Sports Luggage Market Set To Witness An Uptick With CAGR Of 3.5% During 2019-2025

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Sports Luggage Market Set To Witness An Uptick With CAGR Of 3.5% During 2019-2025

January 21
13:03 2020
Sports Luggage Market Set To Witness An Uptick With CAGR Of 3.5% During 2019-2025

Grand View Research, Inc. – Market Research And Consulting.
The global sports luggage market size was valued at USD 1.94 billion in 2018 and is expected to expand at a CAGR of 3.5% over the forecast period. Growing interest and participation in different sports is anticipated to boost the consumer expenditure on sporting goods, including sports luggage.

The global sports luggage market size was valued at USD 2.47 billion in 2025, expanding at a CAGR of 3.5% over the forecast period, according to Grand View Research, Inc. Rising interest and participation in sports is the primary factor driving the demand. Growing obesity epidemic, especially in young generation is boosting participation in sports. Moreover, factors such as growing sports tourism along with increasing interest to get broadcasted in various media channels are anticipated to drive the market growth.

As per a study conducted by Aspen Institute, 35.0% males and 39.5% females in U.S. are overweight. High percentage of obesity among children from the age 5 to 17 years is expected to drive the participation in sports. As per Sports & Fitness Industry Association (SFIA) the percentage of children with no physical activity has been dropping consistently. Such rise in sports activities in U.S. and other parts of the world indicates a significant growth opportunity for the sports luggage market.

Some of the major players operating in the sports luggage market are Adidas AG; Amer Sports; Nike, Inc.; PUMA SE; Under Armour, Inc.; VF Corporation; Yonex Co., Ltd; Acushnet Holdings Corp; Bridgestone Corporation; and Callaway Golf Company

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Increasing sports expenditure owing to rising disposable income is likely to boost the demand for sports luggage over the forecasted period. Also, the companies focus on sponsorships and partnerships to gain traction, which is a major factor for driving the market. For instance, in 2019, Nike extended their technical partnership with Brighton and Hove Albion for three more years to supply playing and training kit to the men’s and women’s teams in the Premier League. In January 2016, Dwayne Johnson entered into a partnership with Under Armour and launched their first product with two limited-edition bags from Project Rock. These bags are unisex and resistant to water and abrasion.

Further key findings from the report suggest:

  • Ball sports segment is projected to ascend at the fastest CAGR of over 4% during the forecast period, owing to increasing interest as well as participation in golf
  • Online distribution channel is estimated to expand at the fastest CAGR of 4.6% over the forecasted period
  • Asia Pacific is estimated to be the largest and fastest growing market for sports luggage over the forecast period, owing to rising participation in sports along with increasing disposable income of the middle-class

The golf luggage is also estimated to witness significant growth over the forecasted period. According to the Participation Report published by the National Golf Foundation, in 2018, approximately 4.2 million baby boomers played golf, an increase from 3.6 million in 2017. North America held the second largest market share in 2018 and is estimated to remain consistent over the forecasted period owing to increase in number of youth participants in sports and recreational activities.

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Golf luggage is held the second largest market share in 2018 and is estimated to register a CAGR of 3.3% over the forecasted period. Despite a smaller number of golf players compared to other sports, the segment is expected to witness significant growth, due to higher price of luggage and presence of branded products. Also, increasing interest of consumers in golf as a leisure activity is supporting the growth. In 2018, approximately 4.2 million baby boomers played golf, witnessing an increase from 3.6 million in 2017.

Access complete  Sports Luggage Report PortfolioBy Grand View research, Inc.

Some of the key market players areAdidas AG; Amer Sports; Nike, Inc.; PUMA SE; Under Armour, Inc.; VF Corporation; Yonex Co., Ltd; Acushnet Holdings Corp; Bridgestone Corporation; and Callaway Golf Company. The companies focus on sponsorships and partnerships with elite sports teams to gain greater foothold and increase brand awareness among consumers. For instance, in 2019, Nike extended their technical partnership with Brighton and Hove Albion for three more years to supply playing and training kit for the men’s and women’s teams of Premier League clubs.

Grand View Research has segmented the global sports Luggage market on the basis of product, distribution channel:

Sports Luggage Product Outlook (Revenue, USD Million, 2015 – 2025)

  • Golf
  • Ball Sports
  • Racket Sports
  • Hockey
  • Cricket
  • Others

Sports Luggage Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)

  • Online
  • Offline

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Key players are also increasing their reach by implementing direct-to-consumers sales as a part of expansion strategy. For instance, in 2018, Acushnet Holdings Corp launched an e-commerce website for FootJoy’s luxury brand, FJ1857.com in U.K. and Japan, launched eCommerce websites for Titleist golf gear.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

 

 

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