Apr 29, 2021
Demand for Adventure Licensed Sports Merchandise to Surge Over Coming Years, Evaluates Fact.MR
by Team Fact.MR
Commercialization of sports events and tournaments along with growing popularity of international sports leagues are providing a lift to overall demand for licensed sports merchandise. To improve the video game segment of licensed sports merchandise, manufacturers are spending on VFX technologies, so that in video games, virtual athletes look as similar as the athletes in real life and give users an overall better experience.
New and improved licensed merchandise are being introduced into the market. Recently, Nike introduced jerseys with tracker chips in them that collect data such as how many meters an athlete runs, what activities he/she has performed, and various other things. After the sporting activity, athletes can see the data on a smartphone, tablet, or computer and can use it to perform better going ahead.
As per a new report published by Fact.MR, in terms of revenue, the global licensed sports merchandise market is estimated to expand at a CAGR of close to 7% over the forecast period of 2021 to 2031.
Key Takeaways from Market Study
- The licensed sports merchandise market is anticipated to see growth of 2.5X by 2031.
- As people are becoming more health conscious and indulging in more sports activities, sales of licensed sports merchandise is on the rise.
- New advancements in licensed sports merchandise will boost demand over the coming years.
- Countries such as India, China, Japan, and Brazil are expected to become huge markets for licensed sports merchandise.
- Adventure sports merchandise will see huge growth in future.
- Major sports leagues are one of the biggest driving factors for licensed sports merchandise.
“Popularity of international leagues to pave way for increased sales by licensed sports merchandise manufacturers,” says a Fact.MR analyst.
Key market players have been spending on research & development to come up with newer ways to make products more user-friendly. Sporting goods manufacturers are spending billions of dollars to keep their logos on the jerseys of big sporting teams for better marketing purposes. As Liverpool is one of the biggest sporting teams in the world, recently, Nike paid a significant amount for the sponsorship of Liverpool’s sporting kit. By doing this, Nike has insured that it will get great publicity and marketing. Manufacturers such as Nike, Adidas, and others are spending a lot and have pledged to spend billions of dollars over the coming years so as to provide a real thrust to the development of the licensed sports merchandise industry.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global licensed sports merchandise market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product (sports apparel, sports footwear, sports accessories and toys, sports video game and software, domestic & house wear, and others) and distribution channel (online, offline stores [department stores, specialty stores, and others]), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Sports Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Sports team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the Sports industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Sports
E-mail: [email protected]