The North American sporting goods industry is valued at US$ 148.75 billion in 2023 and is expected to grow to US$ 336.32 billion by 2033. During the forecast period, the market is expected to grow at an 8.5% CAGR.
How is the Market Indirectly Helping Patient’s Health and Well-being?
The North America sporting goods market is not directly involved in the healthcare industry. However, sporting goods and fitness equipment can indirectly support the health and well-being of individuals. Regular physical activity is essential to a healthy lifestyle and can help prevent and manage many chronic health conditions. Sporting goods, such as exercise tools and equipment, stay active and engaged in physical activity.
Sporting goods can be used for physical therapy and rehabilitation to help patients recover from injuries or surgeries. For example, resistance bands and exercise balls can be used in rehabilitation programs to improve strength, flexibility, and balance.
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There has been a growing trend toward incorporating technology into sporting goods in recent years. It helps individuals to monitor and track their physical activity and progress toward their fitness goals.
This technology can help individuals stay motivated and engaged in their fitness routines. Healthcare professionals also help in tracking the progress of patients in rehabilitation or physical therapy programs. While the North America sporting goods market is not directly involved in helping patients, its products can promote physical activity.
Key Takeaways:
- North America sporting goods market is anticipated to secure a valuation of US$ 336.32 billion with a CAGR of 8.5% by 2033.
- Historically, the market captured a valuation of US$ 122.26 billion in 2018.
- The market registered a CAGR of 4% between 2018 and 2022.
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Innovation in Sporting Goods by Key Players Upsurge the Market Growth
Key players play a crucial role to innovate products in the North America sporting goods market. Manufacturers constantly look for ways to improve their products through new materials, designs, or technology.
In recent years, we have seen a significant increase in the use of technology in sporting goods. For example, wearable fitness trackers, smart sports equipment, and virtual reality (VR) training systems have become increasingly popular. These technologies have helped to monitor physical activity and track progress toward fitness goals.
Another area of innovation has been using sustainable materials and manufacturing processes. Consumers are increasingly concerned about the environmental impact of the products they use. Therefore, many sporting goods manufacturers have responded by developing products made from eco-friendly materials.
Innovations in design have also played a role in the growth of the sporting goods market. Manufacturers are developing products that are functional but also stylish. They have further helped to expand the market beyond traditional sports enthusiasts to a wide audience.
Overall, innovation in sporting goods by key players has helped to drive market growth by changing the preferences of consumers. Technology advances and consumers become more environmentally conscious are expanding the market size further.
North America Sporting Goods Market- Major Players
Nike Inc., Adidas AG Under, Armour Inc., Puma SE, New Balance Athletics Inc., Columbia Sportswear Company, VF Corporation, Skechers USA Inc., ASICS Corporation, The North Face Inc., YETI Holdings Inc., Callaway Golf Company, Dick’s Sporting Goods Inc., Hibbett Sports Inc., Academy Sports + Outdoors
Recent Developments in the North America Sporting Goods Market
Nike: Nike has been focused on expanding its digital capabilities, including investing in mobile apps and e-commerce platforms. They have also been prioritizing sustainability to use 100% renewable energy across their operations by 2025.
Adidas: Adidas has been focused on innovation and sustainability. They have developed new materials, such as recycled polyester and are exploring 3D printing technology to create sustainable products. They have also invested in e-commerce and digital marketing to reach young consumers.
Under Armour: Under Armour has been focused on streamlining its operations and cutting costs after struggling financially in recent years. They have also invested in new technology and products, such as connected fitness devices and breathable fabrics.
Puma: Puma has been expanding into new markets, particularly in Asia. They have also been investing in sustainability to reduce their carbon footprint and use sustainable materials in their products.
Columbia Sportswear: Columbia Sportswear has been focused on expanding its product offerings beyond outdoor apparel and footwear. They have been investing in new technologies, such as breathable and waterproof fabrics, and expanding their direct-to-consume
North America Sporting Goods Market by Category
By Distribution Channel:
- Online
- Offline
By Sports Type:
- Racquet Sports
- Ball Sports
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