North America Sporting Goods Market To Hit Value 7,645.1 Million By 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on August 8th, 2023

San Francisco, 08 August 2023: The ReportNorth America Sporting Goods MarketSize, Share & Trends Analysis Report By Sports Type (Ball Sports, Racquet sports), By Distribution Channel (Offline, Online), By Country, And Segment Forecasts, 2023 - 2030

The North America sporting goods market size is expected to reach USD 267,645.1 million in 2030 and is expected to grow at a CAGR of 8.7% from 2023 to 2030, according to a report by Grand View Research, Inc. In addition, the growing popularity of national and international sports events, such as the Soccer World Cup, Olympic Games, and Cricket World Cup, is further contributing to the growth of the sporting goods market in North America.

Participation of women in sports has witnessed a tremendous increase in North American countries over the past few years. According to the new State of the Industry Report from the Sports & Fitness Industry Association and Sports Marketing Surveys USA, 232.6 million Americans took part in sports and fitness activities in 2021, the most since 2016. The increasing awareness about the benefits of a healthy lifestyle and the importance of sports and fitness activities is stimulating the demand for sporting goods in North America.

The COVID-19 pandemic has impacted the sporting goods market both positively and negatively. Positively, the pandemic made people more health-conscious and has provided manufacturers with new sales avenues to reach consumers directly. However, the pandemic also decreased consumer spending on non-essential products, disrupted the supply chain, and witnessed a rise in the prices of raw materials. All these factors have impacted overall revenue generation and cost handling for manufacturers of sporting goods.

The ball sports segment accounted for the largest share of more than 84.9% in 2022. One of the key reasons driving market expansion during the projection period is the notable increase in the popularity of sports events like the Olympics, Football World Cup, NBA, and others around the world. The global sports event sector is expanding because of the increasing public interest in athletes and premier league tournaments. The increasing interest of individuals in sports, coupled with rising expenditure on fitness apparel and gear, is supporting the sporting goods market for ball sports.

The offline segment accounted for a revenue share of 58.7% in 2022. Consumers have started spending more time outside during the pandemic. As a result, the sales of sporting goods apparel and equipment have grown. Sports goods retailers in the U.S. reported monthly sales increases in 2021 over 2020.

The U.S. accounted for the largest revenue share of over 92.5% in 2022. The increasing participation of women and children in sports and fitness activities is likely to create a significant demand for sports and fitness goods over the forecast period. Major manufacturers are launching new products in the country to attract more customers.

The major market players in the sporting goods market focus on diversifying and expanding the range of their product offerings. Mergers & acquisitions are prominent strategies adopted by key players. Manufacturers are providing robust services to gain a competitive advantage over others.

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North America Sporting Goods Market Report Highlights

• The ball sports segment accounted for the largest share of more than 84.9% in 2022. One of the key reasons driving market expansion during the projection period is the notable increase in the popularity of sports events like the Olympics, Football World Cup, NBA, and others around the world
• The offline segment accounted for a revenue share of 58.7% in 2022. Consumers have started spending more time outside during the pandemic. As a result, the sales of sporting goods apparel and equipment have grown. Sports goods retailers in the U.S. reported monthly sales increases in 2021 over 2020
• The U.S. accounted for the largest revenue share of over 92.5% in 2022. The increasing participation of women and children in sports and fitness activities is likely to create a significant demand for sports and fitness goods over the forecast period. Major manufacturers are launching new products in the country to attract more customers

In addition, the growing popularity of national and international sports events, such as the Soccer World Cup, Olympic Games, and Cricket World Cup, is further contributing to the growth of the sporting goods market in North America. Participation of women in sports has witnessed a tremendous increase in North American countries over the past few years.

In 2020, COVID-19 had a significant effect on the North American sporting goods market, with decreased sales reported by most companies. In the early stages of the pandemic, the revenues of sporting goods manufacturing companies decreased. However, by the end of 2020, these players performed well in terms of revenue by a significant margin compared to manufacturers of other apparel, footwear, and equipment. Additionally, sporting goods manufacturers showed greater resilience than players in other industries as there was a significant rise in sports and fitness activities among individuals during the pandemic.

North America Sporting Goods Market Report Scope

List of Key Players in the North America Sporting Goods Market

• Nike, Inc.
• Adidas AG
• PUMA SE
• Columbia Sportswear Company
• Under Armour, Inc.
• lululemon athletica Inc.
• Yonex Co., Ltd.
• New Balance Athletics, Inc
• Callaway Golf Company
• ANTA Sports Products Limited

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