Dublin, Ireland, Aug. 19, 2022 (GLOBE NEWSWIRE) — The latest information released by Fact.MR predicts licensed sporting goods sales will likely propel at a CAGR of 7% from 2021 to 2031, reaching $59 billion US by the end of the aforementioned forecast period. The demand is mainly dependent on the growing popularity of commercial sports activities in recent years.
The market experienced a positive slope between 2016 and 2020, registering a CAGR of 6%. Sales have contracted significantly during the novel coronavirus pandemic as major sporting events have been postponed or canceled attributed to the imposition of a global lockdown. However, from the fourth quarter of 2020, restrictions eased, as vaccination campaigns to inoculate populations accelerated.
New and improved licensed products are introduced to the market. Recently, Nike introduced jerseys with tracking chips that collect data such as how many meters an athlete has walked, what activities they have performed, and various other things. After sports activity, athletes can see the data on a smartphone, tablet or computer and can use it to perform better in the future.
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Key insights from market research
- Global Licensed Sporting Goods Market to Reach US$30 Billion by the End of 2021
- By product, licensed athletic footwear demand is expected to grow at a CAGR of 7.3%
- More than half of global licensed sporting goods sales are likely to be through offline stores
- North America will become an opportunistic market, capturing 34.5% market share
- Asia will be the fastest growing market, registering a CAGR of 7.6% to reach US$10.2 billion
Prominent players are adopting innovative approaches such as revolutionary marketing tactics, technological advancements, mergers and acquisitions.
- In August 2021, Adidas AG agreed to sell its underperforming Reebok business to Authentic Brands Group Inc. for up to €2.1 billion ($2.5 billion), adding another well-known name to the growing range of buyer’s consumer businesses.
- In December 2020, Fanatics acquired licensed sporting goods company WinCraft. Fanatics will now have a bigger presence with non-clothing merchandise, as WinCraft specializes in material goods, such as sports-themed clocks and banners.
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Information by category
Based on product, licensed athletic footwear is expected to dominate the market, growing at a CAGR of 7.3% per annum throughout the forecast period. Due to changing aesthetics and fashion trends, the quality and styles of shoes have evolved significantly to provide maximum comfort to consumers.
Among all these derivative products, sportswear and sports shoes are very popular. People look up to and idealize their favorite athletes and want to buy their jerseys and support them. Shoes sold under license by famous celebrities such as Michael Jordan and LeBron James have gained reasonable popularity among urban consumers around the world.
Key Segments Covered
- Licensed Sportswear
- Licensed sports shoes
- Licensed sports accessories and toys
- Licensed video games and sports software
- Licensed home and indoor sportswear
- Other Licensed Sports Products
- Distribution channel
- Online sales of licensed sporting goods
- Sales of licensed sporting goods through offline stores
- Sales of licensed sporting goods in department stores
- Sales of licensed sporting goods in specialty stores
Analysis of the COVID-19 scenario:
Non-essential brand makers are expected to face a tough time due to COVID-19. Apparel is one of the largest sectors that has historically seen peak consumer spending on merchandising. But this sector is expected to be hit to the max due to the COVID-19 pandemic. Spending on non-essential items is no longer a priority for people as the main focus of people is to buy food and groceries for themselves. Manufacturers may sell their products at low prices or at steep discounts to clear their inventory.
Key benefits of the report:
- This study presents the analytical description of the worldwide Licensed Sporting Goods market along with current trends and future estimations to determine impending investment pockets.
- The report presents information related to key drivers, restraints, and opportunities, along with a detailed analysis of the global licensed sporting goods market share.
- Current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario of the Licensed Sporting Goods market.
- Porter’s Five Forces analysis illustrates the power of buyers and suppliers in the marketplace.
- The report provides a detailed analysis of the Global Licensed Sporting Goods Market based on the competitive intensity and how the competition will shape in the coming years.
Questions Answered in the Licensed Sporting Goods Market Research Report:
- Who are the major market players active in the Licensed Sporting Goods Market?
- What are the current trends that will influence the market in the coming years?
- What are the market drivers, restraints and opportunities?
- What future projections would help take further strategic action?
More information available
Fact.MR, in its new offering, presents an unbiased analysis of the licensed sporting goods market, showcasing historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study discloses essential market insights based on product (sports apparel, sports shoes, sports accessories and toys, video games or software, housewares and housewares and others) and distribution channel (e-commerce or online stores and offline stores) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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