LONDON–(BUSINESS WIRE)–The global licensed sports merchandise market size is expected to grow by USD 1.28 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Physically inactive and sedentary lifestyle is exposing people to various health conditions, including anxiety, obesity, type 2 diabetes, and osteoporosis. This is encouraging consumers to participate in various sports and fitness activities that can keep them physically and mentally fit. Furthermore, vendors are also trying to promote fitness awareness programs and campaigns on social networking sites like Facebook and Twitter, which encourage customers to stay fit. Fitbit, one of the popular wearable fitness gadget companies, offers wristbands with wireless technology and sensors to track and share the workout details and routines of the users. Such apps and social fitness trends are encouraging customers to maintain their physical fitness. Hence, increasing awareness about fitness activities among people is expected to augment the growth of the market during the forecast period.
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As per Technavio, the increasing popularity of athleisure will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Licensed Sports Merchandise Market: Increasing Popularity of Athleisure
The advent of Athleisure is one of the major trends in the fashion industry and is playing a major role in driving the growth of the licensed sports merchandise market. There is an increasing demand for sports leisure apparel and footwear, including yoga pants, sweatpants, and gym tanks that can be worn at workplaces and schools. Athleisure outfits are made from materials that provide features such as odor reduction, moisture-wicking, and have stretchable properties. Moreover, vendors in the market are increasingly focusing on product innovation and improvements in design and quality of athletic outfits which will make them more breathable, lightweight, and waterproof.
“Other factors such as the customization of sports merchandise, and expansion of distribution network will have a significant impact on the growth of the licensed sports merchandise market value during the forecast period,” says a senior analyst at Technavio.
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Licensed Sports Merchandise Market: Segmentation Analysis
This market research report segments the licensed sports merchandise market by product (apparel and footwear, accessories and gifts, toys and games, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the licensed sports merchandise market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the presence of a well-developed sports industry, the high prevalence of obesity and diabetes, increasing participation of people in sports activities, and rising demand for sports merchandise from tourists.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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