Sport Accessories Market Slated to Witness Tremendous Growth in Coming Years

The overall sport industry continues to expand in leaps and bounds, as more number of individuals engage in sporting activities. A positive outlook towards sports in laying the foundation for a healthier lifestyle has been driving the popularity of various sports. People are increasingly participating in recreational activities or taking up sports that involve intensive physical activity in order to live a healthy life and maintain body fitness. Therefore, sports continue to gain prominence as an active and passive source of entertainment across the globe. This, in turn, is making a positive influence on the demand for sport accessories. Over the years, consumer spending on sportswear and accessories has escalated, which is encouraging brands to come up with new and innovative products. Factors as such are expected to reflect favorably on the future prospects of the global sports accessories market. Moreover, higher focus on integration of technology as well as quick adaption to changing trends is also expected to benefit the market in the forthcoming years. Global sales of sport accessories is also gaining traction owing to emergence of online retail platforms that are offering products at relatively low prices. In fact, many of the leading brands are entering the e-commerce domain to increase their online presence and maintain a competitive edge. Fact.MR’s recently published report projects that the global sport accessories market will surge at an above average CAGR between 2017 and 2022.

Sport accessories are used by individuals and sports personals for convenience while training or competing in sporting events. Head gear, hiking jacket, training accessories, boxing bag, water bottles, goggles or sunglasses, swimming accessories, gloves and bags are some of the commonly used sport accessories. Sport accessories also complement the functional clothing or sportswear, making an athlete look more stylish.

Soaring popularity of extreme sports events such as BC Bike Race, World Freestyle Kayak Championships, and the ISA World Masters Surfing Championship is further expected to propel demand for accessories associated with these extreme sports. Moreover, increasing media coverage on various global sporting events including FIFA World Cups, Commonwealth Games, and the Olympic Games are attracting the youth population to participate more in sports. The sports industry has rapidly adopted new technologies in order to introduce more advanced and application-specific products.

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 Key Projections on Future of Global Market for Sport Accessories

Although head gear will continue to be the largest product segment, sales of hiking jacket is projected to emerge as the fastest selling product in the market over the forecast period.

Sport stores and departmental stores will remain the most lucrative distribution channels for sports accessories across the globe. Revenues from these two distribution channels are estimated to collectively account for a significant share of the market by the end of 2022.

Online sports channel will remain the fastest expanding distribution channel for sports accessories during 2017 to 2022.

Accounting for more than one-third revenue share of the market, economy-priced sports accessories is expected to retain its dominance in the global market. Sales of super premium-priced sports accessories are anticipated to register the highest CAGR over 2022.

Based on demographics, men sports accessories will account for the largest revenues, with sales estimated to expand at a steady CAGR through 2022. Sales of women sports accessories, however, will register a relatively higher CAGR than all the other demographic segments in the market through 2022.

In terms of revenue, Europe will remain the most lucrative market for sports accessories, followed by North America. APEJ will hold its position as the fastest expanding market for sports accessories through 2022.

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