Growing health awareness among consumers, rapid rise in per capita disposable income, and surge in demand for sports apparel among young sports enthusiasts and advancements in formulation of sports equipment drive the growth of the Europe sports equipment and apparel market.
PORTLAND, Oregon, June 25, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, Europe Sports Equipment and Apparel Market by Product Type (Sports Equipment and Sports Apparel & Footwear), Retailers (Brand Outlets and Independent Stores), and Country (Germany, France, UK, Italy, Spain, and Rest of Europe): Opportunity Analysis and Industry Forecast, 2018-2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the Europe sports equipment and apparel market generated $115.70 billion in 2017, and is expected to reach $172.31 billion by 2025, growing at a CAGR of 5.5% from 2018 to 2025.
Rise in health awareness among consumers, increase in per capita disposable income, surge in demand for sports apparel among young sports enthusiasts and advancements in formulation of sports equipment boost the sports equipment and apparels market growth. However, increased interest in leisure activities other than sports such as movies, musical concerts, virtual gaming, and others among consumers restrain the growth of the market. Conversely, increase in participation of various organizations in donation of these equipment & apparel to emerging sports enthusiasts & athletes with poor financial background are likely to create new opportunities for the growth of the market.
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Sports equipment segment to be lucrative through 2025
Based on product types, the sports equipment segment accounted for more than half of the overall market share in 2017 and would retain its dominance through 2025. The same would achieve the fastest CAGR of 5.8% during the study period. Growing awareness of general health and fitness is one of the key factors that fuels the growth of the market. In addition, the development in materials used for manufacturing of sports equipment is helping to enhance product performance, thereby boosting the adoption rate of sports equipment.
Independent stores segment to grab the highest share through 2025
Based on retailers, the independent stores sector captured nearly three-fourth of the total market share in 2017 and is likely to continue its revenue lead through 2025. Rise in expenditure on sports training and development for children, owing to growing awareness of the benefits of engaging in sports activity such as increased concentration and problem-solving ability fuels the demand for sports equipment and apparel. However, the brand outlets segment would grow at the fastest CAGR of 6.2% from 2018 to 2025.
Italy to grow at the fastest rate during the forecast period
The market in Italy is projected to grow at the highest CAGR of 6.1% during the forecast period, 2018-2025. Growth in population adopting healthier lifestyle spurs the growth of the market. However, the rest of Europe segment garnered nearly two-fifth of the market share and is expected to maintain its revenue lead through 2025.
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Key industry players
Leading market players analyzed in the research 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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