Europe Sporting Goods Market was valued at US$ 153.7 Bn in 2022 and is estimated to reach US$ 260.0 Bn by 2030, exhibiting a CAGR of 6.8% during the forecast period (2023-2030).
According to Europe Sporting Goods Market, By Product Type (Football, Team sports, Tennis, Bike sports, Racket sports, Outdoor Sports, Fitness, Running, Water sports, Winter sports, Golf, and Other sports) as highlighted in a new report published by Coherent Market Insights.
Sports have always been popular among people in Europe, owing to which the sport and fitness equipment industry has witnessed steady growth in the last many years. Sporting goods include different types of products such as apparel, equipment, and shoes. They are used for various purposes such as body protection, performance enhancement, aesthetic improvement, and others.
Market Dynamics
The Europe sporting goods market has witnessed a surge of growth in terms of revenue in recent years, owing to the rising awareness of health among the population. In addition to this, the increase in the number of obesity cases, especially in the younger generation, has driven people towards adopting a healthy lifestyle and fitness & sports regimes. Owing to this factor, manufacturers in the Europe sports industry are expanding their production lines to meet the rising demands of sporting goods.
Various kinds of sports such as football, tennis, athletics, bike sports, and others are vastly popular among the population in Europe. Major leaders in the Europe sporting goods market are focusing on endorsing their brands by collaborating with players and teams from different sports leagues across the region. This scenario is expected to foster the growth of the market in the forthcoming years. For instance, in April 2023, The PUMA KING Advancement was just launched by the sportswear brand PUMA. The brand-new KING football boots are designed for the season's closing stages when every play could mean the difference between victory and failure. With the most recent PUMA KING Football technology and a striking new colorway, users can overcome any obstacle and outrun everyone on their way to the top of the leaderboard.
Market Opportunities
Increasing focus of key companies to introduce female-specific consumers, both in terms of sports accessories and clothing, due to growing awareness among women regarding healthy lifestyles, staying fit, and slowing down the aging process is expected to augment the market growth of Europe sporting goods. According to the Coherent Market Insights analysis, women-specific brands such as Lululemon and Fabletic, etc., are being introduced in the market and are focused on catering to demand for technically advanced clothing, which is projected to boost the market growth of the Europe sporting goods market over the forecast period.
Market Trends
Growing number of acquisitions among sporting goods retailers across Europe for expanding their presence within the region and cater to the growing demand for sporting goods among consumers is expected to foster market growth over the forecast period. For instance, in April 2023, Nike, The Nike Motiva has been launched, a brand-new shoe designed for easy walking, jogging, and running. Nike Motiva makes walking, jogging, and running simple. For a comfortable and smooth ride during a variety of activities and varying paces, the new rocker geometry, last, and full-length cushioning are used.
Increasing number of acquisitions among sporting goods equipment manufacturers for enhancing product offerings and presence in Europe and to cater to rising demand for sports equipment in markets in the region is anticipated to augment the market growth over the forecast period. For instance, in May 2022, German sportswear company Puma partnered with Wonder Works studio to launch a vibrant and entertaining sports-based experience on Roblox, a popular global online community that brings people together through common interests.
Europe sporting goods market: Trends
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/europe-sporting-goods-market-3473
Key Takeaways
- 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
- In November 2021, in an innovative, connected partnership to enhance the shopping experiences of DICK'S and NIKE customers, NIKE, Inc. and DICK'S Sporting Goods joined forces.
Europe Sporting Goods Market- Impact of Coronavirus (Covid-19) Pandemic
The global collapse of brick-and-mortar businesses as a result of lockdowns to prevent the virus's spread harmed the sports market. Sales have fallen, and businesses continue to face labor and raw material shortages.
Additionally, a number of sports businesses changed their emphasis to manufacturing masks and other necessities to support the virus-fighting effort. However, this industry is anticipated to recover as national governments support businesses in recovering their economic losses.
