The growing number of sports events around the globe is motivating more people to participate in the games. Along with that, rising health and fitness awareness amongst population is driving them to take up fitness and sports activities in their day-to-day lives. These are the major key factors that are driving the people to adopt outdoor sports activities such as football, baseball, volleyball, cricket and basketball among other sports activities which has further driven the growth of the global team sports market. The global team sports market reached USD 13,700.0 Million in 2016 and is expected to reach USD 25,346.5 Million by the end of 2024 by expanding at a CAGR of 8.1% over the forecast period.
The market is segmented by sports and demography. The sports segment is further segmented into basketball, football, volleyball, cricket and rugby among others, whereas by demography, the global team sports market is segmented into male and female. The male segment dominated the overall global team sports market by holding a market share of 64.5% in 2016. On the other hand, the female segment is believed to witness highest CAGR of 9.4% during the forecast period owing to their increasing participation in sports activities across the world. Further, the female segment is believed to achieve absolute $ opportunity of USD 4,624.2 Million during 2017-2024.
Rising Adoption of Innovative and Advanced Sports Products to Augment the Demand for Athleisure Wear in Future
The global team sports market is thriving on the back of increasing innovations in sportswear technologies that fulfills both fashion and function needs of the team players around the globe.
Rising Sports Events Globally - There is a worldwide increase in the number of sports events which are gaining popularity and are attracting maximum number of sports fans towards these events.
Rising Adoption of Sports Apparel - The consciousness towards health among people and fitness enthusiasts has led to the spiked adoption of the sports apparel around the world.
Growing Fan Base - The growing fan base of different teams and games is likely to bolster the expansion of global market size of the team sports in future.
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Industry Players' are Progressing towards Minimizing the Barriers faced by the Global Team Sports Market
According to Research Nester, the availability of the counterfeit products is posing as a major threat to the sports industry. Further, the rapidly changing fashion trends, rising prices of raw material and less involvement of women in sports activities in emerging countries is believed to hinder the growth of the global team sports market in upcoming years.
The report titled “Global Team Sports Market Outlook: Industry Demand Analysis & Opportunity Assessment 2016-2024” delivers detailed overview of the global team sports market in terms of market segmentation by sports, by demography and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the global team sports market which includes company profiling of Macron, Joma, Kelme, ERIMA, Jako, Canterbury, Hummel and Uhlsport GmbH.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global team sports market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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