The global sports luggage market is anticipated to reach USD 2.47 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 3.5% during the forecast period, 2019 to 2025. This growth is attributed to increasing participation and interest in various sporting activities coupled with rising consciousness for obesity in children. In addition, rising popularity of sports tourism and considering sports as prominent career option are some of the factors expected to proliferate the growth of the market over the forecast period. However, availability of counterfeit products at affordable prices is expected to restrain the market growth.
According to Aspen Institute, in U.S., the percentage of overweight men and women are 35% and 39.5% respectively. Moreover, rising obesity among children aged between 5 to 17 years is anticipated to boost the participation of children in different sporting activities. In addition, Sports and Fitness Association (SFIA) reported that majority of the children are involved in various physical activities. This is expected to significantly impact market growth over the forecast period.
Leading companies in this industry are focusing on sponsorships, collaborations, and celebrity endorsements to create consumer awareness and brand promotion. For example, Under Armour collaborated with famous wrestler Dwayne Johnson to position their brand in the minds of their customers and influence large consumer base.
Ball Sports segment accounted for the largest revenue share owing to increasing participation of children and youngsters in ball sports such as volleyball, basketball, and football. Asia Pacific was the largest market for sports luggage and is anticipated to maintain its dominant position over the forecast period owing to rising disposable income levels of consumers and increasing expenditure on various sporting activities.
The segment of golf luggage is projected to grow at the fastest CAGR over the forecast period. For instance, participation of baby boomers in golf increased from 3.6 million to 4.2 million within a year, according to the National Golf Foundation. Key players operating in the sports luggage market are Amer Sports; Adidas AG; PUMA SE; Nike, Inc.; Under Armour, Inc.; Yonex Co., Ltd; VF Corporation; Callaway Golf Company; Bridgestone Corporation; and Acushnet Holdings Corp.
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Further key findings from the report suggest:
• The segment of ball sports is anticipated to register the fastest CAGR of more than 4.0% from 2019 to 2025 as a result of rising participation in various ball
sports such as volleyball, football, and basketball.
• The segment of online distribution channel is projected to grow at a CAGR of 4.6% from 2019 to 2025
• Asia Pacific held the largest market share in 2018 due to increase in buying power of consumers in the region
• Key players operation in this industry are Amer Sports; Adidas AG; PUMA SE; Nike, Inc.; Under Armour, Inc.; Yonex Co., Ltd; VF Corporation; Callaway Golf Company; Bridgestone Corporation; and Acushnet Holdings Corp.
Million Insights has segmented the global sports luggage market based on product, distribution channel, and region:
Sports Luggage Product Outlook (Revenue, USD Million, 2015 - 2025)
• Ball Sports
• Racket Sports
Sports Luggage Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Sports Luggage Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia