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Global Sporting And Athletic Goods Market 2024 : Trends, Business Growth And Major Driving Factors
Sporting And Athletic Goods Global Market Report 2024
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According to The Business Research Company's, The sporting and athletic goods market size has grown strongly in recent years. It will grow from $182.73 billion in 2023 to $198.08 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to global sporting events, fitness and wellness boom, growth in marketing and endorsements, urbanization and recreational spaces, health and fitness awareness.
The sporting and athletic goods market size is expected to see strong growth in the next few years. It will grow to $269.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to growing sustainability practices, health and wellness integration, customization and personalization, athleisure market growth, youth sports participation, social media influence. Major trends in the forecast period include smart sportswear integration, augmented reality (ar) in sports training, subscription models for sports gear, female-centric sportswear design, innovations in footwear technology.
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Market Drivers and Trends:
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) stated that the global GDP growth was 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, and foreign direct investments in the end-user markets, thereby driving the market during forecast period.
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 and successively adding multiple layers of material. The sports goods industry has fast-changing customer demands and requirements for product performance. Additive manufacturing enables the manufacturer to fulfill those demands by providing an efficient approach to rapid prototyping. Therefore, a manufacturer can produce a specific design depending on the individual's prototype. For example, Asics Corporation, a Japanese company specializing in the production of sportswear and athletic equipment, will launch ACTIBREEZE in July 2022. ACTIBREEZE is a ground-breaking geometric structure, made possible by a parametric design method and cutting-edge 3D printing technology, featured in an inventive 3D printed sandal that is specifically made to support the body and mind of a recovering athlete. This structure provides the wearer with outstanding comfort and protection.
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Major Key Players of the Market:
Christian Dior SE, The Procter & Gamble Company, Nike Inc., The Michelin Group, Bridgestone Corporation, Adidas AG, WestRock Company LLC, International Paper Company, Kimberly-Clark Corporation, Decathlon S.A., Russell Athletic LLC, Anta Sports Products Limited, Skechers USA Inc., Under Armour Inc., New Balance Athletics Inc., Rajesh Exports Ltd., Callaway Golf Company, Li-Ning Company Limited, ASICS Corporation, Columbia Sportswear Company, Fila Holdings Korea Ltd., Amer Sports Corporation, Mizuno Corporation, The North Face Inc., Patagonia Inc., YONEX Co. Ltd., Skis Rossignol S.A., K-Swiss Inc., Performance Sports Group Ltd., Derby Cycle Corporation
Sporting And Athletic Goods Market 2024 Key Insights:
• The sporting and athletic goods market size is expected to see strong growth in the next few years. It will grow to $269.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Positive Economic Growth Trends Fueling The Sporting And Athletic Goods Manufacturing Market
• Additive Manufacturing Revolutionizes The Sports Goods Industry For Customization And Innovation
• Asia-Pacific was the largest region in the sporting and athletic goods market in 2023
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