Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Sports has proved to be one of the most effective tools for entertainment, health and building a sustainable and prosperous future for next generation. For both physical and mental health, it is necessary to include at least one sports activity in daily life routine. The rising awareness and importance of sports activities is majorly driving the sports goods market across the globe.
Global sporting goods market is anticipated to expand with a higher momentum witnessing a compound annual growth rate of 4.1% over the forecast period i.e. 2016-2023. North America is anticipated to hold the largest consumer base of sports goods market, owing to the increasing participation of younger generation in sports activities. North America market is estimated to reach USD 35 billion by the end of 2023 and the market is anticipated to reach market share of 40% to the global market by the end of forecast period. Asia-Pacific market for sports goods is anticipated to expand at a higher pace over the forecast period owing to the developing sports infrastructure of developing countries coupled with the government initiatives to promote sports activities in the region.
Global sports equipment market is expected to reach USD 82 billion by the end of 2023; this can be attributed towards huge sale of sports product by E-commerce means. Ball sports segment is anticipated to reach USD 28 billion by the end of 2023 witnessing a compound annual growth rate of 4.1% over the forecast period. Now-a-days sports career is achieving popularity due to large number of sports events organised across the globe such as world cup, Olympics, Asian games etc. Sports activities are now made compulsory by the government bodies in school and colleges to encourage the generation towards sports career. Government of all countries across the globe are taking initiatives to develop sports activities in their countries by organising various sports events to encourage the young players and by making huge investment to develop the sports infrastructure of their countries. CLICK TO DOWNLOAD FREE SAMPLE REPORT
Global Sporting Goods Market is further classified on the basis of region as follows:
Sports goods market is majorly propelled by rising number of sports events such as Olympics, common wealth games etc. This has increased the participation of consumers in sports activities which will further fuel the demand of sporting goods in upcoming 5-6 years. Rising health concerns along with the increasing personal disposable income of consumer has forced consumers to adopt at least one sports activity in their daily routine. In addition to this, young generation is more active to adopt sports activities as their future career. These factors are anticipated to spur the growth sporting goods market across the globe.
Governments across the globe are organising various sports events to promote sports and games activities in their countries. Government of developing countries such as India and China are making huge investments to develop sports infrastructure in the country. Government in these countries are launching various sports scholarships to encourage the participation of young generation in sports event. These governments’ reforms will further uplift the demand of sports goods in these regions. Sporting goods market is an unorganised market. Poor quality of goods manufactured by local manufacturers due to absence of government regulations, trademark infringement are some factor that are anticipated to hinder market growth of sports goods market.
Overview of the Parent Market
Analyst View
Segmentation
By Regions
Global Sporting GoodsMarket has been studied on countries and regions like:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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