MRRSE has announced the addition of a new research study on the "Licensed Sports Merchandise Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024" to its report database.
Albany, NY -- (SBWIRE) -- 01/26/2017 -- The global licensed sports merchandise market is chiefly driven by innovation and development of more attractive and stylish sports apparel, sports accessories, and other product varieties. The market is also significantly influenced by the improved economic conditions across developing economies such as India and China, owing to which, sports lovers are spending lavishly on licensed sports merchandise.
With growing consumer base and huge market potential, the global licensed sports merchandise market is expected to witness considerable growth in the next few years. Transparency Market Research estimates that the market, which valued at US$27.63 bn in 2015, will reach US$48.17 bn by 2024, expanding at a CAGR of 6.4% from 2016 to 2024.
Sports Apparel to be Dominant Contributor to Market Revenues
Some of the most lucrative product categories in the global licensed sports merchandise market are sports apparel, sports footwear, sports accessories, toys and videogames or software, and domestic and house wares. Others prominent product categories include souvenirs, gifts or novelties, consumer electronics, and food and beverages. Of these, the segment of sports apparel dominates the market in terms of revenue.
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The segment accounted for a more than 39.0% of the global market in 2015 and is expected to grow at a CAGR of 6.1% from 2016 to 2024. Sports apparel also constituted a vast share in terms of revenue in the North America licensed sports merchandise market in 2015 and this trend is expected to continue over the forecast period as well.
The growing number of sporting leagues and their fan bases are propelling the demand for licensed sports goods across the globe. With rising disposable incomes, the number of sports fans willing pay extra for licensed sports products to support their favorite sports team and players has significantly increased of late, driving the increased demand for a variety of licensed sports merchandise such as apparel.
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North America to Retain Dominance thanks to Leading Role of U.S. in Production and Consumption
Of the key regional markets for licensed sports merchandise, North America presently holds the top position and is expected to retain dominance over the forecast period as well, accounting for an average 54% of the global market in terms of revenue from 2016 through 2024. The vast rise in demand for licensed sports apparel and licensed videogames or software among sports lovers, especially children, is expected to propel the licensed sports merchandise market in the region. North America also gains significance in the global licensed sports merchandise market owing to the prominent position of the U.S. in the market, in terms of both production and demand.
Moreover, the North America licensed sports merchandise market is constantly expanding with general-purpose and specialized products and introduction of innovative products. Owing to all these factors, North America is expected to continue being one of the most lucrative regional markets for licensed sports merchandise over the forecast period.
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The rate of growth of Asia Pacific licensed sports merchandise market, however, is expected to outpace that of the North America market over the forecast period. The Asia Pacific market is expected to exhibit a 7.7% CAGR from 2016 and 2024. Demand is essentially expected to be a result of factors such as high population density, improving standard of living and rising disposable incomes in the developing economies such as China and India.
Some of the key players operating the in the global licensed sports merchandise market are VF Corporation, Adidas - Reebok, Nike Inc., G-III Apparel, Dick\'s Sporting Goods, Jarden Corporation, Under Armour, Knight Apparels, New Era Cap and Great American Products among others.
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