Sports industry: global market trend
The sports industry represents one of the largest consumer industries, with the total global market size exceeding $1.1 trillion in 2020, according to Germany-based Signa Sports United.
Of that amount, the international online and offline sports retail market is approximately $475 billion.
Signa Sports United said the global offline and online sports retail market is expected to grow to $670 billion by 2025 due to numerous structural megatrends that are likely to serve as growth tailwinds for the sector.
The company specializes in online sporting goods retailing headquartered in Berlin, Germany, and operates in Europe and the United States of America.
Specifically, Signa Sports United owns companies and brands in various sports categories, such as cycling, tennis, outdoor sports and team sports.
The company currently serves more than 6.7 million customers worldwide by selling equipment and apparel primarily through more than 50 online web stores, collaborating with more than 500 physical stores.
The following are trends that favor this sector.
Consumers around the world place increasing importance on health and longevity, and sport is a key tool to support their health goals, increasing global demand for sports equipment and apparel.
Green initiatives and sustainability continue to gain importance for consumers and governments alike.
As consumer preferences change and government incentives continue to be put in place, demand for bicycles and cycling apparel is likely to continue as a means to offset carbon emissions from automobile transportation and drive greater adoption, especially in the electric bicycle category.
Compared to similar categories such as fashion, sports e-commerce remains underpenetrated as a percentage of total sports retail sales relative to other categories such as consumer electronics or toys.
As online offerings continue to improve and consumer preferences continue to favor the online shopping experience, the company sees e-commerce’s share of sales growing steadily in the coming years.