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The licensed sports merchandise market size is estimated to grow at a CAGR of 4.7% between 2022 and 2027. The market size is forecast to increase by USD 7,579.21 million. The growth of the market depends on several factors such as the design and material innovations leading to product premiumization, the high influence of celebrity endorsements on customer purchase decisions, and the increased awareness of fitness activities.
This licensed sports merchandise market report extensively covers market segmentation by distribution channel (offline and online), end-user (men, women, and children), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The high influence of celebrity endorsements on customer purchase decisions is driving growth in the licensed sports merchandise market. Over the past two decades, a growing number of millennials who demand premium sports products, global licensed sporting goods markets have evolved and developed. Endorsements and the use of lifestyle and fashion products, such as premium footwear, by celebrities, have an impact on the purchase decisions of customers. The brands and products endorsed by popular athletes have remarkable brand value, which increases their sales.
Moreover, the manufacturers of licensed sports merchandise adopt different marketing campaigns and strategies to expand their customer base. In order to establish the vendor's brand /image and increase the sales of sports merchandise, retailers use celebrities as a popular marketing tool. Vendors regularly enter into endorsement contracts with prominent celebrities for more than a year, in order to increase their brand value. These marketing initiatives increase the demand for premium sports merchandise, leading to the growth of the market in focus during the forecast period.
The expansion of the distribution network is a vital trend in the licensed sports merchandise market. The Vendors are following different strategies for the expansion of their distribution networks both online and offline to increase their customer base. They invest in opening new stores and remodeling the existing ones. The increasing number of offline stores and online channels will accelerate vendors' revenue generation.
However, the growth of the global market for licensed sports merchandise is expected to be significantly driven by increasing internet penetration and increased customer trust in online sales, as well as rapid shipping services and a growing fragmentation of customers' choices. The increasing number of offline stores and online channels will accelerate vendors' revenue generation during the forecast period. In short, the expansion of distribution networks is expected to support the growth of the market in focus during the forecast period.
The increasing competition from unorganized sectors is a major challenge in a licensed sports merchandise market. The growth of the worldwide licensing market for sports goods is hindered by an increased number of local and unorganized vendors. Local and unorganized vendors have become popular due to their competitive pricing. Cost-effective products offered by these vendors have hampered the revenue generation of major vendors. The sports brands' shelf space at supermarkets is also being occupied by local vendors. Owing to the lack of brand loyalty, customers switch from one brand to another.
In addition, the bargaining power of the buyer increases because of the lower entry barriers for prospective players. Market vendors range from multinational companies that offer an array of products on a global scale to small and medium-sized unorganized entities that focus on a single product line. Currently, intense price competition from local and unorganized vendors is a major challenge that hinders the growth of the global licensed sports merchandise market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Licensed Sports Merchandise Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ANTA Sports Products Ltd. - The company offers licensed sports merchandise such as Always Original t-shirts, laced tank tops, leggings, tights, joggers, and hoodies.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The revenue of the offline distribution channel comes from the sales of products through specialty stores such as hypermarkets, supermarkets, convenience stores, clubhouse stores, and department stores. In line with the increase in Internet shopping preference, this segment's revenue has been decreasing gradually over the years.
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The offline segment was the largest segment and was valued at USD 19,332.84 million in 2017. Vendors are expanding their stores in local and regional markets to sell the fuel through offline channels. Sports merchandise manufacturers sell their products through a variety of outlets, such as specialty stores and other retail formats. Competition in the market is also strengthened by this scenario. To survive in such a competitive market and to tackle the declining preference for offline shopping, retailers are introducing new business and retail strategies, such as better pricing strategies and a wide range of products.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America dominated the global licensed sports merchandise market in 2022 due to factors such as the presence of a well-developed sports industry and the high prevalence of obesity and diabetes, which encourages many people to take part in sports activities to remain fit and healthy. The increasing participation of people in sports activities will play a major role in driving the growth of the market in the region during the forecast period. The increasing use of online shopping platforms for buying sporting goods are key factors that contribute to market growth in the US, such as footwear, apparel, and accessories, and the rising awareness and adoption of eco-friendly raw materials to manufacture sports merchandise. Also, the growing demand for customized sports products is fueling the growth of the market in North America during the forecast period.
In 2020, the COVID-19 pandemic adversely affected the economies of various countries in North America. However, in 2021, the demand for these products rebounded with the resumption of sports events and the reopening of retail stores due to the initiation of vaccination drives in the region. In view of increased health awareness, people are concentrating on exercise and fitness activities by means of the Internet in order to increase their immunity. Therefore, vendors are promoting sportswear and athleisure through their portals by promoting workout-from-home videos and posts on social media platforms. The trend of online channel sales is expected to continue during the forecast period. Such factors will drive the growth of the regional licensed sports merchandise market during the forecast period.
The licensed sports merchandise market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Licensed Sports Merchandise Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.7% |
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Market growth 2023-2027 |
USD 7,579.21 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.23 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, Japan, Germany, and the UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
47 Brand LLC, ANTA Sports Products Ltd., Boardriders Inc., Columbia Sportswear Co., DICKS Sporting Goods Inc., Fanatics Inc., Frasers Group plc, G III Apparel Group Ltd., Hanesbrands Inc., Li Ning Co. Ltd., New Era Cap LLC, Nike Inc., Prada Spa, PUMA SE, Ralph Lauren Corp., Rawlings Sporting Goods Co. Inc., Thornico AS, Under Armour Inc., VF Corp., and Adidas AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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