New York, May 30, 2022 (GLOBE NEWSWIRE) -- The Europe sporting goods market is currently worth US$ 171.9 Bn, and is predicted to expand at a CAGR of 7.7% from 2022 to 2031.
Increasing focus on health and fitness is a major trend that is prevalent across the world, and is hugely popular across Europe, which will propel the sales of sporting goods in the region. There has been substantial increase in the instances of obesity due to the rising sedentary lifestyle and bad eating habits of people in Europe, which has further bolstered the need for fitness. This rising fitness trend will favor the sales of sporting goods across the continent over the coming years.
However, increasing popularity of digital games and rising prevalence of counterfeit products are expected to hinder Europe sporting goods market growth potential through the forecast period of 2022 to 2031.
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Key manufacturers of sporting goods are focusing on launching new products to expand their sales revenue and increase their revenue potential.
- In November 2021, Decathlon, a leading sporting goods retailer based in France, announced the launch of a new sports bra for breast cancer patients in lieu of making sports more accessible to women who are differently-abled.
Key Takeaways from Market Study
- Consumption of sporting goods in Europe is anticipated to surge at a CAGR of 7.7% from 2022 to 2031.
- Germany holds a major market share of 19% in the European market for sporting goods.
- By 2031, the Europe sporting goods market is expected to reach a valuation of US$ 382.9 Bn.
- Rising focus on health & fitness, increasing popularity of several sports, and rising disposable income are major factoring anticipated to drive Europe sporting goods market growth through 2031.
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“Rising popularity of several sports in the European region is expected to provide a lucrative setting for sporting goods suppliers across the region,” says a Persistence Market Research analyst.
Competitive Landscape
Europe sporting goods market players are investing in expanding their business scope through various mergers and acquisitions that will strengthen their stance in the European region.
Some of the key market players included in the report are Adidas AG, Nike Inc., Under Armour Inc., PUMA SE, Amer Sports, Odlo, Hammer Sports, Polar Electro, KETTLER, and WaterRower, besides others.
These have been identified as key manufacturers of sporting goods in Europe. These prominent market participants are following organic and inorganic marketing strategies to boost their sales potential.
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More Valuable Insights on Offer
Persistence Market Research released a revised market research on the Europe sporting goods market, covering industry analysis of 2016-2021 and forecasts for 2022–2031
The Europe sporting goods market study reveals compelling insights on the basis of product type (apparel, equipment, shoes), sporting category (football, team sports, bike sports, tennis, racket sports, outdoor sports, fitness, running, water sports, winter sports, golf, other sports), and distribution channel (offline (modern trade, departmental stores, specialty stores, mono brand stores), online), across all countries in the region.
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