In 2023, the North America sporting goods market is registering a valuation of US$ 148.75 billion, projected to reach US$ 336.32 billion by 2033. Securing a CAGR of 8.5% during the forecast period.
Growth Factors:
- Increasing Participation in Sports and Fitness Activities: The growing awareness of a healthy lifestyle has resulted in higher participation rates in sports and fitness activities, consequently driving the adoption of sporting goods.
- Growing Popularity of Outdoor Recreation Activities: The rising preference for outdoor recreation has fueled demand for sporting goods such as camping equipment, bicycles, and hiking gear.
- Rising Disposable Income: With an increase in disposable income, consumers are more inclined to invest in sports and fitness equipment, driving the growth of the sporting goods market.
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There has been a growing trend toward incorporating technology into sporting goods in recent years. It helps individuals to monitor and track their physical activity and progress toward their fitness goals.
This technology can help individuals stay motivated and engaged in their fitness routines. Healthcare professionals also help in tracking the progress of patients in rehabilitation or physical therapy programs. While the North America sporting goods market is not directly involved in helping patients, its products can promote physical activity.
Key Takeaways of Growth in the North American Sporting Goods Market:
- Health and Wellness: Growing awareness of health benefits associated with physical activity fuels demand for fitness equipment, apparel, and footwear.
- Rising Disposable Income: Increased discretionary spending in developing regions like Mexico contributes to market expansion.
- Outdoor Activities: Increased participation in hiking, camping, and other outdoor pursuits drives demand for specialized equipment and apparel.
- Athleisure Trend: Blending of athletic and casual wear creates a larger market for comfortable and stylish sportswear.
- Technological Advancements: Integration of technology in sports equipment (e.g., smart fitness trackers) enhances performance and attracts tech-savvy
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Innovation in Sporting Goods by Key Players Upsurge the Market Growth
Key players play a crucial role to innovate products in the North America sporting goods market. Manufacturers constantly look for ways to improve their products through new materials, designs, or technology.
In recent years, we have seen a significant increase in the use of technology in sporting goods. For example, wearable fitness trackers, smart sports equipment, and virtual reality (VR) training systems have become increasingly popular. These technologies have helped to monitor physical activity and track progress toward fitness goals.
Another area of innovation has been using sustainable materials and manufacturing processes. Consumers are increasingly concerned about the environmental impact of the products they use. Therefore, many sporting goods manufacturers have responded by developing products made from eco-friendly materials.
Innovations in design have also played a role in the growth of the sporting goods market. Manufacturers are developing products that are functional but also stylish. They have further helped to expand the market beyond traditional sports enthusiasts to a wide audience.
Overall, innovation in sporting goods by key players has helped to drive market growth by changing the preferences of consumers. Technology advances and consumers become more environmentally conscious are expanding the market size further.
North America Sporting Goods Market- Major Players
Nike Inc., Adidas AG Under, Armour Inc., Puma SE, New Balance Athletics Inc., Columbia Sportswear Company, VF Corporation, Skechers USA Inc., ASICS Corporation, The North Face Inc., YETI Holdings Inc., Callaway Golf Company, Dick’s Sporting Goods Inc., Hibbett Sports Inc., Academy Sports + Outdoors
Recent Developments in the North America Sporting Goods Market
- Nike: Nike has been focused on expanding its digital capabilities, including investing in mobile apps and e-commerce platforms. They have also been prioritizing sustainability to use 100% renewable energy across their operations by 2025.
- Adidas: Adidas has been focused on innovation and sustainability. They have developed new materials, such as recycled polyester and are exploring 3D printing technology to create sustainable products. They have also invested in e-commerce and digital marketing to reach young consumers.
- Under Armour: Under Armour has been focused on streamlining its operations and cutting costs after struggling financially in recent years. They have also invested in new technology and products, such as connected fitness devices and breathable fabrics.
- Puma: Puma has been expanding into new markets, particularly in Asia. They have also been investing in sustainability to reduce their carbon footprint and use sustainable materials in their products.
- Columbia Sportswear: Columbia Sportswear has been focused on expanding its product offerings beyond outdoor apparel and footwear. They have been investing in new technologies, such as breathable and waterproof fabrics, and expanding their direct-to-consume
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North America Sporting Goods Market by Category
By Distribution Channel:
- Online
- Offline
By Sports Type:
- Racquet Sports
- Ball Sports
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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