Commercialization of sports events and tournaments along with growing popularity of international sports leagues are providing a lift to overall demand for licensed sports merchandise. To improve the video game segment of licensed sports merchandise, manufacturers are spending on VFX technologies, so that in video games, virtual athletes look as similar as the athletes in real life and give users an overall better experience.
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New and improved licensed merchandise are being introduced into the market. Recently, Nike introduced jerseys with tracker chips in them that collect data such as how many meters an athlete runs, what activities he/she has performed, and various other things. After the sporting activity, athletes can see the data on a smartphone, tablet, or computer and can use it to perform better going ahead.
As per a new report published by Fact.MR, in terms of revenue, the sales of licensed sports merchandise market is estimated to expand at a CAGR of close to 7 % over the forecast period of 2021 to 2031.
Key Trends of Licensed Sports Merchandise Market
- The sales of licensed sports merchandise market is anticipated to see growth of 2.5X by 2031.
- As people are becoming more health conscious and indulging in more sports activities, sales of licensed sports merchandise is on the rise.
- New advancements in market outlook of licensed sports merchandise will boost demand over the coming years.
- Countries such as India, China, Japan, and Brazil are expected to become huge markets for licensed sports merchandise.
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- Competitive analysis of Adventure sports merchandise will see huge growth in future.
- Major sports leagues are one of the biggest driving factors for licensed sports merchandise.
Key Market Segments Covered
- Licensed Sports Apparel
- Licensed Sports Footwear
- Licensed Sports Accessories and Toys
- Licensed Sports Video Games & Software
- Licensed Sports Domestic and House Wear
- Distribution Channel
- Online Licensed Sports Merchandise Sales
- Licensed Sports Merchandise Sales through Offline Stores
- Licensed Sports Merchandise Sales through Department Stores
- Licensed Sports Merchandise Sales through Specialty Stores
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Key market players have been spending on research & development to come up with newer ways to make products more user-friendly. Sporting goods manufacturers are spending billions of dollars to keep their logos on the jerseys of big sporting teams for better marketing purposes. As Liverpool is one of the biggest sporting teams in the world, recently, Nike paid a significant amount for the sponsorship of Liverpool’s sporting kit. By doing this, Nike has insured that it will get great publicity and marketing. Manufacturers such as Nike, Adidas, and others are spending a lot and have pledged to spend billions of dollars over the coming years so as to provide a real thrust to the development of the licensed sports merchandise industry.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/01/28/1706082/0/en/eSports-Market-to-Surpass-US-6000-Million-by-2028-on-Back-of-Growing-Popularity-Among-Enthusiasts-Fact-MR.html
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