The manufacturing industry of sporting and athletic goods is very vast. It includes a number of companies that are mainly manufacturing these products. In a general notion, sports equipment that falls under this category are football, baseball, basketball, hockey, pool, and billiards, to name a few. Apart from this, the industry also comprises specific equipment such as playground equipment, skates, exercise machines, and others. Throughout the world, there are many companies who are relying on increased sales in the coming year. Rugby balls manufacturers in Australia also have high expectations from 2021.
What Influences the Sporting and Athletic Goods Industry?
There are a large number of socio-economic criteria that have an influential effect on the industry. It is important to understand that sporting and athletic goods are termed as leisure products, and leisure is directly proportional to individual preferences. Since there is no restriction on one’s choices and selection, the trends and demands of this industry keep on changing. This industry receives competition from those that deal with the production of leisure products like books, music, and video games. Also, there are other influential factors such as demographics, economic conditions, weather, and the pricing structure.
Effect of COVID-19 on the Sporting and Athletic Goods Industry?
After the global pandemic in the year 2020, the global industry is expected to have a compound annual growth rate (CAGR) of 14.7%. The reason for this is attributed to the increased awareness and requirement of the individuals to stay healthy and fit when they are spending a long time at home. Although in the year 2020, the supply chains were disrupted because of the lockdown. But with it being lifted and life slowly coming back on track, there has been a sudden jump in this industry, along with the healthcare sector. Since people are more conscious of their health, they are hitting the gym and fitness center more than before. Also, there are many individuals who are going for home-based workout equipment, a category that is on the progressive growth chart.
In the current scenario, there is a huge demand for athletic goods. Melbourne has opened its gates to spectators for the Australian Open 2021. This is a positive sign for the growth of sports in the coming time.
