With the continual introduction of innovative and advanced products, the competition within the global market for licensed sports merchandise is significantly high, finds a new research study by Transparency Market Research (TMR).
As per the study, the advent of smart clothing has changed the course of sports merchandise and the leading players in this market, such as Adidas, VF Corp., Reebok, G-III Apparel, and Nike Inc., are getting significantly involved into the manufacturing of workout gears capable of monitoring important workout signals, wearable devices, and reactive materials or fabrics, which eventually is anticipated to intensify the competition within this market in the next few years, notes the study. TMR estimates the opportunity in the global licensed sports merchandise market to expand at a CAGR of 6.40% during the period from 2016 to 2024, increasing the market from US$27.63 bn in 2015 to a valuation of US$48.17 bn by the end of the forecast period. Sports apparel has been the key contributor to this market and is anticipated to remain so over the forthcoming years, states the report.
Rising Popularity of E-commerce to Benefit Online Channels
The report considers online or E-commerce stores and offline stores as the key distribution channels for licensed sports merchandise. As of now, the revenue contribution from offline channel is much higher than its online counterpart. However, the tremendous rise in the popularity of E-commerce will turn the table in the favor of online channels over the forthcoming years.
The research study, further, presents a thorough analysis of this market on the basis of its presence across various regional markets, namely the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. Of these, North America took the dominant position in 2016 with a share of around 54% with the U.S. being a prominent market for licensed sports merchandise across the world. Researchers expect the regional market to retain its position over the forecast period, thanks to the rising demand for licensed sports apparel, videogames, and software among young consumers.
Rising Number of Sports Events to Drive Market’s Growth
The global market for licensed sports merchandise is gaining substantially from the increasing number of sports events and leagues across the world as their fan bases are fuelling the demand for licensed sports goods. With the increasing disposable income among consumers, sports enthusiast are willingly paying extra for licensed sports products in order to support their favorite team and players, which consequently, is driving the demand for a variety of licensed sports merchandise. This, as a result, is reflecting greatly on this market.
On the whole, the market is likely to witness a thriving future; however, the increasing piracy of licensed sports products, such as jerseys, t-shirts, and hats, may hamper the market’s growth over the forthcoming years, states the research study.
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.”
The global licensed sports merchandise market is segmented into:
By Product Category
- 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.)
By Distribution Channel Type
- E-Commerce or online stores
- Offline Stores
- Department Stores
- Specialty Stores
- Others (mass stores, supermarket, discount stores etc.)
- 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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