Wilmington, Delaware, United States, June 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global licensed sports merchandise market size stood at US$ 30.8 billion in 2021 and is expected to be valued at US$ 54 billion by 2031. The global industry is estimated to expand at a CAGR of 6% between 2022 and 2031.
Increase in participation in sports and the rising popularity of various sports are anticipated to drive the global licensed sports merchandise market. Among passionate sports enthusiasts, licensed sports merchandise, such as tracksuits, t-shirts, socks, and jerseys, with the emblems of well-known sports teams are gaining popularity.
The market is anticipated to be driven by a rise popularity of sports apparel at affordable prices. Rise in popularity of local and international sports leagues, including the NBA, La Liga, Indian Premier League, NFL, and English Premier League, is also projected to fuel the demand for licensed sports products in the next few years. Novel products are introduced by market participants to increase their revenue.
Products and items that have the endorsement of a sporting group or athlete are known as licensed sports merchandise. It comprises video games, toys and accessories for sports, sports equipment, clothes, and shoes. Sports entities get a fixed amount of royalty payments from licensing companies for goods sold with their trademarked designs, logos, and other types of branding. Fans of sports and video games alike prefer wearing officially licensed sports gear. Sports apparel and accessories that are breathable, light, and waterproof are offered on the market at premium as well as affordable rates.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 30.8 Bn | |
| Estimated Value | US$ 54.0 Bn | |
| Growth Rate - CAGR | 6.0% | |
| Forecast Period | 2022-203 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Product Type, By Price, By Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | VF Corporation, Nike, Inc., Adidas AG, Puma SE, Under Armour, Inc., Hanesbrands Inc., DICK’S Sporting Goods Inc., Sports Direct International plc, G-III Apparel Group, Ltd., Fanatics, Inc. | |
Key Findings of Market Report
- Based on product type, the sports apparel segment led the global market in 2021. Growth of the segment is attributed to an increase in the number of sports leagues and spectators at sporting events across the globe. This segment is anticipated to grow as more fashionable sports gear and accessories are released.
- Based on distribution channel, the online segment is anticipated to drive market demand for licensed sports products. Online retailers are witnessing a rise in demand for officially licensed sports products due to increase in smartphone and internet usage.
Global Licensed Sports Merchandise Market: Growth Drivers
- Substantial investments have been made on both conventional as well as e-sports due to commercialization of athletic events, contests, and tournaments. Cycling, swimming, and running are three endurance sports that have been gaining enormous popularity, which is expected to fuel licensed outdoor and sportswear industry growth.
- Private as well as public companies are substantially investing in athletic events for the purpose of promoting sports. The global market for licensed sports merchandise is growing as sports events become more commercialized.
- TV and OTT sports viewership has increased as a result of more live coverage of both domestic and international sports events. Numerous sports leagues have emerged as a result of the increase in digital content consumption.
- In 2019, The Sports & Fitness Industry Association (SFIA) carried out a poll that revealed that sports participation in the U.S. grew by 3.2%. The COVID-19 pandemic increased interest in e-sports as well as online viewing of numerous sports, which is anticipated to support business growth of the licensed sports merchandise industry in the coming years.
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Global Licensed Sports Merchandise Market: Regional Landscape
- In terms of region, North America is expected to lead the global and regional market. It is anticipated to expand at a notable CAGR between 2022 and 2031. Sports such as soccer, baseball, and basketball are gaining popularity, especially among students at universities and colleges. This factor is expected to boost North America market development.
- Additionally, the prevalence of active lifestyles and rising popularity of physical fitness and health activities are projected to create new development opportunities for market players in North America.
Global Licensed Sports Merchandise Market: Key Players
Some of the key players in the global licensed sports merchandise market are as follows
- Sports Direct International plc.
- VF Corporation
- G-III Apparel Group, Ltd.
- Under Armour, Inc.
- DICK’S Sporting Goods Inc.
- Puma SE
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Global Licensed Sports Merchandise Market: Segmentation
By Product Type
- Sports Apparel
- Bottom Wear
- Sports Footwear
- Sports Accessories & Toys
- Video Games or Software
- Others
By Price
- Premium
- Economic
By Distribution Channel
- Online
- Offline
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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