The football segment is expected to dominate the sports goods market of Europe, particularly in Germany, by 2024.
New York, NY -- (SBWIRE) -- 11/14/2016 -- Hectic lifestyle of our demanding life in parallel to increasing consumption of high-calorie processed food have indirectly lead to innumerable health problems. Sedentary lifestyle and prolonged on-the-desk jobs is further adding to list of health issues, which are some reasons projected to boost demand for sporting products, which could enhance the quality of life.
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Persistence Market Research has compiled a report titled 'Europe Sporting Goods Market to Register a Value CAGR of 6.6% Between 2016 and 2024; Market Growth Driven by Rising Health and Wellness Awareness Among the Population'. According to the report, Germany is expected to remain dominant in the market during the forecast period, and is estimated to be increased to € 4,102.2 Mn by the end of 2016 representing a Y-o-Y growth rate of 6.6%.
Rising wellness and health awareness in parallel to increasing fitness-related sports mainly among female population is projected to be relatively high. Attributable to which, they are encouraged to purchase and indulge in sports-related activities, which is anticipated to alleviate demand for the sporting goods market in the near future. Furthermore, increasing instances of obesity is expected to contribute towards growth of the market over the forecast period, owing to which, customers who are victims of such health issues are willing to spend on various sporting equipment.
However, various reasons inclusive of increasing time spent on internet, growing number of apps, swelling number of games on mobile, and rising number of participation of youngsters in non-physical related activities, are among few restraints for growth of the market to stumble upon. On account of such restraints and trends, the sporting goods market is expected to witness moderated demands for sports goods and products, which is anticipated to hinder growth of the market in Europe in upcoming years. Besides, such reasons, rising number of organized sports events such as Olympics, Asian Games, Common Wealth Games or Euro Cup are motivating various sports-enthusiasts to participate in sports, which in turn is expected to fuel the growth of the market.
Moreover, there are various instances as such where customers are required to indulge in physical activities owing to health-related issues. In order to improve their health conditions, customers increasingly prefer purchasing sports-related goods and products. Increasing trend of purchasing sport equipment are anticipated to rev up growth of the market in the coming years.
Another significant factor among various others, which is expected to contribute significantly to the sports equipment market is the increasing uptake of various sports activities for academic purposes. While various customers are increasingly purchasing sports products to indulge in practices for academic purposes, however some venture into field of various sports in order to train themselves as a professional. Due to these factors, the market for sporting goods is predicted to witness a boost in demand in the market in the near future.
There are innumerable product types in the sports market, which include teamsports, bike sports, outdoor sports, winter sports, running, racket sports, football, gold and water sports, which are further segmented into sub-segments such as equipment, apparel and shoes. Increasing purchase of equipment-related to these sports are predicted to contribute towards growth of the market in the coming years.
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In addition, on the basis of product type, football is expected to dominate the sporting goods market and is estimated to be a relatively high contributor in terms of revenue by the end of 2016 followed by Tennis and Teamsports. The football segment is estimated to relatively fastest growing segment in the sporting goods market of Europe. Irrespective of a few restraints, the overall market is expected witness to uplift in demand for sporting goods in Europe during the forecast period.