by Sporting goods including sports gears, equipment, footwear and apparel are essential for various indoor and outdoor recreational sports activities. These goods help people participate in sports for fitness, recreation as well as professional competitions. The rising awareness among consumers regarding health benefits of staying fit is driving the demand for high-quality sports products.
The global Europe Sporting Goods Market is estimated to be valued at US$ 164.15 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Regular participation in sports and fitness activities has proven physical and mental well-being benefits. As more people recognize the importance of lifelong fitness, the demand for associated sporting goods is increasing substantially. Additionally, aggressive marketing campaigns by brands are effectively communicating the message that sports can be incorporated into everyday lifestyle through small yet impactful activities. This is encouraging even casual participants and driving the demand for multifunctional products across Europe. The market players are capitalizing on this trend by developing innovative, comfortable and affordable products that can contribute to an active lifestyle.
Segment Analysis
The European sporting goods market is dominated by the apparel and footwear segment. This segment accounts for over 30% of the total market share due to the high demand for sport-specific shoes and clothes across the region. Sporting goods such as gym equipment, exercise bikes and treadmills are also gaining popularity among health-conscious consumers in Europe. However, the demand for these goods is yet to match that of apparel and footwear.
Key Takeaways
The Global Europe Sporting Goods Market Size is expected to witness high growth over the forecast period due to rising health awareness and increasing disposable incomes in the region. Major sporting events scheduled in Europe like UEFA Euro 2024 and Olympics 2028 are also likely to boost demand. The global Europe Sporting Goods Market is estimated to be valued at US$ 164.15 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
Regional analysis
Germany accounted for the largest share of over 20% in the European sporting goods market in 2023. The high participation in sports and presence of major brands have made Germany the dominant region. France is another major market owing to government initiatives to promote sports. Countries like the UK, Italy and Spain are also among the fast growing markets due to increasing focus on fitness and wellness.
Key players
Key players operating in the European sporting goods market are Abbott Laboratories, Novartis AG, Eli Lilly and Company, Merck & Co., Inc., GlaxoSmithKline plc. Abbott Laboratories offers a wide range of sports nutrition and hydration products. Novartis AG markets supplements and vitamins targeted at amateur and professional athletes.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
