticipated to be the fastest growing market of global sporting goods over the forecast period.
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Moreover, swift expansion of urban region along with rising number of stadium to play is also believed to push the market of sporting goods in near future.
Global sporting goods market is anticipated to showcase a tremendous CAGR of 4.1% during the forecast period i.e. 2016-2023. Moreover, the global sporting goods market is projected to account exponential sales of USD 82 Billion by the end of 2023.
Additionally, the market is riding on the back of developing sports infrastructure all over the globe.
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Increasing Awareness towards Fitness and Wellness
Growing awareness amongst the population regarding fitness and wellness which is leading them towards outdoor sports such football, baseball, soccer and other sports activities. This factor is increasing the market size of sporting goods across the globe.
Furthermore, growing athletic activities coupled with rising popularity of adventures sports is projected to expand the market of sporting goods in near future.
Rising Sport Events Globally
Increasing number of sport events all across the globe such as Olympics, commonwealth, Asian games, Paralympic and other international multi-sports events. Further, these sports events are gaining popularity around the world owing to high spending on events to attract maximum sport fans towards these sport events.
This factor is believed to foster the growth of sporting goods market by 2023.
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Although, poor quality of goods by local manufacturers is expected to limits the growth of sporting goods market. Moreover, high cost of sporting goods is hindering the demand of sporting goods.
The report titled “Sporting Goods Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global sporting goods market in terms of market segmentation by product, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global sporting goods market which includes company profiling of Adidas, Admiral, ASICS, Brooks, FILA, Kappa, Nike, Macron, Joma, Erreà. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global sporting goods market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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