EUROPE SPORTING GOODS MARKET ANALYSIS

Europe sporting goods market was valued at US$ 153.7 Bn in 2022 and is expected to exhibit a CAGR of 6.8%, in terms of revenue, over the forecast period (2023-2030), to reach US$ 260.0 Bn by 2030. Increasing obesity prevalence, rising health, and fitness awareness, rising intake of processed foods, rising disposable income, and rising popularity of sports activities among the general population are some of the primary factors influencing demand for sporting goods in Europe.

Europe Sporting Goods Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic harmed sporting goods consumption across Europe by reducing manufacturing activity and closing multiple sales channels.

Lockdown restrictions imposed to prevent the spread of coronavirus infections resulted in a drop in regional sales of sporting apparel and goods. Restricted outdoor activity and the cancellation of all sporting events during lockdowns resulted in a significant decrease in the size of Europe's sporting goods market.

However, this trend has shifted and is expected to improve in the post-pandemic era, with the Europe sporting goods market expected to grow at a healthy rate in the coming years. With the removal of restrictions, outdoor activity and several offline sales channels have returned to normal operating capacity, assisting the Europe sporting goods market in making a quick recovery.

Europe Sporting Goods Market: Growth Drivers

Increasing health awareness and disposable income in developing countries

The growth of the Europe sporting goods market is being driven by an increase in health awareness, an increase in disposable income in developing countries, and the popularity of physical fitness activities. Increased spending on sports training and development among children, as a result of increased awareness of the benefits of participating in sports activities such as increased concentration and problem-solving ability, fuels demand for the Europe sporting goods market. Furthermore, the changing paradigm of the educational system promotes the growth of the sports industry and related industries. Furthermore, the increase in sports education and sports training in academics has significantly increased awareness of sports and fitness. The major driver of the sports equipment and goods industry is the online retail platform. Most sports equipment and apparel manufacturing companies now have their web-based retail stores where users can obtain a wealth of information about the organization, such as the most recent product and company news, as well as financial information. For instance, in June 2021, JD Sports Fashion announced buying a majority stake in Spanish sports equipment pureplay. The retailer has made known that it plans to acquire 80% of the Catalan firm Deporvillage, which specializes in selling cycling, outdoors, and running gear. JD Sports Fashion, a subsidiary of Pentland Group Plc, is a multichannel retailer of sports and fashion goods.

Figure 1. Europe Sporting Goods Market, By Product Type, 2022

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Increased obesity prevalence and government initiatives to promote a healthy lifestyle

Increased obesity prevalence and increased health awareness drive the growth of the Europe sporting goods market. Furthermore, government initiatives to promote a healthy lifestyle fuel the rise in sports participation across the European region. On the contrary, improvements in lifestyle, an increase in the youth population, and an increase in per-capita income in European countries are expected to provide lucrative opportunities for the growth of the Europe sporting goods market. Sports and sports-related products have become more popular as a result of efforts made by various governments to promote sports, health, and fitness. However, the European Non-Governmental Sports Organization (ENGSO) is a non-profit group with a wide network of counterparts in other European sports organizations and governmental organizations that deal with sports either directly or indirectly. Due to this, ENGSO has been involved in a lot of activities over the past few decades. For instance, in February 2020, Nike, announced the transition of its Nike Brand business in Brazil, Argentina, Chile, and Uruguay to strategic distributor partnerships, allowing for a more profitable, capital-efficient, and value-added business model, which is boosting the demand for Europe sports goods.

Figure 2. Europe Sporting Goods Market, By Country, 2022

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Europe Sporting Goods Market: Market Restraints

Strong entry barriers and high cost of some sports goods

The growing trend of consolidation in the Europe market due to the presence of a large number of players in the market-leading to little space for new entrants, due to a strong entry barrier is expected to hinder the market growth of Europe sporting goods. Furthermore, due to difficulties in attracting foreign players in a few European countries such as Germany and France, the region is expected to experience a downward shift in revenue generation over the forecast timeframe, limiting market growth.

Unpredictable and harsh weather conditions due to global warming and other environmental condition in the region are key factors expected to play a significant role in hindering the growth of the Europe sporting goods market. Moreover, the availability of counterfeit products coupled with the high cost of some sports goods is further anticipated to restrict the growth of Europe sporting goods over the forecast timeframe. For instance, in 2022, according to European Union, the prices for equipment for sport, camping, and open-air recreation grew much faster than in the previous years, with the annual rate of change standing at 3.8%, +2.5 percentage points higher than the year before.

Europe Sporting Goods Market: Segmentation

On the basis of product type, in 2022, football accounted for the largest market share of 20% in terms of revenue, followed by winter sports and team sports, respectively. Football players must improve their footwork. It is an essential skill for anyone in any profession. Footwork can help linemen get better positions and speed up highly talented position players. And two excellent pieces of football training equipment can assist you in honing these abilities. Cones are simple instruments that can be separated by a few yards. As the drill progresses, players will be forced to sprint in and out of these cones. They'll weave in and out of the cones like slalom skiers on a slalom course. The use of T-shirts by athletes should aim to avoid skin irritations and rashes brought on by scratchy straps. Sports equipment is primarily protective.

Europe Sporting Goods Market: Regional Analysis

Among countries, Germany dominated the Europe sporting goods market in 2022, reporting 35% market share in terms of revenue, followed by Rest of the Europe, Spain, Switzerland, and France, respectively. Germany has the highest penetration of sports apparel & gear, followed by Spain. Another factor driving the expansion of the football/soccer sports equipment and apparel market is the growing participation of the European population. Additionally, the Women's Football Development Program and participation initiatives like Together WePlayStrong have been launched by (Union of European Football Associations) UEFA, the body that governs football in Europe. It is anticipated that this will increase the number of women buying sporting goods in this area.

Europe Sporting Goods Market: Recent Developments

• In July 2021, The NBA and Fanatics jointly announced the opening of the first NBA store in the U.K. This shop is situated at 14-16 Foubert's Place in London's shopping district.
• In November 2021, Decathlon, a leading sporting goods retailer, announced a new business plan for its expansion in Germany, intending to double its previous sales revenue by 2026. The majority of sales are expected to be driven by online channels.
• In June 2021, The Tour de France organizers announced that a Tour de France Femmes for female cyclists would be held in 2022, immediately following the conclusion of the men's race. This event has been scheduled for July 24, 2022.
• In January 2022, Cofidis unveiled a completely new look for the cycling team, courtesy of Van Rysel, a new kit supplier. Van Rysel is a cycling brand owned by Decathlon, a French sporting goods manufacturer. The new uniforms will be worn by both the men's and women's teams.

Europe Sporting Goods Market: Key Companies

Key players active in the Europe sporting goods market are Adidas AG, Nike, Inc., Under Armour, Inc., PUMA SE, Amer Sports, Odlo, Hammer Sports, Polar Electro, KETTLER, and WaterRower

*Definition: Sporting goods vary depending on the sport. Among the various types of sports equipment available are balls, nets, and safety equipment such as helmets. It can be used as a tool or as a protector, allowing the athlete to compete without fear of physical harm. As sports recognized the need for stronger protective gear to prevent injuries, this equipment has advanced dramatically in recent years. Furthermore, these sporting goods are available in any