Sporting Goods Market size is poised to reach USD 800 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of sporting goods was USD 535 Billion. The reason behind the growth is impelled by the growing sports industry across the globe. Around the world, there is evidence that sports are a thriving sector that is rapidly expanding globally with the rapid advancement of technology, shifting consumer behaviors, and shifting demographics.
For instance, globally, the sports market is expected to expand by over 9% between 2022 and 2027, reaching a market size of around USD 4 billion by that year.
The growing advancements in sporting goods are believed to fuel the sporting goods market growth. GPS (Global Positioning System) monitoring in the sports sector has developed into an invaluable resource for players, coaches, and spectators as it aids in tracking motions and performance evaluation for athletes and tracking metrics including heart rate, distance traveled, and speed which helps athletes set objectives and pinpoint areas for growth.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~4% |
|
Base Year Market Size (2023) |
~ USD 535 Billion |
|
Forecast Year Market Size (2036) |
~ USD 800 Billion |
|
Regional Scope |
|
Product (Adventures Sports, Ball games, Fitness/Strength equipment, Athletic training equipment)
The ball games segment in the sporting goods market is estimated to gain a robust revenue share of 40% in the coming years owing to the growing participation in ball games. People have engaged in various forms of gaming such as baseball, basketball, football, soccer, and tennis balls the goal of games is to participate, not to win since it improves hand-eye coordination, muscle growth, and overall fitness. Ball games have been an integral part of human culture and recreation captivates individuals of all ages around the world. These games inherently foster social interaction and community engagement by bringing people together and fostering a sense of belonging and unity among participants. Participation in ball games offers numerous physical health and fitness benefits and helps individuals maintain healthy body weight, reduce the risk of chronic diseases such as obesity, diabetes, and cardiovascular ailments, and also enhance reflexes, balance, and motor skills. They play a significant role in enhancing mental well-being and cognitive development whereby participants learn to anticipate opponents' moves, adapt to changing game situations, and collaborate effectively with co-players. For instance, in England, the number of basketball players rose by over 22% in 2022 compared to the year before.
Sports balls are a necessary piece of sporting goods for participating in sports and are utilized at all levels of competition, where every ball has a different weight, size, and design made with various materials, depending on the specifications of the particular game.
In addition, a large selection of fitness equipment for functional, cardio, and strength training is available for people who are trying to be in better shape or shed some pounds.
Distribution Channel (Hypermarket/Supermarket, Convenience/Departmental Store, Specialty Store, Online Stores)
The specialty store segment in the sporting goods market is set to garner a notable share shortly. Specialty stores include sporting goods stores which maintain a small range of products yet offer a wide variety of sportswear and equipment for outdoor enthusiasts as well as sportsmen. These stores have a wide range of products, such as basketballs and camping tents, and competent employees who are constantly happy to assist clients in finding the ideal equipment for their requirements.
In addition, a large selection of sporting products are available at supermarkets which use a variety of marketing techniques to increase its fan base.
Our in-depth analysis of the global market includes the following segments:
|
Product |
|
|
End-User |
|
|
Distribution Channel |
|
North American Market Forecast
Sporting goods market in North America is predicted to the largest share of 35% by 2036 impelled by the growing spending on sports. With its vast population and affluent status, the United States spends much more per child on sports than it does on key subjects. For instance, more than USD 7 billion is spent on sports in the United States each year. Besides this, sports are a fundamental component of American culture and have existed since ancient times, which is expected to drive market growth in the coming years. According to estimates, the annual cost of youth sports in the United States is over USD 35 billion for households.
APAC Market Statistics
The Asia Pacific sporting goods market is estimated to the second largest, during the forecast period led by rising personal disposable income. Expenditure on fantasy sports has surged as a result of the multiplier effect of rising disposable income on discretionary consumption in the region, leading to a higher demand for sporting goods. For instance, India's per capita household disposable income is expected to reach around USD 25 in 2024.
Author Credits: Anil Kumar, Ipsheeta Dash
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?