by 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 consists of various products such as apparel, footwear, equipment and others. Sporting goods are used in a variety of activities such as cycling, running, outdoor sports, football, basketball and other team sports. With the increasing health awareness among people and popularity of sports, the demand for sporting goods is on the rise in Europe.
Market Dynamics:
The Europe sporting goods market is witnessing high growth owing to rapidly growing participation in sports and fitness activities across the region. According to Eurostat, around 19% of EU citizens over 15 years of age practice sports at least once a week. Furthermore, the mandatory implementation of physical education classes in various European countries is also contributing to the youth participation in sports activities, thereby propelling the market growth.
Additionally, rising health consciousness among consumers and increasing awareness about leading active lifestyles through sports is another key factor augmenting the demand for sporting goods in Europe. However, macroeconomic factors such as fluctuating exchange rates and high import duties can pose a challenge to the market growth.
SWOT Analysis
Strength: Europe sporting goods market has high growth potential and strong demand. The market benefits from presence of major sporting goods manufacturers. Strategic partnerships and collaborations help companies leverage each other’s production and distribution capabilities.
Weakness: High research and development costs incurred to develop innovative products pose a challenge. Significant portfolio of counterfeit products also impacts sales of established brands.
Opportunity: Increasing health awareness and adoption of active lifestyle drive the demand. Participation in recreational sports is surging which opens up new avenues. Growing disposable incomes allow consumers to spend more on specialty sporting equipment.
Threats: Macroeconomic uncertainties and fluctuations in raw material prices increase production costs. Stiff competition from private label brands pressures margins. Regulations regarding use of certain materials can constrain production.
Key Takeaways
The European Sporting Goods Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing focus on health and wellness. Growing participation in sports and recreational activities is driving the demand for equipment and wearables in the region.
Regional analysis: The European sporting goods market is dominated by Germany, France and United Kingdom. Germany accounted for over 20% of the total market share in 2023 due to widespread popularity of football. Spain is emerging as a fast growing market owing to government initiatives to promote active lifestyle.
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. have strong foothold while PUMA is expanding its product portfolio through strategic acquisitions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
