Sporting Items Market Is Projected To Increase With A Greater Momentum Witnessing A CAGR Of four.1% Until 2023 (Affect of COVID-19 on World Market)

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(MENAFN – America News Hour) Sport has proven to be one of the most effective tools for entertainment, health and building a sustainable and prosperous future for the next generation. For physical and mental health, it is necessary to include at least one sporting activity in everyday life. The increasing awareness and the increasing importance of sporting activities are driving the sporting goods market significantly worldwide.

The global sporting goods market is expected to grow at a faster rate, with an average annual growth rate of 4.1% over the forecast period, i.e. 2016-2023. North America is expected to have the largest consumer base in the sporting goods market due to the increased participation of the younger generation in sporting activities. The North American market is estimated at $ 35 billion by the end of 2023, and the market is expected to reach 40% of the global market by the end of the forecast period. The Asia-Pacific sporting goods market is expected to grow faster during the forecast period due to the evolving sporting infrastructure of developing countries coupled with government initiatives to promote sporting activities in the region.

The global sports equipment market is projected to reach $ 82 billion by the end of 2023. This is due to the large sales of sports products through e-commerce. The ball sports segment is expected to reach $ 28 billion by the end of 2023 and will see an average annual growth rate of 4.1% over the forecast period. Now

Days of Sports Career is enjoying increasing popularity due to a variety of sporting events organized around the world, such as World Championships, Olympic Games, Asian Games, etc. Sports activities are now made compulsory by government agencies in schools and colleges to encourage the generation to pursue a career in sports. The government of all countries around the world are taking initiatives to develop sporting activities in their countries by organizing various sporting events to encourage the young players and by making huge investments in developing their countries’ sporting infrastructure

“The final report will cover the impact analysis of COVID-19 on this industry (global and regional market).”

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Key characters

Adidas
Amer Sports
Jarden
Mizuno
Nike
Under armor
Scope and context

Market segmentation

By product

Ball sports
Adventurous sport
Fitness equipment
Golf equipment
Sports equipment
Sports shoes
Sportswear
By distribution channel

Hypermarket / supermarket
Convenience / department store
Specialty shop
Online shop
Other
By region

The global sporting goods market is further classified by region as follows:

North America (USA, Canada), Market Size, YOY Growth Market Size, YOY Growth and Opportunity Analysis, Future Forecast and Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market Size, Year-Over-Year Growth, Future Forecast and Opportunity Analysis
Europe (Great Britain, Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, rest of Europe), market size, year-on-year growth, future forecast – and opportunity analysis
Asia Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia Pacific), Market Size, Year-Over-Year Growth, Future Forecast, and Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa), Market Size, Year-Over-Year Growth, Future Forecast, and Opportunity Analysis

“The final report will cover the impact analysis of COVID-19 on this industry (global and regional market).”

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Growth drivers and challenges

The sporting goods market is mainly driven by an increasing number of sporting events such as the Olympic Games, Games of General Wealth, etc. This has increased consumer participation in sporting activities, which will continue to drive demand for sporting goods for the next 5 to 6 years. Growing health concerns and rising consumer disposable incomes have forced consumers to include at least one physical activity in their daily lives. In addition, the younger generation is more active to take on sporting activities than their future careers. These factors are expected to fuel the growth of the sporting goods market worldwide.

Governments around the world organize various sporting events to promote sport and gaming activities in their countries. The governments of developing countries like India and China are making huge investments in developing the sports infrastructure in the country. The government in these countries is launching various sports grants to encourage the younger generation to participate in sports events. The reforms of these governments will further stimulate demand for sporting goods in these regions. The sporting goods market is a disorganized market. Poor quality of goods made by local manufacturers due to a lack of government regulations. Trademark infringements are some factors that are expected to hamper the sporting goods market growth.

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Darlene Dooley

Darlene Dooley is a research expert and freelance writer. She is very dedicated to her work and her writing. She enjoys writing about breaking news from every industry and concluding the news with a highly professional report. She has almost 8 years of experience in the same field. She has strong expertise in market research, business strategy, online marketing and industry analysis interested in innovative and trending technologies.

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