The growing popularity of different sporting activities is anticipated to open up the new avenue for Europe Sporting Goods Market

Purvaja Jadhao

posted on 5 months ago — updated on 1 second ago

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The Europe Sporting Goods Market is estimated to be valued at US$ 164.15 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The growing popularity of different sporting activities is anticipated to open up the new avenue for Europe Sporting Goods Market

Market Overview:
The Europe sporting goods market comprises equipment and products that are used for sporting, athletic, and recreational activities. Some common sporting goods include apparel, footwear, equipment, and other accessories associated with various sports and fitness activities such as running, gymnastics, cricket, football, swimming, yoga, and tennis among others. The demand for high-performance and specialized sporting goods is increasing in the region owing to the rising health awareness and busy lifestyles of consumers.

Market Dynamics:
Growing participation in sports: The increasing focus on health and fitness among the European population has boosted participation in sports and fitness activities. According to Eurostat, around 45% of European citizens aged 15 and above participate in sports at least once a week. This high involvement in sports has led to increased demand for sports equipment, apparel, and footwear driving the growth of the market.

Evolving consumer preferences: Consumer preferences have evolved significantly over the years with more emphasis on specialized, trendy, and high-performance equipment and apparel. Manufacturers are focusing on product innovation and customization to meet the dynamic needs of consumers. The demand for smart, connected, and sustainable sporting goods is growing rapidly in the region. This changing landscape provides opportunities for new product development and partnerships.
Segment Analysis
The Europe sporting goods market is segmented into sports equipment, apparel, footwear, and others. Within sports equipment, the team sports equipment segment dominates the market and is expected to continue its dominance over the forecast period. This is due to the rising popularity of team sports such as soccer, rugby, basketball, and volleyball in European countries. Countries like Spain, Germany, UK, and France have strong fan bases for soccer, resulting in higher sales of soccer equipment such as balls, goals, protective gear, etc.

PEST Analysis
Political: The sporting goods industry is impacted by government policies and regulations regarding imports/exports, safety standards for equipment, free trade agreements between countries etc. European Union policies help foster intra-regional trade.
Economic: A growing economy, rising incomes, and greater healthcare awareness are fueling higher consumer spending on fitness and sporting goods. However, inflationary pressures could dampen discretionary spending.
Social: Changing lifestyles, fitness trends, health consciousness are driving more Europeans towards sports and fitness activities, benefiting sporting goods consumption. Urbanization is also encouraging indoor sports.
Technological: Technologies like data analytics, IoT, AR/VR help improve product design, gain consumer insights for customized goods. E-commerce platforms are boosting online sporting goods sales across regions.

Key Takeaways
The European Sporting Goods Market Size was valued at US$ 164.15 Bn in 2023 and is expected to grow at a CAGR of 6.8% during 2023-2030. The rising health awareness and preventive healthcare spending are a major growth driver. Growing youth participation in sports and increasing sponsorship from brands are also propelling market expansion.

Germany accounted for the largest market share of over 20% in 2023 owing to strong participation in soccer and winter sports in the country. Other major countries include UK, France, Italy, and Spain. The UK market is growing at a rapid pace due to hosting various international tournaments that increased interest in sports.

Key players operating in the Europe sporting goods market are Adidas AG, Nike, Inc., Under Armour, Inc., PUMA SE, Amer Sports, Odlo, Hammer Sports, Polar Electro, KETTLER, and WaterRower. Adidas AG dominates the region led by its leadership in the team sports equipment and fitness equipment segments. Nike also has a sizable presence mainly driven by its performance sportswear and footwear collection.