Market Trends in Global Team Sports Market
- The consumers’ inclination towards fashionable apparels such as relaxed fit clothing and second generation active wears. For instance, Puma recently collaborated with Indian cricket team captain Virat Kohli to launch a new athleisure brand.
- The growing competition in the global team sports market is forcing companies to apply different strategies to manage their position in the market. The companies are looking forward to partnership and collaboration to promote their products and to survive in market. For instance, Adidas recently made a partnership with Manchester United Football Club to launch their product and to strengthen their position in the global team sports market. Other than that, Adidas has also announced to double its share for women's market for sporting goods by 2020 owing to the major trend of organizing sports events for women.
Market Overview and Regional Highlights
In today’s world, people are more aware and conscious regarding health and wellness which is leading them to adopt different fitness activities. This has furthered the interest of people towards outdoor sports such as football, baseball, volleyball, cricket, basketball and other sports activities. Apart from this, the growing fan base of different teams and games due to increasing advertisement of those teams and games through different channels coupled with easy availability of sports wear and accessories are believed to flourish the growth of the global team sports market with a CAGR of 8.1% over the forecast period. The global team sports market reached USD 13,700.0 Million in 2016 and is expected to reach USD 25,346.5 Million by the end of 2024. Further, the frequent international sports events and growing popularity of team sports around the globe are also believed to supplement the growth of the global team sports market in the near future.
Growth Highlights based upon Regional Platform during 2016-2024
The global team sports market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which North America accounted for a leading share of 37.5% in 2016 owing to the rapid growth and expansion of basketball and football in the region. The U.S. and Canada are the prominent shareholders in this region, where the U.S. team sports market is anticipated to achieve a Y-o-Y growth rate of 7.1% in 2024. Besides, high popularity of pro football and volleyball league is expected to drive the growth of the team sports market in North America.
Further, Europe held the second largest share in overall team sports market in 2016, followed by Asia-Pacific. Europe team sports market is believed to behold its positive growth in upcoming years owing to the presence of major players in the region, whereas the government funding to encourage the adoption of sports is expected to fuel the demand for team sports in the Asia Pacific region with highest CAGR of 10.6% over the forecast period.
Market Segmentation Synopsis
The global team sports market is segmented on the basis of sports into basketball, football, volleyball team sport, cricket, rugby and others. The football sport segment occupied the largest market with market share of 27.0% in 2016 and is predicted to account for the largest market size by the end of 2024 in overall team sports market around the globe. Followed by the football segment, the cricket sports segment is believed to garner second largest revenue by the end of 2024 by expanding at the highest CAGR of 9.4% over the forecast period. Further, the establishment of professional basketball leagues across the globe, opening of new basketball centers and rise in number of participants will drive the basketball segment to achieve Y-O-Y growth rate of around 7.4% in 2024.
The global team sports market is divided by demography into male and female, out of which, the male segment with 64.5% market share in 2016 is anticipated to have largest share by the end of 2024, whereas the female segment is predicted to flourish with highest CAGR of 9.4% over the forecast period. With the growing pace of participation by women along with the major team sports leaders participating in promoting the sports and fitness accessories for women is expected to spur the growth of female segment which is further believed to achieve absolute $ opportunity of USD 4,624.2 Million between 2017 and 2024.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Drivers & Challenges
The global team sports market is riding on the back of increasing popularity of outdoor sports and other physical activities due to growing fitness and wellness awareness among people. Apart from this, there is an increase in the investment by team owners to provide high end services and high quality products to their team players such as foot wears and sports wears among other sports accessories combined with rising active sports participation rates across the globe especially with growing participation of female population in these events. These are the key factors that are fueling the growth of the global team sports market.
The major threat to the sports industry is the availability of the counterfeit products. Further, the rise in raw material prices along with less involvement of women in sports activities in emerging economies is predicted to obstruct the growth of the global team sports market in upcoming years.
Top Featured Companies Dominating The Market
Some of the affluent industry leaders in the global team sports market are Macron, Joma, Kelme, ERIMA, Jako, Canterbury, Hummel and Uhlsport GmbH.
Jako, a Germany based clothing company, involved in the manufacturing of sports apparel and accessories is focusing towards the development and expansion of sports apparel which is expected to boost the revenue of the company and compete with the huge competitors of sports apparel manufacturers. Moreover, Jako and Bundesliga – Association for Football League in Germany, signed 2-year deal, replacing Adidas as the official kit supplier which strengthened the company’s position in the global team wear and kit supplier market.
Moreover, other key and niche players are working towards unveiling new products for strengthening their product portfolio for team wear and fitness training. Moreover, the companies are investing on the technical innovation for the on-field, off-field, training and team wear apparels which are expected to boost the revenue growth of the companies in order to gain competitive edge in the global team sports market.