by The global 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 comprises products such as apparel, footwear, equipment and other accessories used for outdoor sports activities and indoor sports. Sporting goods provide comfort and safety during physical activities. They help improving performance of athletes.
Market key trends:
One of the key trends in the Europe sporting goods market is the growing popularity of e-sports. E-sports refer to organized video gaming competitions played both individually and in teams. They involve multiplayer video games that are particularly popular among the youth. The increasing engagement of consumers in online and virtual gaming has boosted the demand for gaming accessories and equipment in recent years. Advanced hardware devices such as gaming consoles, controllers, headphones and other peripherals are required to effectively participate and compete in e-sports tournaments. This growing involvement in e-sports is expected to drive the sales of sporting goods in Europe over the forecast period.
Segment Analysis
The Global Europe Sporting Goods Market is segmented into equipment, apparel, and footwear. Within equipment, the fitness equipment segment dominates the market due to rising health awareness and focus on fitness among consumers. Factors such as changing lifestyles, growing disposable incomes, and large youth population driving interest in sports have supported the growth of this segment over other equipment segments in the market.
Key Takeaways
The global Europe sporting goods market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing focus on health and fitness amid changing lifestyles and consumer preferences in the region.
Regional analysis: Germany dominates the Europe sporting goods market due to presence of key global brands, high youth population involved in sports, and government support for sports activities. UK holds second position owing to traditional sporting culture and large number of sports leagues.
The Europe sporting goods market size is expected to reach US$ 164.15 Bn by 2023.
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 AG and Nike, Inc. capture majority share due to large product portfolio, widespread distribution network and aggressive marketing strategies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
