July 24, 2024
Europe Sporting Goods market

Europe Sporting Goods Market is Estimated To Witness High Growth Owing To Sports Industry’s Development

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, and equipment used in sports and fitness activities. Some key products in this market include athletic shoes, jerseys, pads, gloves, racquets, balls, bats, tents, backpacks, and accessories. With rising health awareness and growing disposable incomes, the demand for such products is increasing in the region.

Market key trends:
The sports industry in Europe is witnessing rapid development which is driving the Global Europe Sporting Goods Market in the region. Major international and local sporting events are regularly being organized which is fueling the demand for sporting goods and equipment. Additionally, rising participation of people in various recreational activities and awareness about fitness and well-being is propelling the market growth. Sporting goods companies are also focusing on development of innovative products using new technologies and materials to attract more customers.

Porter’s Analysis

Threat of new entrants: Low cost barriers and differentiated product allow startups to enter the market. However, established brands have strong reputation and distribution network.

Bargaining power of buyers: Large buyers like sporting goods retailers have significant influence over suppliers and can demand lower prices.

Bargaining power of suppliers: Major suppliers have scale and differentiation advantages giving them stronger position against buyers.

Threat of new substitutes: Alternatives exist like outdoor recreational activities but core sports equipment have brand loyalty and switching costs.

Competitive rivalry: Intense competition among major brands drives innovation and pricing pressure.

SWOT Analysis

Strengths: Strong brand portfolio, global distribution network and sponsorship deals enhance marketing by major players.

Weaknesses: Over-reliance on few leading brands leads to vulnerability from new market disruptors. High operating costs reduce margins.

Opportunities: Growing health and fitness trend along with increasing sports participation and eSports present new avenues.

Threats: Economic downturns impact discretionary spending on sporting goods. Stringent regulations on product safety and environment compliance increase compliance costs.

Key Takeaways

The Europe sporting goods market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period, due to increasing health consciousness among consumers. The market size for 2023 is US$ 164.15 Bn.

Regionally, Germany dominates the European market due to high per capita spending on sports and presence of many sporting goods manufacturers. The UK and France also have significant shares due to focus on football and presence of major brands.

Key players active 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. Major brands continue to strengthen their market position through product innovation, marketing campaigns and partnerships with sporting leagues and teams.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it