by Sporting goods include equipments used for various sports and fitness activities such as baseballs, footballs, cricket balls, basketballs, tennis balls, golf clubs, bicycles, exercise cycles, rowing machines and others. Sports participation has become an integral part of daily lives for individuals to maintain health and wellness. Participation in sports and fitness activities has grown significantly across Europe over the past few years owing to rising health awareness. The rising culture of sports leagues, national and international sports events along with promotion of health and wellness through various government campaigns has further propelled the sports and fitness culture.
The global Europe Sporting Goods Market is estimated to be valued at US$ 164.15 Bn or Mn 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 Dynamics
Rising participation in sports and fitness activities has increased the demand for various sporting goods significantly across Europe. According to surveys, sports participation rates have grown by over 15% between 2015-2020. Major international sports events such as UEFA Euro 2020, 2024 Olympics in Paris and other national leagues have further popularised various sports. Continuous product innovation and development of specialized equipment for different sports has also propelled the market growth. Growing health awareness and promotion of active lifestyles through social media and fitness blogs has encouraged participation in weekend sports and recreation activities. This has presented lucrative opportunities for sporting goods manufacturers. However, availability of low cost counterfeit products in some local markets poses a moderate threat to the growth of established brands. Stringent regulations have curbed the spread of these fake products to some extent.
SWOT Analysis
Strength: The Europe sporting goods market has a high level of consumer awareness and popularity for sports and fitness activities. Countries such as Germany, France, and UK have a strong participation in various sports. Manufacturers in the region are able to produce high-quality products with innovative designs and technologies. They constantly engage in R&D to develop novel products.
Weakness: The market is fragmented with the presence of several local manufacturers. This leads to intense competition and pricing pressure. Changing consumer preferences also make it difficult to predict demand. Economic uncertainties and political tensions in some European countries act as a hindrance.
Opportunity: Growing health and fitness trends along with promotions by sports associations are encouraging many new participants. Rising tourism and major international sports events create opportunities. The elderly population taking up low-impact sports & activities is expanding the target segment. Product innovations catering to extreme and niche sports gain traction.
Threats: Environmental regulations regarding raw material sourcing and disposal of sporting products are becoming stringent. Trade tensions and policies could impact imports and exports. Competition from Asian manufacturers providing lower-cost products pose threats. Natural calamities disrupting operations or supply chains also act as threats.
Key Takeaways
The Global Europe Sporting Goods Market Size is expected to witness high growth. 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.
The region holds a significant share in the global market owing to high participation and consumer spending in sports and fitness activities. Countries like Germany, UK, France, and Italy contribute majorly to the Europe sporting goods market. The Eastern Europe region is projected to witness the highest growth owing to rising living standards and health awareness.
Key players: Key players operating in the Europe sporting goods market are Abbott Laboratories, Novartis AG, Eli Lilly and Company, Merck & Co., Inc., and GlaxoSmithKline plc. Companies are focusing on product innovations and customizations to suit changing consumer tastes. Strategic partnerships with regional sports clubs and celebrities help gain brand recognition. Manufacturing facilities are also being set up or expanded locally to improve delivery and after-sales services.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
