Increase in popularity of the sporting events originated in Europe majorly contributes toward the growth of the sports equipment and apparel market. In addition, initiative of various sports equipment and apparel manufacturers to donate these products to financially weak athletes and sports enthusiasts is anticipated to positively impact the overall market growth.
According to a new report published by Allied Market Research titled,”Europe Sports Equipment and Apparel Market by Activity: Opportunity Analysis and Industry Forecast, 2018 – 2025,”the Europe sports equipment & apparel market size was valued at $115,709 million in 2017, and is projected to reach $172,315 million by 2025, growing at a CAGR of 5.5% from 2018 to 2025. Germany dominated the Europe sports equipment and apparel market in 2017, accounting for 19.7% share of the total revenue.
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Sports equipment are utility devices or tools useful for engaging in sports activities. Similarly, sports apparel is useful for boosting the sports performance with required comfort. However, consumers are actively wearing sports apparel during non-sports hours. This report is an in-depth study of the sports equipment and apparel market consumed across different types of sports activities. On the basis of outdoor activities, the market is divided into hiking; winter & water sports; team games such as football, volleyball, & basketball; and racket sports such as tennis, squash, & others.
Increase in health awareness among consumers and rapid rise in per capita disposable income are expected to boost the demand for sports equipment and apparels market. In addition, increase in demand for sports apparel among young sports enthusiasts and advancements in formulation of sports equipment fuel the Europe sports equipment & apparel market growth. However, decline in participation of the young generation in sports activity hampers the market growth. Moreover, increase in interest of consumers in leisure activities other than sports such as movies, musical concerts, virtual gaming, and others restrains the growth of the Europe sports equipment & apparel market. Conversely, increase in participation of various organizations in donation of these equipment and apparel to emerging sports enthusiasts and athletes with poor financial background is anticipated to provide lucrative opportunities for the market growth. For instance, Sports Gift, Let’s Play It Forward, Europe Sports Foundation, and One World Play Project are some of the well-known organizations that support the sports equipment donation process. Thus, rise in distribution of sports equipment and apparel through online retail platform is anticipated to boost the market growth in the near future.
The governments of European countries are constantly in the process of conceptualizing and establishing effective and timely healthcare programs. Developing countries indicate a significantly growing trend of healthcare offerings across all sectors. The allowances related to employee fitness is expected to experience an increase in the future. This is anticipated to boost the business of sports equipment & apparel industry, as a significant portion of the employee income would be invested in fitness activities such as gym and yoga. This in turn is expected to drive the growth of the Europe sports equipment and apparel industry.
Based on region, the Europe sports equipment & apparel market is analyzed across Germany, France, UK, Italy, Spain, and rest of Europe. In Germany penetration of the sports equipment & apparel is high, owing to upsurge in state, national, and international level competitions conducted by various governments across the European region increase the participation and develop interest of the youth in sports activities. This in turn has resulted in increased demand for sports equipment and apparel, which significantly contributes to the overall growth of the Europe sports equipment & apparel market.
Key Findings of the Europe Sports Equipment and Apparel Market:
In 2017, Germany was the highest contributor toward the Europe sports equipment & apparel market, growing at a CAGR of 5.6% from 2018 to 2025.
In 2017, the sports equipment segment accounted for more than half of the Europe sports equipment & apparel market share, and is estimated to grow at a CAGR of 5.8% from 2018 to 2025.
The independent stores segment is expected to grow at a CAGR of 5.1% during the Europe sports equipment & apparel market forecast period.
In 2017, the France accounted for nearly 14% of the Europe sports equipment & apparel market size, and is estimated to grow at CAGR of 5.1%.
In 2017, sports apparel and footwear segment accounted for a prominent share of Europe sports equipment & apparel market, and is anticipated to grow at the highest CAGRs of 5.0%.
The key leading players operating in the Europe sports equipment & apparel industry include Adidas AG (ADIDAS), Amer Sports Corporation, Asics Corporation, Fila Korea Ltd, New Balance, Nike, Inc, Puma Se (Kering), Sports Direct International Plc, Under Armour, Inc, and VF Corporation (VFC).
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