Licensed Sports Merchandise Market Size, Growth Opportunities, Forecast to 2023
Posted by Pradeep Zende on March 2nd, 2020
Implementation of effective sports marketing helps in achieving financial success of sports clubs and organizations. Major market players are focusing on analyzing the purchasing behavior of the sports fans across the globe and strategizing product launches accordingly. Events such as FIFA World Cup and National Football League (NFL) are expected to create an attraction among sports lovers which in turn will boost the inclination towards purchasing licensed sports merchandise during the forecast period.
Based on product type, the global licensed sports merchandise market size has been segmented into sports apparel, sports footwear, sports accessories & toys, videogames, and others. The sports footwear segment is expected to dominate the global licensed sports merchandise market during the forecast period. Rising number of populations inclining towards fitness and routine workout has increased the demand for sports footwear as their basic requirement, which is primarily driving the growth of footwear segment. Merchandise footwear sold being licensed by famous celebrities such as Michael Jordan and LeBron James have gained reasonable popularity among urban consumers across the globe. Other sports include baseball including shoes by Derek Jeter and Hockey including National Hockey League (NHL) logo. However, the sports accessories & toys segment is expected to gain the fastest growth in the global licensed sports merchandise market. The technological advancements such as 3D printing in wide variety of sports accessories have enhanced the product appearance leading to an increased demand for 3D printed licensed sports keychain, ball, celebrity figures, team flags and many more.
The global licensed sports merchandise market has been divided, by price range, into premium and economic. The economic segment is expected to dominate the global licensed sports merchandise market during the assessment period due to its affordability by large group of population across the globe. However, with growing passion for sports and rising per capita disposable income of consumers across the globe, the premium segment is projected to record the highest CAGR during the forecast period.
The global market for licensed sports merchandise has also been classified, by distribution channel, into store-based and non-store based. The store-based segment has been further segregated into hypermarkets and supermarkets, convenience stores, specialty stores, and others. The store-based segment is expected to generate higher revenue, with the hypermarkets and supermarkets sub-segment being the largest due to strong vendor networks, high product appeal due to lucrative packaging and feel of the product. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to technological advancements in the e-commerce industry and growing consumer preference for online purchase.
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The global licensed sports merchandise market has been segmented by North America, Europe, Asia-Pacific, and the rest of the world.
The licensed sports merchandise market in North America is expected to dominate during the forecast period due to high participation of American population in popular sports such as baseball and soccer. Growing fan following of popular teams such a Dallas Cowboys and Chicago Bulls are expected to boost the demand for licensed sports merchandise market in North America during the forecast period.
Asia-Pacific is expected to be the fastest growing region in the licensed sports merchandise market during the forecast period. Rising popularity of various international sports among the teenagers owing to increasing adoption of cross-cultural fashion trends are expected to fuel the licensed sports merchandise market in the region during the forecast period.
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About the AuthorPradeep Zende
Joined: February 12th, 2019
Articles Posted: 396
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