Asia-Pacific Sports Equipment & Apparel Market Scope, Growth, 2023-2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates Asia-Pacific sports equipment & apparel market size at USD 123.67 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Asia-Pacific sports equipment & apparel market size to grow at a significant CAGR of 9% reaching a value of USD 224.52 billion by 2029. Sports and other leisure pursuits are becoming increasingly popular as stress relievers. The growth of the Asia-Pacific sports equipment market is attributed to the health advantages of participating in sports. With rising per capita disposable income, consumers' willingness to spend on leisure activities has increased. By 2029, the Asia-Pacific sports equipment & apparel market is expected to grow due to rising sports participation, particularly in schools and colleges. Sports equipment demand is rising due to manufacturing companies creating new product enhancements. Sports are a form of exercise as well, and as obesity rates rise, more people are showing an interest in sports.
Asia-Pacific Sports Equipment & Apparel Market – Overview
Clothing and equipment that helps athletes stay safe and secure while participating in any sport is considered sports protection equipment. Sports protective equipment includes helmets, eye protection, mouth guards, face protection, protective footwear, pads and guards, and socks. The rise in consumer spending on such equipment is a significant factor propelling the Asia-Pacific sports equipment market. Because of developments in domestic and international sports, an increase in the number of people participating in various sports, and rising consumer awareness of the use of sports protective equipment, the market is expected to grow rapidly.
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Opportunity:
Increasing Use of Smartphones, the Internet, and E-Commerce Platforms
In the modern world, people depend on their smartphones for communication, grocery shopping, doctor consultations, and self-fitness monitoring. Many people find it difficult to think of or imagine a world without smartphones. Instead of continuing their fitness regimen in gyms and fitness clubs, people prefer to do it at home in the comfort of their own homes. As a result, the fitness app serves as a link between users who want to receive a fitness schedule, a diet plan, and exercise instructions. Also, children are participating in a variety of sports competitions in schools and sports clubs. This accelerates the demand for the sports equipment and apparel market. More people are using smartphones in their daily lives because of countries' technological development.
Challenge:
Fitness equipment has a high price tag
Some expensive fitness equipment, particularly for middle- and low-income people in developing and underdeveloped countries, is limiting growth. The cost of high-tech fitness accessories and wearables has gone up because of technological development. The addition of numerous features, such as premium displays, enhanced power efficiency, monitoring of additional vitals, wireless connectivity, and improved software, among others, directly raises the initial cost of fitness gear and fitness devices. Customers who use wearable technology are spending more on healthcare related to fitness. As the range of applications for wearable devices increases, so does demand, directly impacting their high cost.
Impact of COVID-19 on Asia-Pacific Sports Equipment & Apparel Market
COVID-19 pandemic has been very advantageous for the sports equipment industry. The pandemic has enacted new regulations and laws, such as lockdowns and social withdrawal, to stop the virus from spreading. As a result of being forced to stay at home, latest trends like working from home emerged. Due to the rise in popularity of at-home workouts, there is an increased need for exercise equipment during the pandemic. Due to the increased emphasis on self-care, exercise, and health in the wake of the pandemic, fitness apps and platforms have experienced significant growth. Building momentum is aided by the pandemic's ability to inspire non-fitness enthusiasts to prioritize maintaining their health and fitness more highly. The COVID-19 pandemic has increased demand for at-home fitness equipment and fitness apps to the point where both the number of items sold online, and fitness app downloads have increased in 2021.
Asia-Pacific Sports Equipment & Apparel Market – By Distribution Channel
Asia-Pacific sports apparel and equipment market is split into online and offline segments based on the distribution channel. The online market for sporting goods is expected to expand significantly between 2023 and 2029. This market is likely to grow because of consumers using the internet more frequently and businesses focusing their marketing efforts on all customer touchpoints. Additionally, it is expected that during the forecast period, factors like rising smartphone usage, rising consumer spending, expanding internet penetration, and online shopping through e-commerce platforms will fuel segment growth.
Competitive Landscape
Asia-Pacific sports apparel and equipment market is fiercely competitive. Decathlon S.A., Nike, Adidas AG, Puma SE, Under Armour Inc., Amer Sports Corporation, ASICS Corporation, Sports Direct International Plc., V.F. Corporation New Balance, Chogori India Retail Limited, LI-NING Company Limited, Lululemon Athetica Incorporation, Anta Sports Product Limited, Inc., Columbia Sportswear Company, Mizuno Corporation, and Other Prominent Players. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Asia-Pacific sports apparel and equipment market.
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