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 various products such as apparel and footwear, equipment, and other goods including protection gear. Sporting goods provide protection and safety to athletes and players during various outdoor and indoor sports activities. These products allow comfortable and smooth participation in sports.
Market key trends:
Growing health awareness among consumers has boosted participation in various sports and fitness activities in the region. Hence, demand for products such as sports clothing, footwear, and equipment is increasing. Additionally, rising popularity of e-sports and other indoor games is also driving the demand. Online sales of sporting goods have increased considerably over the past few years due to ease of availability and price comparison. Growing product innovation in terms of design, material, and technology is further expected to support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Europe sporting goods market is moderate as this is an established market with some major players dominating the market. However, entry barriers are moderate in terms of brand equity building, capital requirement and economies of scale.
Bargaining power of buyers: The bargaining power of buyers is high in the Europe sporting goods market as there are many established brands providing variety of products to choose from. Buyers can negotiate on price discounts especially for corporate sales.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have limited control over pricing due to availability of substitute material sources.
Threat of new substitutes: The threat of substitutes is moderate as fitness gear and equipment from different categories can be used as alternatives based on consumer needs and preferences.
Competitive rivalry: Intense due to presence of major global brands.
SWOT Analysis
Strength: Wide variety of products across categories, Strong brand recognition of top players, Large distribution network reach
Weakness: Heavy reliance on new product innovation, Seasonality of demand, Vulnerable to macroeconomic challenges
Opportunity: Growing health and fitness trends, Rising disposable income, Emergence of various indoor and outdoor sports
Threats: Threat from private label brands, Stringent environmental regulations, Intense price competition
Key Takeaways
The global European Sporting Goods Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing popularity of sports and fitness activities. The market size for 2023 is US$ 164.15 Bn.
Regional analysis: The European sporting goods market is dominated by Western Europe, led by Germany, UK and Italy. However, Central and Eastern European countries are expected to be the fastest growing regional markets owing to rising living standards, health awareness and government initiatives to promote sports.
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. Key players are focusing on expanding their product lines, strengthening distribution channels and enhancing brand visibility through aggressive marketing campaigns.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
