As per newly released data by Future Market Insights (FMI), the sports and leisure equipment retailing market is estimated at US$ 332.5 billion in 2023 and is projected to reach US$ 624.1 billion by 2033, at a CAGR of 6.5% from 2023 to 2033.
As more individuals participate in sports and other recreational activities as a means of improving their health and reducing stress, the sports sector is becoming the largest in the world.
Sports have become more popular as an active and passive form of entertainment. Consumers are gradually spending more on sportswear, with athleisure apparel and accessories accounting for a sizable portion of the cost. The sports market in the twenty-first century is rife with extremes. Market research is becoming a top priority for marketing sports equipment and accessories as global markets become more and more competitive.
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The market is rising vastly, as people are increasingly attracted by the product’s capability to offer sweat-wicking & breathability and enhancement of physical movement. The product assists in safeguarding from extreme weather conditions improve blood circulation, and injury prevention is helping to surge its utilization. The rising growth of the urban population escalates the consumption of the product due to the increasing involvement of people in fitness activities.
Key takeaways
- Based on the sports type fitness sports will be the growing segment in the sports type are people are now more conscious about their health and fitness.
- Online retail distribution channel for sports equipment is expected to be the fastest-growing segment over the forecast period
- The Sports and Leisure Equipment Retailing market will grow with a CAGR of 6.8% in the forecast period.
- The sports and leisure equipment retailing market is growing strongly, characterized by the rapid adoption of new technologies and directness to changing trends.
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Impact of COVID-19 on Sports and Leisure Equipment Retailing market
The outbreak of the coronavirus hurt industries around the world, as blockades and customer restrictions on store occupancy resulted in a decline in sales. The COVID-19 outbreak has affected economies and trades in various countries due to lockdowns restrictions, travel bans, and business shutdowns. The COVID-19 lockdown around the world has imposed a negative impact on the livelihood of people and the world economy as well. The overall global marketplace breakdown due to COVID-19 is also affecting the growth of the market due to the shutting down of factories, obstacles in the supply chain, and the decline in the world economy.
COVID-19 has impacted the sports and leisure business adversely. The global blockade canceled many pre-ocanceledading to event cancellations and the closure of the sports academy. The epidemic of COVID-19 has closed many gyms and gyms around the world. However, fitness enthusiasts are stuck indoors and do not disappoint their fitness goals. Many people are motivated to develop home fitness routines that can exceed social distance regulations. Professional gyms and gyms gradually became popular as a busy lifestyle limited the amount of time available for exercise.
Who is winning?
Leading players in the Sports and Leisure Equipment Retailing market are focusing on promotional strategies and advertising popular tourist destinations in various regions to improve sales in the market.
Major players present in the Sports and Leisure Equipment Retailing market
Key Players
- Adidas AG
- Amer Sports
- PUMA SE, and Under Armour
- Billabong International Colombia Sport
- Daiwa Seiko
- New Balance
- Quicksilver
Sports and Leisure Equipment Retailing Market by Category
By product type:
- Equipment
- Apparel and Shoes
By end User:
- Men
- Women
- Children
By Sports Type:
- Bike
- Outdoor
- Tennis
- Other Racket Sports
- Running
- Fitness
- Football/Soccer
- Other Team Sports
- Winter Sports
- Water sports
- Others
By Distribution Channel:
- Supermarkets/Hypermarkets
- Speciality Stores
- Online Retail Stores
- Other Distribution Channels
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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