Europe Sporting Goods Market is Expected to Grow at a CAGR 6.6%; Market to Exceed US$ 187.48 Bn by 2024
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An exclusive Persistence Market Research study on Europe’s sporting goods market projects that domestic manufacturers will continue to collaborate with global players to develop high-end products for local consumers. Companies such as PUMA SE, Odlo, Hammer Sports,
Nike Inc., Adidas AG, Under Armour Inc., Amer Sports, KETTLER, Polar Electro, and WaterRower Inc. are some of the leading manufacturers of sporting goods in Europe, and have been profiled extensively in the report.
Considering the diversity in sports being played across different countries in Europe, sporting goods manufacturers are developing their strategies for business growth accordingly. The study has revealed that prominent sports categories for European consumers include water sports, winter sports, racket sports, bike sports, running, tennis, fitness, golf, teamsports and football.
Germany to Represent Largest Market for Football Sporting Goods
In European and international football events, Germany continues to be recognized as a championing participant. Almost every other consumer in Germany is a football enthusiast. Neighboring countries such as France, Belgium and the Netherlands are also witnessing an active inclination of consumers towards this sport. Leading sporting goods manufacturers such as Nike are changing the designs of studs and other accessories to meet the requirements of German footballers.
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Over the near future, a majority of sales of sporting goods in Europe will remain concentered in Germany. The study reveals that in 2016, nearly one-fourth of revenues procured in Europe’s sporting goods market will be accounted by football and its predominant presence in countries like Germany. The study further reveals that the sporting goods market in Germany will hold a 30.5% share on Europe’s sporting goods market value by the end of the forecast period.
Key Challenges for Sporting Goods Retailers in Europe
Changing purchasing habits of consumers are playing a key role in the sales of sporting goods across Europe. Several sporting goods manufacturers are struggling find successful growth in retail sales as European consumers are opting for online purchases. The sales of sporting goods in retail outlets across Europe is considerably dwindling with emergence of e-commerce platforms. While upsurge in online sales is favoring the expansion of Europe’s overall sporting goods market, manufacturers are forced to adopt direct-to-customer business models, which leads to abruptly ending their strong rapport with retailers.
Governments in several European countries have introduced sports programs in schools and academic institutions. However, lobbying by local brands to secure such bulk contracts is fragmenting the sporting goods competition landscape in Europe. The biggest challenge for manufacturers of sporting goods in Europe is competing with global brands. As a majority of European consumers stick to the global brands like Puma, Adidas and Nike, niche players or emerging manufacturers are left with minimum leeway to penetrate the market.
The study also reveals a consistency in the prices of sportswear in Europe’s sporting goods market. While some brands continue to hike the prices on their offerings, local sporting goods manufacturers in the region are capturing the demands for consumers in middle- and low-income groups. Through 2024, the sporting goods market in Europe will witness a steady expansion, anticipating that its contribution to global sporting goods revenues will incur a considerable uptick.
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