PORTLAND, Ore., May 5, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Athletic Equipment and Footwear Marketby Type (Equipment and Footwear): Global Opportunity Analysis and Industry Forecast, 2021–2025." According to the report, the global athletic equipment and footwear industry was estimated at $224.7 billion in 2018, and is expected to hit $323.4 billion by 2025, registering a CAGR of 8.6% from 2021 to 2025.
Drivers, restraints, and opportunities-
Sportswear and footwear have experienced upgradations in their features over the years. This factor drives the growth of the global athletic equipment and footwear market. On the other hand, the availability of counterfeit products restrains the growth to some extent. However, easy availability of such products on online portals and increase in accessibility & convenience of purchasing these products through the internet have paved a way for lucrative opportunities in the industry.
The extended lockdowns, distorted supply chain, disrupted manufacturing activities, lack of raw materials, and several travel restrictions across the globe impacted the global athletic equipment and footwear market negatively.
However, the global market is expected to revive soon with relaxations on the current rules & regulations and with the rollout of mass vaccination programs.
The equipment segment to retain its dominance by 2025-
Based on type, the equipment segment contributed to more than half of the global athletic equipment and footwear market share in 2018, and is anticipated to lead the trail by the end of 2025. The same segment would also grow at the fastest CAGR of 9.1% throughout the forecast period. This is due to widespread technological advancements, increased demand from the millennial, and extensive advertisements and promotions for the sport products across the world.
The outside USA segment had the major share in 2018-
Based on region, the market across outside USA held the major share in 2018, generating nearly three-fourths of the global athletic equipment and footwear market. The same region would also portray the fastest CAGR of 9.5% from 2021 to 2025. This is attributed to rapid urbanization, expansion of the sports industry, and technological advancements in the region.
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