United States Sports Bags Market Report 2020-2025 – Growing Influence of Athleisure and Health Wellness Trends – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “United States Sports Bags Market – Growth, Trends, and Forecast (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
United States Sports Bags Market is projected to grow at a CAGR of 10.32% during the forecast period (2020- 2025).
The prominence of sports activities, owing to health and wellness trends, the increasing influence of social media and celebrity endorsements, and the rise in international sports events, encourages consumers to engage in sports activities.
Additionally, the market is heading toward premiumization; this can be attributed to increased demand for high-quality premium options in affluent millennials. For instance, sports bags made from leather and other superior quality materials are gaining traction in the market. Further, premium products are not only catering to the affluent class as the high price tag is often associated with high standard/quality.
Companies are utilizing the growing trend of premium product consumption and raising the market’s affluence to introduce separate premium lineups and “mainstreamization” of premium products.
Key Market Trends
Growing Influence of Athleisure and Health Wellness Trends
The primary drivers behind the proliferation of athleisure trends, such as health and wellness, are expected to remain popular in the forecast period. Also, the increasing active social media users create attention toward various products among consumers in the country.
Specialty Stores holds the Largest Market Share
Specialty stores are the major channels through which sports bags are sold in the country. Many specialty outlets are running into serious obstacles, including the difficulty in marketing high-end bags to a relatively small audience and competition from cut-rate goods sold in the country.
Companies involved in the manufacturing of sports bags, such as Adidas and Nike, are no longer looking at a single retail channel to boost their sales but are targeting multiple specialty formats. Sports and athletic goods store is one such category, which is being used as a significant weightage retail format in the country. For instance, by 2019, there were 217 Nike factory stores, while there had only been 176 in 2016.
Competitive Landscape
United States sports bag market is highly competitive. A major market share is held by prominent players, such as Puma SE, Nike Inc., and Adidas AG, among others, owing to their higher market penetration, reflecting their strong industry grip through the goodwill, diversified product offerings, distribution networks, partnerships, and advertising.
Further, companies compete on different factors, including product offerings, materials, designs, prices, functionalities, and marketing activities, in order to gain competitive advantages in the market. In addition, companies are following strategies that include the provision of products through e-commerce (own website and third parties) channels to facilitate a larger targeted audience.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter’s Five Forces Analysis
4.4 Consumer Behavior Analysis
4.4.1 Consumer Demand Analysis
4.4.2 Target Market Identification
4.4.3 Demographic Strength and Weakness
4.4.4 Purchasing and Spending Patterns
5 MARKET SEGMENTATION
5.1 By Sports Type
5.1.1 Golf
5.1.2 Soccer
5.1.3 Baseball
5.1.4 Snow/Winter Sports
5.1.5 Football
5.1.6 Other Sports
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Specialty Stores
5.2.3 Online Retailing
5.2.4 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Nike Inc.
6.3.2 Puma SE
6.3.3 Adidas AG
6.3.4 Franklin Group
6.3.5 Under Armour Inc.
6.3.6 Select Sport AS
6.3.7 Rawlings Sporting Goods Company Inc.
6.3.8 Sport Maska Inc. (CCM)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/3m4v9t
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