The Europe sporting goods market is segmented on the basis of product type into Football, Teamsports, Tennis, Bike Sports, Racket Sports, Outdoor Sports, Water Sports, Running, Winter Sports, Golf, and Other Sports. Each of the product type segments is further sub-segmented into Apparel, Equipment, and Shoe sub-segments
New York, NY -- (SBWIRE) -- 11/09/2017 -- In terms of value, the Europe sporting goods market is anticipated to register a CAGR of 6.6% during the forecast period 2016 – 2024, and is expected to be valued at € 187.48 Bn by 2024 end.
Factors impacting the market
The primary factors powering the demand for sporting goods are an increasing prevalence of obesity due to a modern and hectic lifestyle and increasing health and wellness awareness among the female population in Europe. A hectic modern lifestyle, increasing intake of high-calorie processed food, and prolonged desk-bound jobs are major causes for increasing prevalence of obesity among the population in Europe, which is in turn fueling the demand for sporting goods to improve the quality of life. Also, growing prevalence of obesity is driving the demand for fitness-related sports equipment and encouraging end users to increase their spending on sporting goods. Furthermore, increasing disposable income in major European countries is expected to drive revenue growth of the Europe sporting goods market over the forecast period.
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One of the major restraints for the growth of the sporting goods market in Europe is the increasing time spent on the internet, mobile device games, and other related non-physical activities by the younger generation that is reducing their interest in physical sports. This trend has diminished the demand for sports goods and products in Europe and is one of the main factors hampering the growth of the Europe sporting goods market.
Market analysis by product type
The Europe sporting goods market is segmented on the basis of product type into Football, Teamsports, Tennis, Bike Sports, Racket Sports, Outdoor Sports, Water Sports, Running, Winter Sports, Golf, and Other Sports. Each of the product type segments are further sub-segmented into Apparel, Equipment, and Shoes sub-segments. Among all the product type segments in the Europe sporting goods market, the Football segment is projected to be the fastest growing segment over the forecast period and is estimated to account for 24.8% market share of the Europe sporting goods market by the end of 2016. The Teamsports product type segment is expected to be the second largest segment in terms of value, anticipated to hold a market share of 16.5% in the Europe sporting goods market by the end of 2016.
Market analysis by country
The Europe sporting goods market is segmented on the basis of country into Germany, France, Italy, Spain, Austria, Switzerland, Netherlands, and Rest of Europe. The Football segment is expected to remain dominant in the Germany sporting goods market throughout the forecast period and is estimated to hold 30.5% value share by the end of 2024, followed by the Teamsports segment, which is expected to account for a value share of 19.7% by 2024 end. In 2015, the Rest of Europe sporting goods market was valued at € 62.25 Bn and is estimated to increase to € 66.95 Bn by the end of 2016, reflecting a Y-o-Y growth rate of 7.5%.
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Key market players
Adidas AG, Nike Inc., Under Armour Inc., PUMA SE, Amer Sports, Odlo, Hammer Sports, Polar Electro, KETTLER, and WaterRower Inc. are some of the leading companies operating in the Europe sporting goods market. Adidas AG is one of the leading manufacturers operating in the Europe sporting goods market, engaged in the design, development, production, and distribution of athletic and sports lifestyle products. Nike, Inc. designs, develops, and distributes athletic footwear, apparel, equipment, sports accessories, and services. PUMA SE is one of the leading companies in sports and sports lifestyle products such as footwear, apparel, and accessories. Leading market players are focused on strategic collaborations and expansion activities to increase their footprint throughout Europe.