The Europe sporting goods market is estimated to be valued at US$ 164.15 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Europe sporting goods market encompasses products that are used for sporting activities or competitions. This includes equipment for baseball, basketball, cricket, soccer, tennis, badminton and other popular sports. Sporting goods provide comfort, protect athletes from injuries and help improve their performance. Rising health awareness among consumers has increased participation in sports and fitness activities, driving demand for goods such as sports apparel, footwear, equipment and accessories.
Market Dynamics:
Increasing sports participation: Growing health concerns and focus on fitness among Europeans has encouraged participation in sports and recreational activities. This is stimulating demand for sporting goods such as sports apparel, footwear and equipment. According to data, over 60% of Europeans actively engage in sports at least once a week.
Product innovations: Leading players are investing heavily in research & development to introduce innovative products that offer enhanced comfort, performance and safety. For example, advances in material science have enabled development of lightweight, breathable fabrics. Similarly, equipment is being designed for better ergonomics, power and durability. The widespread availability of cutting-edge products is attracting more participants to sports.
SWOT Analysis
Strength: The Global Europe Sporting Goods Market has a well-established supply chain and distribution network. It has a large consumer base due to high participation in sports. Furthermore, growing health awareness among consumers is driving the sales of sporting goods in the region.
Weakness: High research and development costs associated with designing innovative sporting goods put pressure on profit margins. Raw material price volatility can also negatively impact the bottom line of manufacturers.
Opportunity: Rising popularity of e-commerce is opening new sales avenues for sporting goods companies. Growing interest of millennials in adventure and extreme sports presents an opportunity to expand product offerings.
Threats: Stiff competition from local and international brands hampers the growth potential of individual companies. Vulnerability to economic downturns can reduce discretionary spending on sporting products.
Key Takeaways
The global Europe sporting goods market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing health consciousness among consumers. The growing emphasis on physical fitness and outdoor recreational activities is fueling the demand for various sporting equipment in the region.
Regional analysis
Germany dominated the Europe sporting goods market in 2022, accounting for over 20% of the regional revenue. This was attributed to the high participation of Germans in various indoor and outdoor sports. Meanwhile, the UK and France are also major sporting goods markets in Europe due to a strong sports culture and large active population in these countries.
Key players
Key players operating in the Europe sporting goods market are Adidas AG, Nike, Inc., Under Armour, Inc., PUMA SE, Amer Sports, Odlo, Hammer Sports, Polar Electro, KETTLER, and WaterRower. Adidas AG and Nike, Inc. collectively account for over 30% share of the market and have a far-reaching distribution and branding that allows them to cater to diverse customer segments across Europe.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it