The market for licensed sports merchandise is projected to grow at a CAGR of 7.2% during the forecast period of 2023 to 2030. The expansion of the market can be ascribed to the expansion of the entertainment business, which is driving the marketing of sports as a key source of entertainment across a variety of digital channels. The development and spread of online commercial activity have been critical contributors to the growth of the sector as a whole. The ability to select one's preferred products at a better price while maintaining the same level of quality and convenience is one of the many benefits of shopping online. The expansion of the sector has been attributed, in part, to the vast global marketing campaigns as well as the promotion of the products through the endorsement of celebrities. In addition, the proliferation of sports leagues around the world has led to a surge in the market for officially licenced sports goods. In a similar vein, the rise in the number of women who participate in sporting events has additionally broadened the market's scope.Counterfeit goods in several nations hinder the growth of the licenced sports products business. Price increases may hinder the market's growth in the near future. The coronavirus outbreak has limited investment and disturbed the supply chain, slowing the growth of licenced sports merchandise. Government limits on licenced sports products may be one of the sector's biggest issues in the research age.
The predisposition of a large percentage of the population toward regular exercise and fitness routines is the primary driver behind the success of the sports apparel and footwear market segment. Urban consumers all around the world have shown a growing interest in purchasing merchandise and footwear that bears the celebrity endorsements of athletes and athletes who have won championships, like as Michael Jordan and LeBron James. Because of developments in technology such as 3D printing, the product appearance of a variety of sports accessories has been improved, which has led to an increase in the demand for 3D printed licenced products such as sports balls, keychains, team flags, and celebrity figures. As a result, the market for sports toys and accessories is expected to expand at a rapid rate during the forecast period.When items with copyrighted logos, designs, and brandings is sold, the licencing businesses owe royalties to the sporting organisations whose logos and designs are used. This reduces trademark infringements against teams and sportsmen and prevents sports-related counterfeit goods. Sports kits, including apparel and other items, must meet strict rules. Multiple sports regulatory regimes enforce certain protocols. Teams must now give athletes licenced sporting gear. Several sporting events' logos and names appear on sports items.
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As more individuals play sports, more buy licenced sports merchandise. Since the turn of the century, participation in sports has skyrocketed. This is due to a growing desire for entertainment and a greater understanding of healthy living. Geographic distribution of sports and increased media attention have contributed to market growth. Multiple leagues and more fan participation have converted the sports sector into a treasure trove of unknown roads and limitless opportunities. As the working class grows, more individuals are interested in sports and fitness as a hobby. This relates to changing lifestyles. People also enjoy endurance sports.Increasing commercialization of sporting events and competitions has roiled the international sports goods market. New opportunities to popularise sporting products are often well-received. Federal, state, and local governments invest heavily on sports gear. This tendency is due to government attempts to encourage sports attendance. Global sports commercialization has created jobs for a large section of the world's population. Major firms and organisations invest in sporting events. The elements outlined above should increase the global market for licenced sports products. Increasing popularity of English Premier League and La Liga has helped fuel the worldwide sports goods sector. Using officially sanctioned sports items has helped maintain sophistication and uniformity in sports. New revenue streams are likely in the global sports sector.
Sporting products including apparel and accessories, are expected to gain largest market share during the forecast period of 2023 to 2030. Video game and software revenue growth is expected to increase significantly during the forecast period compared to the prior period. Licensing for conventional games inspired by popular movie franchises and the trend toward video gaming should fuel industry growth. Both reasons should boost market growth. Mobile games are driving the growth of video game sales, which are growing faster than sporting goods and toys combined.
E-commerce will become the leading channel for licenced sports merchandise during the forecast period. The business has grown due to the increasing number of internet connections and the growing acceptability of e-commerce as a secure alternative to traditional selling techniques. Customers like e-commerce and internet shopping. Brand awareness helps online sales channels succeed by attracting clients to a company's website. Licensed athletic items and equipment are popular online. The development in e-commerce and fashion websites will create new expansion chances in the near future.
In 2021, North America dominated the licenced sports merchandise industry. This is due to the region's excelling living standards and strong purchasing power. Due to the popularity of sports leagues in the region, including the NHL, NBA, CFL, and NFL, the market is projected to grow during the forecast period. North America contributed 25% of overall revenues in 2021. North America has the greatest market for licenced sports merchandise. This is mostly due to the popularity of baseball, basketball, and soccer among college students. People are embracing more active lifestyles, which, coupled with the popularity of health and fitness activities, is fueling demand for sports goods and licenced sports products. This drives market growth. Celebrity endorsements remain important in North American commercial marketing. Major market participants are also taking curating ideas from American sports to better serve customers. Puma released FtblFeat in 2021, combining football and varsity sports. This series of t-shirts was also sold in the U.S., online and in stores.
Asia-Pacific will be the fastest-growing market for licenced sports products during the forecast period 2023 to 2030. This is attributable to teen interest in international sports and cross-cultural fashion trends. Emerging Asia Pacific nations such as India, Japan, and China are expected to increase demand for sports licenced accessories such as sunshades, seat coverings, cushions, phone cases, gaming cards, wallets, mugs, and keychains. China, the world's second largest economy, will lead APAC market growth with an 8% CAGR during the forecast period. In addition, Juventus Football Club of Asia Pacific released licenced merchandise in China, Japan, and Australia. Automotive accessories, clothes, baggage, and electronics were licenced. Large multinational firms focus marketing and product distribution on Asia-Pacific markets.
The market for licenced sports merchandise is fragmented and highly competitive, with numerous multinational corporations dominating the market. Adidas AG, Under Armour®, Nike Inc., Puma SE, and others dominate the global market. Tier 1 market players prioritise new product launches and alliances as their primary strategy. These companies seek a competitive edge by forming long-term partnerships with sports teams, which expands their customer base. Companies use celebrity athletes from across the globe to sell their products. These companies have both brick-and-mortar and online stores, allowing customers to shop effortlessly.
Key Market Trends
