Sports Accessories Market on Track to US$ 95,000 Mn Revenues by 2022
There has been a significant rise in demand for adventure sports across the globe over the past few years. Several corporate as well as government organizations across developed economies including Australia, the U.S., and the U.K. are taking initiatives such as women festival of cycling, and challenge ride series 2017, in a bid to encourage people in using bicycles for adventure sports, and as the mode of transportation. Popularity of ball sports such as soccer, rugby, and cricket is witnessing a surge, along with increase in participation rates. These factors might influence growth of the global market for sport accessories over the forecast period.
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Soaring popularity of extreme sports events such as BC Bike Race, World Freestyle Kayak Championships, and the ISA World Masters Surfing Championship is further expected to propel demand for accessories associated with these extreme sports. Moreover, increasing media coverage on various global sporting events including FIFA World Cups, Commonwealth Games, and the Olympic Games are attracting the youth population to participate more in sports. The sports industry has rapidly adopted new technologies in order to introduce more advanced and application-specific products.
7 Key Projections on Future of Global Market for Sport Accessories
Although head gear will continue to be the largest product segment, sales of hiking jacket is projected to emerge as the fastest selling product in the market over the forecast period.
Sport stores and departmental stores will remain the most lucrative distribution channels for sports accessories across the globe. Revenues from these two distribution channels are estimated to collectively account for a significant share of the market by the end of 2022.
Online sports channel will remain the fastest expanding distribution channel for sports accessories during 2017 to 2022.
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Accounting for more than one-third revenue share of the market, economy-priced sports accessories is expected to retain its dominance in the global market. Sales of super premium-priced sports accessories are anticipated to register the highest CAGR over 2022.
Based on demographics, men sports accessories will account for the largest revenues, with sales estimated to expand at a steady CAGR through 2022. Sales of women sports accessories, however, will register a relatively higher CAGR than all the other demographic segments in the market through 2022.
In terms of revenue, Europe will remain the most lucrative market for sports accessories, followed by North America. APEJ will hold its position as the fastest expanding market for sports accessories through 2022.
Fact.MR’s report profiles key players in the global market for sport accessories, which include Adidas AG, PUMA SE, NIKE, Inc., Wolverine World Wide, Inc., V.F. Corporation, New Balance, Inc., ASCIS Corporation, Apple, Inc., Everlast Worldwide, Inc., Decathlon S.A., and Under Armour, Inc.
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