Global Licensed Sports Merchandise Market: Shifting Consumer Preferences to be Key Point of Focus for Manufacturers, finds TMR
The global market for licensed sports merchandise is high competitive with the advent of technologically and innovative products and an enhanced rate of customer retention, states Transparency Market Research (TMR) in a research report. Recently, customers have changes their perception about fitness and sports merchandise owing to the emergence of products such as smart clothing which includes merchandises such as workout gear that have the ability to monitor vital signs of workout. The adoption of reactive fabrics or materials and wearable devices have further altered the preferences of consumers across the globe. Some of the crème companies operating in the market are Under Armour, Great American Products, New Era Cap, Jarden Corporation, Knight Apparels, Dick’s Sporting Goods, G-III Apparel, VF Corporation, Reebok, Nike Inc., and Adidas.
According to a TMR analyst, “The global licensed sports merchandise market is expected to witness a healthy CAGR of 6.4% between 2016 and 2024. It has been further projected that from worth US$27.63 bn in 2015, the market is expected to rise to a valuation of US$48.17 bn by the end of 2024.
Sports Apparel to Lead in terms of Popularity and Adoption
Based on The global market for licensed sports merchandise is segmented into sports apparel, sports footwear, sports accessories and toys, video games or software, domestic and house wares, souvenirs, food and beverages, consumer electronics, and gifts/novelties. The sports apparel segment led the global licensed sports merchandise market with a share of over 39.0% in 2015. The segment is expected to grow at a steady pace in the coming years owing to the rise in sports activities across the globe and the inclination of consumers towards healthy lifestyle and adoption of exercise and gym activities. The rising number of sporting clubs along with their rising fan bases are pushing the demand for licensed sports goods across the world. With the growing disposable income, the amount of sports fans eager to pay superfluous for licensed sports products in order to support their beloved players and sports teams has also significantly augmented of late, thus, driving the demand for an assortment of licensed sports merchandise such as apparels.
Region-wise, the global market for licensed sports merchandise has been segmented into the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Owing to the rise in the popularity of video games and sports leagues, North America led the global market in 2015 with a share of 54% and is expected to retain a lead till the end of the forecast period.
Sports Leagues to be Key Reason behind Growth
Developed regions such as Europe and North America alone hold almost over half of the market for global licensed sports merchandise. The demand for licensed sports merchandise is basically driven by the growing prominence of sports leagues and events and their rising fan base. In other developing and developed regions, the growing e-commerce sales has been having a notable influence on the growth of the global licensed sports merchandise market additionally to the aspect of the increasing fan following of famous sporting leagues. The speedy development of the Internet and the mounting recognition of e-commerce as a viable and safe substitution of the outmoded bricks-and-mortar vending, have buoyed the progress of the licensed sports merchandise market in countries such as China and India. In the coming years, a possible rise in the sum of fashion and e-commerce websites is likely to generate lucrative growth prospects for the market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Licensed Sports Merchandise Market (Category - Sports Apparel, Sports Footwear, Sports Accessories and Toys, Videogames or Software, and Domestic and House Wares; Distribution Channel Type - E-commerce or Online Stores and Offline Stores) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”
For the study, the global licensed sports merchandise market is segmented into:
Global Licensed Sports Merchandise, Product Category Analysis
- Sports Apparel
- Sports Footwear
- Sports Accessories and Toys
- Video games or Software
- Domestic and House wares
- Others (souvenirs, gifts/novelties, consumer electronics, food and beverage etc.)
Global Licensed Sports Merchandise, Distribution Channel Type Analysis
- E-Commerce or online stores
- Offline Stores
- Department Stores
- Specialty Stores
- Others (mass stores, supermarket, discount stores etc.)
Global Licensed Sports Merchandise, Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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