Global licensed sports merchandise market is likely to increase with a CAGR of 6.5% from 2019 to 2027, licensed sports merchandise market is growing owing to the increasing popularity of sporting leagues and their increasing fan bases.
Albany, NY -- (SBWIRE) -- 02/14/2020 -- The global licensed sports merchandise market is likely to increase with a CAGR of 6.5% from 2019 to 2027. It has been projected that the market will rise to US$ 58.7 bn by the end of 2027 from a valuation of US$ 35.5 bn in 2018.
The licensed sports merchandise market is growing owing to the increasing popularity of sporting leagues and their increasing fan bases. Technological advancement in sports equipment is also affecting the global licensed sports merchandise market growth.
NFL, MLB, Premier League and the NBA form the major leagues that enjoy huge popularity in merchandise sales. Among all of these, the NFL and MLB together account for almost 50% of the North America licensed sports merchandise market in terms of revenue. The market is primarily dominated by professional sports leagues. In addition to this, increasing demand and fascination of consumers towards licensed sports goods as well as the increase in popularity of leagues across the U.S. helps to increase in adoption of licensed sports apparel for their favorite sports team and team player.
The market is extremely competitive in nature with the presence of many domestic players. The leading licensed sports merchandise manufacturers are Great American Products, Under Armour, New Era Cap, Knight Apparels, Jarden Corporation, Dick's Sporting Goods, G-III Apparel, VF Corporation, Nike Inc., Reebok, and Adidas.
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Increasing sales from emerging economies in Middle East & Africa and South America is driving the market growth. Factors such as economic stability and high purchasing power are mainly responsible for the growth of the licensed sports merchandise market in South America and the Middle East. In addition, increase in number of sportswear brands and rising number of retail specialists coupled with opening of new shopping malls, particularly across GCC countries in 2018 is propelling market growth in this region.
Rising Demand From E-Commerce Channel Will Drive The Market Growth
Online sales is expected to be the most prominent distribution channel of licensed sporting goods. The rapid growth of the number of internet connections and the growing acceptance of e-commerce as a safe and viable alternative to traditional bricks-and-mortar retailing, has driven the changes and supported growth in the industry. Consumers are more attracted towards online shopping and e-retailing. Another reason for the success of the online sales channel is the names of well-known brands that attract consumers to visit their sites. Licensed sports goods is one of the most demandable consumer goods sold through e-commerce. Thus, increase in the number of e-commerce and fashion websites is set to create potential opportunity for the growth of this market in the near future.
Sports Apparel to Segment Dominates The Product Category
Sports apparel product segment was the largest category and expected to maintain its dominance in coming years. As per TMR analyst, "The market is primarily driven by increased consumer demand for licensed sports based apparel bearing the name or logo of favorite teams and players." Key products covered under sports apparel segment include jerseys, caps, socks, tracksuits, shorts, and t-shirts. Increasing demand for active wear among consumers across all age group, the sporty fashion for both the streets and the gym, has triggered the sales for manufacturers and retailers of sporting apparel.