Wilmington, Delaware, U.S., Oct. 13, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The licensed sporting goods market size was valued at US$30.8 billion in 2021. Licensed sportswear manufacturers and online retailers are increasingly leveraging the popularity of e-commerce to fuel the sales of sports equipment, video games, footwear and clothing. The growing popularity of regional and international sports leagues has led to a rapidly growing consumer base, thereby boosting the market prospects.
A meticulously obtained sales forecast for licensed sporting goods by TMR analysts highlighted that rapid commercialization of sporting events around the world plays a major role. The trend has boosted demand for licensed products for a wide range of sports, including endurance sports and eSports.
Broadcasting live sporting events, TMR analysts have observed, has opened up new frontiers of growth for the licensed sporting goods market. The increase in viewership for esports has had a positive impact on the market outlook.
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Key Findings from the Licensed Sporting Goods Market Research
- The demand for sportswear and accessories to generate significant opportunities: Rising demand for sports apparel and accessories has created huge growth opportunities for companies in the licensed sporting goods market. The segment dominated the global market in 2021 and will continue to stay the course during the forecast period 2022-2031. The mass adoption of activewear is partly fueled by the expansion of online retail distribution channels.
- Commercialization of sports allows companies to generate regular revenue gains: TMR’s analysis in the study indicates that the commodification of sport has generated vast momentum for the expansion of lucrative avenues in the licensed sporting goods market. The marketing of sporting events and tournaments will continue to act as a favorable trend for the marketing and sale of licensed sporting goods, creating important revenue streams.
Licensed Sporting Goods Market: Drivers
- Rising viewership of domestic and international sporting events, coupled with growing consumer base of licensed sporting apparel and accessories, is a key driver of the licensed sporting goods market. OTT platforms for sports broadcasting will have a positive impact on the future market demand for licensed sports products.
- Sports participation is constantly growing in developed countries, including in endurance sports activities. This widens the canvas for players in the licensed sporting goods market.
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Licensed Sporting Goods Market: Regional Growth Dynamics
- The North America licensed sporting goods market is expected to grow at a leading CAGR during the forecast period. Massive viewership of many sports in the region has boosted demand. More importantly, the widespread popularity of major professional sports leagues in the United States, including the NBA, MLB, and NFL, has expanded the scope for marketing licensed sports products in the regional market.
- The rise of international sports and growing participation in sports have strengthened revenue streams in the Asia-Pacific market. The region is experiencing incredible avenues on the backs of an ever-increasing number of sports enthusiasts.
Licensed Sporting Goods Market: Key Players
Leading companies and other leading companies are implementing M&A strategy to gain share in the licensed sporting goods market.
Most licensed sportswear manufacturers and retailers rely on expanding their product line by unveiling new designs in an effort to gain a competitive edge over others.
Some of the major market players are Fanatics, Inc., Sports Direct International plc, DICK’S Sporting Goods Inc., Hanesbrands Inc., Under Armour, Inc., Puma SE, Adidas AG, Nike, Inc. and VF Corporation.
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Segmentation of the licensed sporting goods market
- By product type
- Sports clothing
- Top Wear
- T-shirts and tops
- Sweatshirts & Hoodies
- Others (caps, hats, etc.)
- Bottom wear
- Track pants
- Others (Socks, Capris, etc.)
- Others (baby sleepwear, suits and swimwear, etc.)
- Top Wear
- Sport shoes
- Sports accessories and toys
- Sun glasses
- fishing lure
- Others (Mugs, etc.)
- Video games or software
- Others (houseware and housewares, etc.)
- Sports clothing
- By price
- By distribution channel
- On line
- Company Website
- E-commerce site
- Specialty stores
- Other Retail Stores
- On line
- North America
- Asia Pacific
- Middle East and Africa
- South America
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