Europe Sporting Goods Market was estimated to be worth US$ 171.9 billion in 2021, and it is anticipated that it would grow at a rapid CAGR of 7.7% through 2031. By the end of 2031, it is predicted that sales of athletic products in Europe will generate US$382.9 billion.
The primary market driver for the quickly rising sales of sporting goods across Europe is predicted to be the steadily increasing popularity of sporting activities.
Global sports fandom has grown, and this development has significantly enhanced the general public’s participation in sports. Shipments of athletic equipment, athletic clothing, and athletic footwear increased in Europe at a CAGR of 5.7% from 2016 to 2021, and the market was valued US$ 171.9 Bn at that time.
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Which Factors are Driving Demand for Sporting Goods in Europe?
“Increasing Fan Base of Various Sports to Push Up Market Size”
- The popularity of different sports has seen an increase in recent years owing to the globalization of multiple sporting events, and this has majorly increased demand for sporting goods equipment in Europe.
- The popularity of NBA (National Basketball Association) has seen a substantial rise in the region, which has led to an increase in the fan base for the sport.
- For instance, in July 2021, Fanatics, in association with NBA, announced the opening of the first NBA store in the United Kingdom. This store is located in London’s shopping area at 14-16 Foubert’s Place.
- On the same lines, the fan base for other sports has also increased, and is expected to drive the European market for sporting equipment through 2031.
- “Rising Focus on Health & Fitness Will Boost Sales of Sporting Goods Equipment”
- Increasing prevalence of obesity and several health disorders caused due to a sedentary lifestyle have led to people becoming more aware of their health and fitness.
- In a bid to stay healthy and fit, there has been an increase in outdoor sports activities, which will boost the European sporting goods market potential through 2031.
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Competitive Landscape
Sporting goods manufacturers in Europe are investing in expanding their business scope through various mergers and acquisitions. Sporting goods suppliers are also focusing on adopting different organic and inorganic growth strategies to boost their market size and presence across various countries in Europe.
In January 2022, Cofidis unveiled a completely new look for the cycling team, which is coming from the new kit supplier called Van Rysel. Van Rysel is a Decathlon cycling brand that is a French sporting goods equipment manufacturer. The new kit will be utilized by the men’s as well as women’s teams alike.
More recent developments related to key suppliers of sporting goods in Europe have been also been tracked by analysts at Persistence Market Research, which will be accessible in the full research report.
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