Global Retail Sporting Goods Market Trends and Forecast
Lucintel finds that the future of the global retail sporting goods market looks promising with opportunities in men, women, and children applications. The global retail sporting goods market is expected to reach an estimated $1,118. million by 2030 with a CAGR of 10% 2023 to 2030. The major drivers for growth in this market are the rise of health awareness, increase in disposable income, technological advancements, and e-commerce growth.
In retail sportive goods industry polyethylene, polypropylene, and PVC polymers are employed in making protective gears and equipment’s whereas frames are made of aluminum and steel. Natural or synthetic rubbers are used to make balls, grips and shoe soles. Lightweight high strength products like tennis rackets and bicycles are produced using composites and carbon fibers. Commonly Nylon, polyester as well as spandex for fabrics for sportswear purposes. Product prices vary based on brand and quality; the most expensive brands use better materials as well as technology that result into great performance and longevity. Middle-range brands provide a blend between quality assurance with affordability while cheap brands offer basic low-cost alternatives. Innovations are driven by competition that demands frequent revisions of pricing where promotions help attract customers.
• Lucintel forecast that men will remain the largest application industry over the forecast period due to more traditional sports participation, increased sportswear expenditure and longer history of focused marketing activities with targeted sales. Women are the fastest growing segment in the global retail sporting goods market because of an increase in sports participation, a greater emphasis on women’s health, widening product lines and the growing influence of female athletes and celebrities.
• Athletic apparel is the largest type of product due to wider use beyond sports, strong brand presence, fashion trends, and growing athleisure trend that combines athletic and leisure wear.
• North America is expected to remain the largest region by value and volume due to established infrastructure, a strong sports culture, high consumer spending and high sports and fitness activities participation rate.
Country wise Outlook for the Retail Sporting Goods Market
The global retail sporting goods market is witnessing substantial growth globally, driven by increased demand from various industries such as Sports Apparel, Sports Footwear. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major retail sporting goods market producers in key regions: the USA, Germany, China, Brazil, and India.
Emerging Trends in the Retail Sporting Goods Market
Emerging trends in retail sporting goods market are shaping its future applications and market dynamics:
1. Smart and Connected Equipment: The integration of technology into sporting goods is a significant trend. You will find that smart sports equipment such as fitness trackers, smart watches, and connected workout gear have become more popular these days. For instance, one can get connected golf clubs that analyze swings with each stroke or a smart basketball that tracks shooting accuracy, or fitness mirrors which provide interactive workout experiences among other things.
2. Wearable Technology: Wearable technology continues to evolve, with new products offering more advanced features. This means that wearables track not only fitness metrics but provide real-time coaching and health monitoring. Moreover, companies are working on developing wearable which are more comfortable, durable as well as incorporating them with other smart devices.
3. Health and Wellness Focus: The emphasis on health and wellness is driving demand for products that promote a healthy lifestyle. These include yoga mats, resistance bands, home work out equipment etc. Notably enough during this time when COVID-19 has taken over our world home fitness has been on the rise with people searching for home gym equipment plus virtual fitness classes going up too.
4. E-commerce and Omni channel Retailing: The shift towards online shopping is transforming the retail sporting goods market. As companies continue to invest in strong e-commerce platforms they are also striving to make Omni channel experience seamless. Virtual fitting rooms innovations like augmented reality (AR) improve online shopping allowing customers try their clothes virtually before buying them based on their bodies’ patterns/specs & similarities with other outfits worn previously by them amongst others.
5. Sustainability and Eco-friendly Products: Nowadays, there is an increasing demand for ecological and sustainable sports products. In a bid to lower their impact on the environment, businesses are increasingly adopting the use of recycled materials as well as eco-friendly manufacturing techniques. They include brand names such as Adidas and Nike who boast of offerings made from oceanic waste plastics.
6. Sustainable and Ethical Practices: Consumers are increasingly concerned about the ethical practices of the brands they support. These include fair labor practices, transparent supply chains, and ethical sourcing of materials. For instance, companies have turned to transparent business practices and ethical marketing strategies in order to gain the trust of customers thereby enhancing brand loyalty.
A total of 107 figures / charts and 68 tables are provided in this 205-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments by the Retail Sporting Goods Suppliers
Recent developments in retail sporting goods market by various companies highlight ongoing innovations and advancements across different sectors:
• Sustainable Practices: Companies are becoming more and more exposed to these kind of activities which attracts environmentally aware customers.
• Integration of Health and Wellness: People have continued to demand for products that support healthy living, including wearable technology and exercise materials
• Personalization and Customization: Personalized sportswear, equipment tailored to individual preferences, and other customized sporting goods are what consumers want in this category
• Expansion of the Athleisure Market: The distinction between athletic wear and casual wear is increasingly blurring with the continued growth of athleisure market.
• Technological Innovations: The use of augmented reality (AR) in sport training, smart sports clothing as well as new innovation in footwear has increased significantly.
• Participation of Young People in Sports: There is an increasing number of young people who take part into youth sports, thereby resulting to high demand for various types of sports equipment.
Strategic Growth Opportunities for Global Retail Sporting Goods Market
• E-Commerce Expansion: The COVID-19 pandemic has speeded up the shift to online shopping. This trend could be leveraged by traders through improving their e-commerce platforms, making user experience better and providing personalized options for purchase. Additionally, this can boost internet sales as well through understanding customer behavior and preferences using data analytics.
• Omni-channel Retailing: Blending the on-line with offline experiences ensures a smooth customer journey from browsing to purchasing goods. Techno-savvy consumers are attracted by click-and-collect services, virtual changing rooms and product trials using augmented reality (AR). Moreover, return rates would decrease and customers would be happier.
• Sustainability and Eco-friendly Products: Sustainability is becoming more important to people today than it has ever been before. For instance, offering eco-friendly sports merchandise made from recycled materials or promoting environmentally strong brands can lure ecological buyers in the market place. Packaging and logistics that incorporate sustainable practices fit well into this new consumer trend as well.
• Health and Wellness Trends: Sporting goods retailers have a chance in respect to an increased focus on health issues today and physical fitness in general. Items such as home workout equipment, fitness trackers, wellness products among others may satisfy this demand collision at play here. Sales growth can come alongside partnering with fitness influencers or giving bundled offers for healthcare packages.
• Youth Sports and Esports: Putting resources into youth sports programs and products can guarantee long-term growth through nurturing early brand loyalty. In addition, there is a booming esports industry that constitutes a lucrative target market. As such, retailers can also consider expanding their range of products to include gaming gear, as well as partnering with e-sport organizations for promotional reasons.
Retail Sporting Goods Market Drivers and Challenges
The global retail sporting goods market is propelled by increasing health awareness, rising disposable incomes, technological advancements, and the surge in e-commerce. Athleisure trends and popular sports events also drive demand. Challenges include economic fluctuations, intense competition, counterfeit products, changing consumer preferences, supply chain disruptions, environmental issues, and regulatory complexities, necessitating strategic navigation of these dynamics.
The key drivers for the global retail sporting goods market include:
1. The Rise of Health Awareness: The growing recognition of health and fitness has resulted in more people taking part in sports and physical activities, boosting the demand for sports goods.
2. Increase in Disposable Income: Rising levels of disposable income give customers the ability to spend more on leisure pursuits such as sport activities with its accessories.
3. Technological Advancements: Sporting goods innovations, including smart wearables and high-performance gear, are adopted by technology enthusiasts to boost user experience.
4. E-commerce Growth: Retailing platforms expansion online facilitates access to sporting goods ensuring a wide variety of products at competitive prices.
5. Government Initiatives: Programs and policies encouraging sport events and physical education cause a demand for sporting items through an increased participation rate.
6. Favorability of Sports Events: Significant sports occasions such as Olympics, world cup and regional tournaments increase interest as well as participation in sports thereby boosting related merchandise sales.
7. Demographics of Young People: Sporting goods have continued being demanded due to the presence of younger generation who are highly concerned about games and fitness activities.
8. Athleisure Trend: In this case, athleisure wear trend that involves wearing casualwear made from sportswear has widened the market for sporting goods.
The challenges in the global retail sporting goods market include:
1. Economic Fluctuations: A decrease in consumer expenditure on non-essential items like sports equipment is experienced during economic recessions.
2. High Competition: Market competition is stiff with vast numbers of brands competing for shares resulting into price wars thus reducing profit margins.
3. Seasonal Demand: Sales fluctuation and inventory management challenges often arise from different seasons affecting particular types of sporting materials requirements.
4. Counterfeit Products: The use counterfeit products damages genuine product reputation leading them to lose their market share among other negative effects towards their business operations especially when it comes to selling original sporting goods thus distorting trust between buyers and sellers or even among potential customers themselves.
5. Alterations in Consumer Preferences: Companies find it hard adjusting the range of their products following rapid changes in consumer tastes and preferences.
6. Supply Chain Issues: The availability of products may be hampered by supply chain breakdowns, such as delays in manufacturing and shipping which can lead to loss of sales revenue.
7. Environmental Concerns: Businesses have to focus on development of eco-friendly materials as well as practices as a way of dealing with increasing cases about environment conservation at the same time this change becomes costly for them.
8. Regulatory Hurdles: For enterprises operating in several markets, the issue exhibits complications and vast costs because they must adhere to various laws and guidelines.
The global retail sporting goods market presents tremendous growth prospects that are mainly driven by health consciousness, rising incomes, technological advancements and the penetration of e-commerce. The excitement surrounding sports events as well as athletic clothing styles worn casually has further boosted this demand. Nonetheless, significant hurdles need to be addressed if these chances are to be exploited: economic instability, intense competition and complication of supply chains. It is very vital for stable business performance to stress on environmental soundness, consumer leading edge together with strong regulatory observance. In order to adapt in global retail sporting goods market’s changing terrain, firms can thrive through strategically leveraging drivers and mitigating challenges.
Retail Sporting Goods Suppliers and Their Market Shares
In this globally competitive market, several key players such as Adidas, Dick’s, Foot Locker, Nike, and Puma etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies retail sporting goods market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the retail sporting goods market companies profiled in this report include.
• Adidas
• Dick’s
• Foot Locker
• Nike
• Puma
These companies have established themselves as leaders in the retail sporting goods market, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the retail sporting goods market are evolving, with the entry of new players and the emergence of innovative retail sporting goods market technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Retail Sporting Goods Market by Segment
The retail sporting goods market is divided into several major segments: athletic footwear, fitness equipment, sports apparel, outdoor and adventure gear, and team sports equipment. Athletic footwear sales are boosted by the popularity of athleisure trends while increased home workouts promote growth in exercise equipment. This rise in health consciousness is helping to boost sports clothing sales and the growing interest in outdoor activities has helped spur the sale of outdoor gear. Team sport’s equipments demand remains robust supported by different types of games (sports) being played worldwide.
Retail Sporting Goods Market by Application [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Men
• Women
• Children
Retail Sporting Goods Market by Type [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Athletic Apparel
• Athletic Footwear
• Sports Equipment
Retail Sporting Goods Market by Region [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• North America
• Europe
• Asia Pacific
• Rest of the World
Global Retail Sporting Goods Market
• Market Size Estimates: Retail sporting goods market size estimation in terms of value ($M) and Volume (M lbs).
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Retail sporting goods market size by various segments, such as and application, type, and regions in terms of value and volume.
• Regional Analysis: Retail sporting goods market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different application, type, and regions for the retail sporting goods market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the global retail sporting goods market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in retail sporting goods market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the global retail sporting goods market size?
Answer: The global retail sporting goods market is expected to reach an estimated to $1,118 billion by 2030.
Q2. What is the growth forecast for global retail sporting goods market?
Answer: The retail sporting goods market is expected to grow at a CAGR of 10% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the global retail sporting goods market?
Answer: The major drivers of growth for this market are the rise of health awareness, increase in disposable income, technological advancements, and e-commerce growth.
Q4. What are the major application industries global retail sporting goods market?
Answer: Man is the major application for retail sporting goods market.
Q5. What are the emerging trends of global retail sporting goods market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes smart and connected equipment, wearable technology, health and wellness focus, e-commerce and omni channel retailing, and sustainability and eco-friendly products.
q6. who are the global retail sporting goods market companies?
Answer: Some of the key global retail sporting goods market companies are as follows:
• Adidas
• Dick’s
• Foot Locker
• Nike
• Puma
Q7.Which global retail sporting goods market type segment will be the largest in future?
Answer: Lucintel forecast that Athletic apparel will remain the largest segment by value and volume due to wider use beyond sports, strong brand presence, fashion trends, and growing athleisure trend that combines athletic and leisure wear.
Q8: In global retail sporting goods market, which region is expected to be the largest in next 7 years?
Answer: North America is expected to remain the largest region and witness the highest growth over next 7 years.
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 10 key questions
Q.1 What are some of the most promising potential, high-growth opportunities for the global retail sporting goods market by application (men, women, children), type (athletic apparel, athletic footwear, sports equipment), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 6 years in this market?