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| Global Europe Sporting Goods Market |
The Europe Sporting goods Market is estimated to be valued at US$ 164.15 Bn in 2023 and is expected
to exhibit a CAGR of 6.8% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The Europe sporting goods market manufactures and sells sports equipment,
apparel, and footwear. Some key products in this market include sports apparel,
athletic shoes, sports equipment, outdoor equipment and accessories. The
sporting goods industry in Europe primarily caters to various sports like
soccer, cycling, athletics, swimming, tennis and others. Growing health
awareness, rising participation in sports and fitness activities are some major
factors driving the growth of this market.
Market Dynamics:
One of the primary drivers for the Global
Europe Sporting Goods Market is rising awareness about health and
fitness. There is a growing acceptance of sports and physical activities as an
integral part of everyday lives in Europe. This has encouraged greater
participation in sports and outdoor recreational activities. Moreover, growing
youth population and their increasing interest in sports is also contributing
to the market growth. Some other factors include increasing disposable incomes,
growing participation of women in sports and sponsorship & promotion by
brands.
On the demand side, rapid urbanization and busy lifestyles have prompted more
people to spend time at gyms for achieving fitness goals. Furthermore,
emergence of online retail platforms has made sporting products easily
available to consumers, thereby driving the sales. E-commerce has emerged as an
important medium for purchase of sporting goods and equipment.
Segment Analysis
The Europe sporting goods market is dominated by the team sports segment. This
segment accounts for over 35% of the total market share as team sports like
football, basketball and volleyball are highly popular across European
countries. Countries like Germany, UK, Italy, France and Spain have strong
football culture and leagues where participation as well as viewership for team
sports is significantly high.
PEST Analysis
Political: The supportive government policies promoting sports participation
and infrastructure development across European nations have aided the growth of
the sporting goods market.
Economic: Rising disposable incomes and higher spending on recreational and
leisure activities have positively impacted the sales of sporting goods over
the past few years.
Social: Health awareness and focus on active lifestyle among European
population has increased the demand for various sports equipment and apparel.
Technological: Advancements in material science and design have led to the
development of high-performance, lightweight and durable sporting goods. This
has enhanced the sports experience for both amateur and professional athletes.
Key Takeaways
The Europe sporting goods market is expected to witness high growth, exhibiting
CAGR of 6.8% over the forecast
period, due to increasing health consciousness among consumers and rising
participation in various individual and team sports across the region.
The European market dominated the global sporting goods industry with a value
of US$ 164.15 Bn in 2023. Countries
like Germany, France, UK, Italy and Spain collectively account for over 60% of
the total Europe sporting goods market.
Regional analysis indicates that Western Europe represents the largest and
fastest growing region due to high popularity of sports like football, tennis,
cycling etc. Countries like Germany, UK, France are global hubs for
manufacturing of sporting goods.
Key players operating 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. Adidas and Nike dominate the sporting apparel
and footwear categories while Amer Sports and PUMA have a strong presence in
sporting equipment space.
Read More: https://www.ukwebwire.com/europe-sporting-goods-market-is-estimated-to-witness-high-growth/