The global sport accessories market will be valued at around US$ 376.56 Billion in 2023. Sales of Sport Accessories are projected to accelerate at a CAGR of 6.5% to top US$ 854 Billion by 2033.
Expenditure on sportswear and apparel has increased over the years, stimulating brands to develop new and novel products. This aspect is considered to have a strong influence on the global sports accessories industry’s future prospects.
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Which are Some Prominent Drivers of Sport Accessories Market?
The demand for sports accessories is increasing rapidly due to the growing popularity of sports and outdoor activities. This is mainly due to the increasing number of people who are engaging in sports and leisure activities, and thus, the need for appropriate sports accessories is also growing. Some of the prominent drivers of the sport accessories market are:
1. Increase in sports participation: The number of people engaging in sports activities has been growing over the years. This has resulted in the increased demand for sports accessories such as protective gear, sports apparel, and sports equipment.
2. Rise in disposable income: The rising disposable income of people has enabled them to spend more on sports accessories, thus driving the growth of the market.
3. Growing health awareness: The growing health awareness among people has led to an increased demand for sports accessories that help in maintaining fitness. This has further propelled the growth of the market.
4. Increase in sports events: With the increasing number of sports events worldwide, the demand for sports accessories is also rising. This is because many people attend these events and need appropriate sports accessories to participate.
5. Technology advancements: The advancement of technology has enabled manufacturers to develop innovative sports accessories that are more comfortable and efficient. This has further helped fuel the market growth.
In conclusion, the increasing number of people engaging in sports and leisure activities, the rising disposable income of people, the growing health awareness among people, the increase in sports events, and the technological advancements are some of the prominent drivers of the sport accessories market.
DICK’S Sporting Goods, the biggest omni-channel sporting accessories retailer in the United States, announced the release of VRST, a men’s athletic apparel brand designed for the contemporary active man who lives life on the go, in March 2021
ASICS, a Japanese sports accessories manufacturer, recently released a new line of environmentally friendly feasible footwear and apparel. The increasing trend of sustainable development has now entered the sports equipment industry as well. Recycled materials are being employed to create new products.
Key Companies Profiled:
Adidas AG
NIKE Inc.
PUMA SE
Wolverine World Wide Inc.
V.F. Corporation
New Balance Inc.
Apple Inc.
ASCIS Corporation
Everlast Worldwide Inc.
Under Armour Inc.
Decathlon S.A
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Key Segments Profiled in the Sport Accessories Industry Survey
By Product Type :
Headgear
Goggles
Hiking Jacket
Water Bottles
Gloves
Training Accessories
Bags
Swimming Accessories
Boxing Bag
Others
By Distribution Channel :
Hypermarket/Supermarket
Departmental Stores
Online Retail
Sport Stores
Others
By Price :
Economy
Mid
Premium
Super-premium
By Demographics :
Men
Women
Kids
Key Questions Covered in the Sport Accessories Market Report
What is the projected value of the Sport Accessories factors Industry in 2022?
At what rate will the global Sport Accessories factors market size grow until 2032?
Which are the factors hampering the growth of Sport Accessories factors?
Which region is expected to lead in the global Sport Accessories factors market By 2032?
Which are the factors driving the Sport Accessories factors Industry during the forecast period?
What is the expected market value of the Sport Accessories factors market during the forecast period?
Regional Analysis For Sport Accessories Market:
APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
North America (USA, Canada and Mexico)
South America (Brazil, Chile, Argentina, Rest of South America)
MEA (Saudi Arabia, United Arab Emirates, South Africa)
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