Outdoor Equipment is the largest segment driving the growth of Europe Sporting Goods Market
The global 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 comprises products that are used for outdoor activities such as camping, hiking, hunting, and others. Sporting goods include outdoor equipment, apparel, and footwear that provide safety, protection and enjoyment for outdoor enthusiasts.
Market key trends:
Growing popularity of outdoor activities among millennials is one of the key trends in the Global Europe Sporting Goods Market. Due to hectic work schedules and fast paced urban lifestyles, people are opting for weekend outdoor recreational activities such as hiking, trekking, hiking and camping to reduce stress and improve physical health and mental wellbeing. This has significantly increased the demand for various outdoor equipment such as tents, camping stoves, sleeping bags and apparel across Europe. Moreover, increasing awareness about environmental protection is encouraging people to spend more time in nature, thereby propelling the sales of sporting goods in the region.
Europe Sporting Goods Market Key Trends:
The Europe sporting goods market has been witnessing increased demand for customized and eco-friendly products. Manufacturers are focusing on developing sporting goods using sustainable materials to cater to the rising health and environment consciousness among consumers. Furthermore, the adoption of advanced technologies such as IoT and AI for developing smart fitness equipment and gears is gaining traction. Wearable fitness trackers and other connected devices that can monitor activities are witnessing high popularity.
SWOT Analysis
Strength: Strong brand presence of leading players such as Adidas, Nike, and Puma. These companies have loyal customer base and widespread distribution network.
Weakness: High research and development costs associated with manufacturing innovative sporting goods.
Opportunity: Growing health awareness and popularity of outdoor activities provide new opportunities.
Threats: Intense competition from local and global players and threat of substitutes. Rising raw material costs is also a challenge.
Key Takeaways
The Europe sporting goods market size was valued at US$ 164.15 Bn in 2023. The market is expected to grow at a CAGR of 6.8% during the forecast period, owing to increasing participation in sports and fitness activities.
Regional analysis: Europe dominates the global sporting goods market, with Germany and UK accounting for major shares. Presence of top brands and high per capita spending on sports and fitness products drives the European market.
Key players: 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. Adidas and Nike hold around 25-30% market share each and are continuously launching new products to expand their consumer base.
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