Portland, OR, May 11, 2020 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the sports equipment and clothing market was pegged at $ 470.40 billion in 2019 and is expected to reach $ 817.17 billion by 2027, with a CAGR of 7.2% from 2020 to 2027.
The increase in worldwide sports and fitness awareness and government initiatives in sporting activities and events have driven the growth of the global sports equipment and apparel market. However, the increase in terrorism and political influence over sporting events and the rise of children in indoor leisure activities are hampering the growth of the market. On the other hand, the increase in the contribution of various organizations to donations and the rapid growth of the online retail platform is expected to create lucrative opportunities in the near future.
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The global sports equipment and clothing market is divided on the basis of product, sports, distribution channel and geography. Based on the product, the market is segmented into equipment, clothing, and footwear. The equipment segment held the largest share in 2019, accounting for more than half of the market and is expected to register the highest CAGR of 7.2% during the forecast period.
On the basis of sports, the market is segmented into Cycling, Outdoor, Tennis, Other Racquet Sports, Running, Fitness, Football / Soccer, Other Team Sports, Winter Sports, Water Sports and Others. The fitness segment dominated in 2019, contributing almost a fifth of the market. However, the outdoor segment is expected to reach 9.4% of the market.
Based on the distribution channel, the market is categorized as online and offline. The offline segment dominated in 2019, accounting for more than three quarters of the market. However, the online segment is expected to represent the highest CAGR of 7.2% during the forecast period.
The global sports equipment and clothing market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region market is expected to register the highest CAGR of 10.1% during the forecast period. However, the North American market held the largest share in 2019, accounting for over a quarter of total revenue.
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The Global Sports Equipment and Clothing Market report includes in-depth analysis of major market players such as Decathlon SA, Adidas AG, Nike, Inc., Under Armor Inc., Puma SE, ASICS Corporation, Amer Sports Corporation, VF New Balance Corporation, Inc. and Sports Direct International Plc.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.