Sports and Leisure Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Sports and Leisure Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The sports and leisure equipment market is projected to register a CAGR of 4.5% during the forecast period (2022-2027).

During its early days, the COVID-19 had an impact on the sports and leisure business. Many preorders were canceled as a result of the worldwide deployment of lockdown, which resulted in the cancellation of events and the closure of sports academies. Around the world, many gyms and fitness studios are closed due to the spread of COVID-19. However, fitness enthusiasts are not letting their fitness goals fall by the wayside because they are stuck in the house. A number of people are motivated to develop a home fitness routine that can extend beyond social distancing mandates. Gradually, with busy lifestyles cutting into the time available for workouts, specialized gyms and fitness studios gained popularity. For example, in the fiscal year 2020, Puma's sales fell by 4.9% as per the company's annual report.

The booming enthusiasm for country-level and international tournaments is gaining tremendous followers worldwide and is leading to a large number of athlete admissions every year, which is, therefore, propelling the demand of associated businesses, including sports and leisure equipment. The prominence of sports activities, especially ball sports, owing to health and wellness trends, the increasing influence of social media, and celebrity endorsement are encouraging consumers to buy various types of sports equipment.

By distribution channel, although online retailing has remained a considerably stable distribution channel for the sales of sports equipment in the past, it is expected to gain more prominence in the future due to the associated convenience. However, specialty stores hold the largest share in the present market scenario.

Globally, there has been a significant rise in the percentage of the population adopting a healthy lifestyle, and the preference for staying fit has increased consumer indulgence in various sports activities. In line with the athleisure trend, consumers are increasingly seeking various sports and leisure equipment, especially ball sports. An increase in government initiatives in various countries meant to improve sports participation is playing a key role in driving the market over the last few years. For instance, in 2020, the Government of Australia was planning to invest USD 50.6 million in athletes over the next two years, i.e., 2021 and 2022. Such initiatives are expected to encourage more people to indulge in various outdoor sports, which, in turn, will increase the sales of sports equipment.

Europe holds a significant amount of market share, owing to the well-penetrated sports environment and enormous athlete participation rate witnessed in the region. Countries such as United Kingdom are notable for the diversity of their sporting interest. Rugby union, golf, football, and tennis are among the most popular sports of the general population in the region. In 2021, David Lange presented data on statista saying that in England, nearly 40.7% of male adults and roughly 31.7% of female people participate in sports on a weekly basis. Apart from sports participation, the favorable weather condition (snowfall) is attracting tourists from different parts of the world who are indulging in winter sports. This creates a great opportunity for manufacturers involved in the business of marketing equipment and sports garments, such as ski and snowboarding, to drive the market growth in the region.

The market studied is highly competitive and consists of regional and international competitors. It is dominated by players like Adidas AG, Amer Sports, PUMA SE, and Under Armour. Other competitors in the market are Billabong International Colombia Sport, Daiwa Seiko, New Balance, and Quicksilver. These companies are focusing on digital and social media advertisements to make consumers aware of the new product launches in the market. Key players are embarking on online distribution channels for their online marketing and branding of their products to expand their geographic reach and increase their customer base. Moreover, leading manufacturers in the market are focusing on leveraging opportunities posed by the emerging markets of Asia-Pacific, like Thailand and India, to expand their revenue base.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support