The market for licensed sports merchandise is projected to grow at a CAGR of 7.2% during the forecast period of 2022 to 2030. One of the primary aspects that is contributing to the expansion of the market is the growing number of people who are interested in participating in sporting activities. This trend is also being fuelled by the acceleration of urbanisation and the expansion of the online retail sector. In addition to this, there has been a considerable expansion in the number of local, national, and even international sports leagues, both of which are contributing to the expansion of the market.
The global water sports equipment & accessories market expected to grow at a steady rate, growing at a CAGR of 4.3% during the forecast period from 2021 to 2026. Sport has gained significant importance as one of the active source of entertainment. For that reason, more people and enthusiasts are progressively taking up sporting and other recreational activities due to growing stress management and health awareness. Proliferation of water sports have led to an increased interest in recreational water sports activities, which in turn is facilitating the growth of water sports equipment & accessories market worldwide.
Sporting goods market is anticipated to record noteworthy growth in the next five to six years. This is majorly attributed to increased number of health-conscious consumers, who are incorporating playing sports as a part of their daily routine. Of different segments in the overall sports industry such as sports tourism, sports apparel, sports sponsorship, sporting goods and others, sporting goods is anticipated to gain significant share in the overall sporting industry.