The key factors inducing growth and improving the rate of customer retention in the extremely competitive global licensed sports merchandise market is innovation and development of technologically advanced products, states Transparency Market Research (TMR) in a research report. Lately, the emergence and rise in the consumer adoption of various different product categories such as smart clothing, including workout gear which has the capacity to monitor crucial workout signs; fabrics, reactive materials, and wearable equipment have the changed the perception of consumers about sports merchandises extensively. To maintain a steady and leading position in the market, leading players are focusing of strategies such as development of new products, acquisitions and mergers, partnership agreements, and attractive product promotion by means of packaging and advertisements. The leading licensed sports merchandise manufacturers are Great American Products, Under Armour, New Era Cap, Knight Apparels, Jarden Corporation, Dick’s Sporting Goods, G-III Apparel, VF Corporation, Nike Inc., Reebok, and Adidas.
The global licensed sports merchandise market is likely to exhibit a CAGR of 6.4% from 2016 to 2024. It has been projected that the market will rise to US$48.17 bn by the end of 2024 from a valuation of US$27.63 bn in 2015.
Sports Apparel to Gain Fame among all Product Categories
The global licensed sports merchandise market was led by sports apparel in 2015 with a share of 39.8% in the same year. It is expected to maintain a lead until 20024 with a share of 38.7% in the same year. According to a TMR analyst, “The market is primarily driven by increased consumer demand for licensed sports based apparel bearing the name or logo of favorite teams and players.” Sports apparel which includes jerseys, caps, socks, tracksuits, shorts, and t-shirts is the most dominant segment in the licensed sports merchandise market. Growing demand for active wear among consumers across all age group, the sporty fashion for both the streets and the gym, has triggered the sales for manufacturers and retailers of sporting apparel. Sports accessories and toys, and video games or software segment closely followed the sports apparel segment in 2015. Domestic and house wares segment held the lowest market share in 2015.
Region-wise, the global licensed sports merchandise market is segmented into Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. Currently, North America leads the market and is likely to retain a lead accounting for over 54% by the end of the forecast period. The North American market is driven by the increase in popularity of sporting leagues and with technological advancements in sporting goods, this market is expected to move ahead at a very fast pace in terms of satisfying the implicit needs of consumers. Manufacturers are expanding their product lines to meet the increasing demand for licensed sports products.
E-commerce to Play Significant Role in Market Growth
Online sales or e-commerce is expected to play a crucial role in the sales of licensed sports merchandise across the globe. E-commerce is likely to emerge as the most prominent distribution channel of licensed sports merchandise over the coming years. The swift growth of the number of internet connections and the rising acceptance of e-commerce as a safe and feasible alternative to traditional retailing channels, has triggered growth in the industry. Consumers are more attracted towards online shopping and e-retailing. Another reason for the success of online sales channel is the brand name that attract consumers to visit their sites. Licensed sports goods is one of the most demanded consumer goods sold through e-commerce. Thus, the rise in the number of e-commerce and fashion websites is set to create potential opportunity for the growth of this market in the near future.
This review is based on a Transparency Market Research report titled, “Licensed Sports Merchandise Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Global Licensed Sports Merchandise Market, Product Analysis
- Sports Apparel
- Sports Footwear
- Sports Accessories and toys
- Video games or software
- Domestic and Housewares
Global Licensed Sports Merchandise Market, Distribution Channel Analysis
- E-Commerce or online stores
- Offline Stores
- Department Stores
- Specialty Stores
In addition the report provides cross-sectional analysis of all the above segments with respect to the following geographical markets:
Global Licensed Sports Merchandise Market, by geography
- 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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