Sporting And Athletic Goods Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Sporting And Athletic Goods Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021 •
  • 300 pages •
  • Report ID: 6025300 •
  • Format: PDF
Major companies in the sporting and athletic goods market include Decathlon; Callaway Golf Company; NIKE; Performance Sports Group and Russell.

The global sporting and athletic goods market is expected to grow from $96.21 billion in 2020 to $110.33 billion in 2021 at a compound annual growth rate (CAGR) of 14.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $142.84 billion in 2025 at a CAGR of 7%.

The sporting and athletic goods market consists of sales of sporting and athletic goods by entities (organizations, sole traders and partnerships) that produce sporting and athletic goods, except clothing and footwear. The sporting and athletic goods market is segmented into fishing equipment; skating and skiing equipment; golf equipment and other sporting equipment.

Asia Pacific was the largest region in the global sporting and athletic goods market, accounting for 48% of the market in 2020. Western Europe was the second largest region accounting for 22% of the global sporting and athletic goods market. Africa was the smallest region in the global sporting and athletic goods market.

Additive manufacturing is growing as an important trend as the sports goods industry has become competitive. Additive manufacturing involves building three dimensional objects using digital models by successively adding multiple layers of material. The sports goods industry has fast-changing customer demands and requirements in product performance. Additive manufacturing enables the manufacturer to fulfil those demands by providing an efficient approach to rapid prototyping. Therefore, a manufacturer can produce a specific design depending upon the individual’s prototype. In September 2019, GuardLab, a New York-based sports technology brand partnered with Bauer Hockey, an athletic equipment manufacturer to launch personalized 3D printed mouthguards.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the sporting and athletic goods manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the sporting and athletic goods manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The sporting and athletic goods manufacturing market is expected to benefit from steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, foreign direct investments in the end-user markets, thereby driving the market during forecast period.