Sport Accessories Market

Sports Accessories Market Report 2023

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.

Report Attributes	Details
Anticipated Base Year Value (2022)	US$ 353.58 Billion
Expected Market Value (2023)	US$ 376.56 Billion
Projected Forecast Value (2033)	US$ 854 Billion
Global Growth Rate (2023 to 2033)	6.5% CAGR
Expected Market Share of the U.S. Market (2033)	40%
Anticipated Market Value of Europe (2023 to 2033)	45%
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

Revenue Analysis of Sport Accessories from 2018-2022 Vs Market Projections for 2023 to 2033

In the historical period ranging from 2018 to 2022, the market for sport accessories benefited from a greater emphasis on integrating technology along with quick adaptation to emerging dynamics. Worldwide sales of sports accessories are also booming as a result of the emergence of online retail websites that sell products at affordable prices.

However, by 2020, the COVID-19 pandemic disrupted growth prospects across multiple industries, including the athletic and fitness business. Many championships and game activities, including the Olympics, have either been rescheduled or their format has been modified. As a result, market participants are attempting to evaluate the downstream influence of disrupted cash flows, uncertainty, and potential falls in long-term participation and engagement.

Therefore, the market expansion is driven by constant innovation and rapid progress in technology to keep up with evolving customers’ preferences. The burgeoning perception of the advantages of a healthy lifestyle, as well as the value of sports and fitness activities, will drive sales for such accessories in forthcoming years.

Which are Some Prominent Drivers of Sport Accessories Market?

Burgeoning Participation in sports and its Impact on Athleisure is accelerating the market's expansion

The increasing prevalence of sports players on social networking sites and soaring inclusion in sporting and leisure exercises through all demographics have bolstered global sales of sports accessories. sports accessories sales have surged substantially and are predicted to rise further during the forthcoming years.

Furthermore, in connection with the athleisure trend, customers are increasingly striving for designer sports accessories that incorporates aspects of sports layout. Besides this, the sustained shift toward healthier lifestyles motivate global demand for sports accessories.

Besides this, the emergence of government approaches to augment sports participation in several nations has remarkably fueled athleisure requirements in latest years. For example, the Government of England proposed introducing a "Work Out to Help Out" campaign in 2021 to encourage people to participate in organized sports.

The increasing popularity of national and international events is cruising sales growth

The increasing popularity of both domestic and international events including the Soccer World Cup, Olympic Games, and Cricket World Cup is also propelling the growth in the sports equipment industry. Rising media coverage of these international sports events inspires youth to participate part in sports.

Thus sports accessories business is promptly incorporating new technologies and modifying its products in order to maintain pace with constantly shifting market dynamics.

What are the Challenges Faced by the Sport Accessories Market?

Rise in priority for indoor activities and the elevated use of smartphones restrict market growth

However, a rise in youngsters' preference for indoor activities like computer games and an enhancement in smartphone usage due to greater internet access have a negative effect on market growth.

Furthermore, buyers' proclivity for several other leisure pursuits such as virtual reality gaming, watching movies, live band shows, and others inhibit the expansion of the sports accessories industry. Besides that, the seasonal variation of sports raises the desire for other recreational activities as the sports season ends, stifling overall growth.

Comparative View of Adjacent Sport Accessories Markets

Sport Accessories Market :

Attributes	Sport Accessories Market
CAGR (2023 to 2033)	6.5%
Market Value (2033)	US$ 854 Billion
Growth Factor	Advanced chromatography machines along with research activities is bolstering the demand for Sport Accessories.
Opportunity	This market has a positive impact on sporting events. Expenditure on sportswear and accessories has increased over the years, inspiring individuals to engage in sports activities.

Snow Sports Accessories :

Attributes	Snow Sports Accessories
CAGR (2023 to 2033)	2.3%
Market Value (2033)	US$ 1,650.3 Million
Growth Factor	The surge in both percentages of spectators and participants over time is expected to propel the global snow sports accessories industry.
Opportunity	Such advancements and greater investment have positively influenced sports activities expansion in Asia Pacific, MEA, and many other regions. This phenomenal growth of snow sports is very visible in China.

Which Regional Market is the Most Profitable for Sport Accessories Manufacturers?

North America led the sports equipment industry, accounting for 32% of overall revenue in 2022. The rising popularity of sports like football and basketball is spurring governments in the region to build arenas and provide citizens with a better sporting experience. This is predicted to have a favorable influence on the market during the forecast period.

The market for sports equipment in Asia Pacific is expected to expand at the fastest pace with a CAGR of 7.5% over the forthcoming years. Due to COVID-19, Asia Pacific countries' sales of fitness equipment will skyrocket after 2021. Asia Pacific nations have also hosted a diverse range of athletic events and have improved infrastructure to entice more individuals to engage in various gaming events, leading to the expansion of the APAC market.

Europe is expected to lead the global sports accessories market in terms of revenues over the next several years. This is largely due to the high level of enthusiasm for sports in the region. Moreover, the growing number of skilled athletes in Europe is cruising the region's overall growth.

Country-wise Analysis

Which Asia Pacific Nation Will Witness Highest Market Revenue?

Soaring disposable income to bolster market growth in India

India has also made major advances in outdoor gear in recent years, owing to the increasing popularity of games and, as an outcome, the burgeoning number of associated tournaments.

Furthermore, the greater emphasis on sports can be credited to the high consumption in India. Furthermore, rising disposable income and consumer purchasing power in emerging economies like India is predicted to boost demand for sporting accessories.

Will United State Emerge as a Key Market Player?

A diverse range of product types to increase market supply in the U.S.

The sporting accessories market is a multibillion-dollar business that includes a wide range of product types such as athletic footwear, exercise equipment, licensed sports items, and athletic apparel. Sporting accessories store sales in the U.S. alone total approximately 54 billion US dollars in 2020.

As a result, the United States commands a sizable market share and is a key player in the sports apparel and footwear industry. owing to these factors the sports accessories market in the United States will witness major demand during the forecast period.

Country-wise Forecast CAGRs for the Sport Accessories Industry

Country	CAGR
China	6%
U.S.	6.3%
Australia	5.8%
France	5.6%

Category-wise Insights

Which Product Type Segment Generate Largest Market Share?

Vast number of headgear sellers to boost Market Consumption

The popularity of headgears segment will continue to grow across the product spectrum all across the evaluation period. Currently, headgear sales account for nearly 17% of the global industry's revenue. Around US$ 17,500 Million in headgear is anticipated to be sold globally by the end of 2022.

Why Will Online Retail Segment Drive the Market at fastest Pace?

Elevated number of E-Commerce sites to attract large number of consumers

From 2023 to 2033, the online retail segment is projected to expand at a 7.5% CAGR in the sports accessories market. Increased internet permeability among consumers, in addition to targeted advertising by businesses to attain all customer interactions, is expected to propel the expansion of this segment.

Besides that, rising smartphone usage, high consumer expenditure, increase in online penetration, and e-shopping from e-commerce portals are expected to fuel segment growth during the forecast period.

Start-ups in the Sport Accessories Landscape

• Deporvillage an online-only seller of outdoor sporting accessories was established in 2010. JD Sports Group acquired Deporvillage in June 2021. The manufacturer acquired 80% of the stake, while the remaining 0% will be kept by Deporvillage founders Xavier Pladellorens and ngel Corcuera.
• BlissClub, established in 2020 by ISB alum Minu Margeret, has raised $20.25 million to date. BlissClub is an Indian influential life wear brand cataloguing sports accessories designed especially for Indian women.

Market Competition

Key players in the Sport Accessories market are 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

• 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 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

• By Region :

  • North America
  • Latin America
  • Europe
  • APEJ
  • Japan
  • Middle East & Africa