PUBLISHER: SkyQuest | PRODUCT CODE: 1360452
PUBLISHER: SkyQuest | PRODUCT CODE: 1360452
Global Licensed Sports Merchandise Market size was valued at around USD 30.8 Billion in 2021 and is expected to rise from USD 32.65 billion in 2022 to reach a value of USD 52.04 billion by 2030, at a CAGR of 6 % during the forecast period (2022-2030).
The global licensed sports merchandise market encompasses a wide range of products endorsed by sports teams and organizations. This market has witnessed substantial growth due to increasing sports fandom and the popularity of major leagues such as NFL, NBA, and EPL. Factors like innovative marketing strategies, expanding online retail channels, and international events like the Olympics contribute to market expansion. The demand for licensed apparel, accessories, and collectibles continues to rise, driven by consumer loyalty and a desire to connect with favorite teams and athletes, resulting in a thriving global market.
Top-down and bottom-up approaches were used to estimate and validate the size of licensed sports merchandise and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
The global licensed sports merchandise market is segmented based on product, distribution channel, end user, and region. Based on product the market is segmented into sports apparel (t-shirts and tops, sweatshirts and hoodies, jackets, bottom wear, others (caps, hats, etc.)), sports footwear, toys and games, and others. In terms of segmentation by distribution channel, the market is segmented into offline and online. Based on end users, the market is segmented into men, women, and children. With respect to region the global Licensed Sports Merchandise Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
The global popularity of sports as a source of entertainment and recreational activity remains steadfast, driving an increasing market demand for licensed sports merchandise.
The market for licensed sports merchandise experiences cyclical fluctuations in demand, which are closely tied to the performance of specific teams and athletes. Instances of underachievement in competitions can contribute to a reduction in sales numbers.
The surge in purchasing officially sanctioned sports merchandise is an outcome of the increasing involvement of individuals in sporting activities. Over the past decade, there has been a consistent rise in sports engagement due to the desire for added entertainment and a heightened focus on well-being. The market has expanded due to the geographical spread of various sports to new regions and the extended media coverage they receive. The establishment of diverse sports leagues and an upsurge in fan engagement has revolutionized the sports sector, opening up new territories and abundant potential. With a growing number of individuals entering the workforce, a significant proportion is showing greater interest in sports and fitness for leisure, aligning with evolving lifestyle trends.
Furthermore, a spectrum of endurance sports has captured people's interest. To illustrate, Sport England's data suggests that approximately 175,700 individuals in England took part in track and field athletics in 2020. This has subsequently enhanced enthusiasts' comprehension of the array of sports-related products, thereby accelerating industry expansion.