Multiple factors are leading to growth in the global sports luggage market. One of the major factor is sports tourism, which is fueling the market in a major way.
San Francisco, CA -- (SBWIRE) -- 03/11/2020 -- North America is witnessing a surge in number of people opting for sports and related activities. Additionally, the region is experiencing massive sports tourism. One of the major reasons that people are increasingly choosing an active lifestyle is that is that parents are more aware of the menace of obesity in children and to help them lead a healthy lifestyle, sports is often preferred over video games. Additionally, adults are taking to running at a professional level and sports for leisure.
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As a result, from 2019 to 2029, the region is set to be a leading contributor to the growth of global sports luggage market, which itself is set to grow at a respectable CAGR (Compound Annual Growth Rate) over the stated period, as noted by TMR Research. It is worth noting here that South and Central American markets are also on an upward rise and will chart substantial growth over the forecast period.
On the Other hand, in terms of growth, Asia Pacific (APAC) region would be a prominent market owing to an increasing disposable income and rising awareness related to health and wellbeing. Additionally, this environment is anticipated to offer players with better growth opportunities, TMR Research believes that this will make the players clamor to tap into the avenues.
Increase in Sports Participation to Propel Global Sports Luggage Market on High Growth Trajectory
Multiple factors are leading to growth in the global sports luggage market. One of the major factor is sports tourism, which is fueling the market in a major way. This is particularly true in the cases of major sporting events such as Olympics, certain championship games in sports such as cricket, rugby, and football, and events such as cross-country racing, cycling and so on.
Another factor is an ever growing number of people opting for outdoor sports activities for health and wellness, and leisure purposes. This is again a major contributor to the growth of global sports luggage market, especially because the numbers of sports practitioners are increasing worldwide, quite rapidly. One of the other reasons for this is an increase in disposable income.
To a certain extent, significant role is also played by sports channels that play a crucial role in spreading awareness, and bringing passionate fans to the fold of many a sports. This also pushes young people to be more enthusiastic towards certain sports, leading to quick adoption of it in some cases.
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Counterfeit Products to Hamper Growth of Global Sports Luggage Market
There are brands like Louis Vuitton that have partnered with NBA for producing travel accessories and cases for Larry O'Brien Trophy winner, thus, entering the market, creating intense competition in the domain. While moves such as this make the market more lucrative by pushing market on a higher trajectory, the issue of counterfeit products flooding the market is a notable restraint. It is pulling the market away from reaching its real potential.
Some of the most notable players who operate in the global sports luggage market include the likes of active and aggressive names such as Callaway, Yonex Co., Puma, Nike, VF Corporation, Acushnet Holdings Corp, Adidas AG, Bridgestone Corporation, Amer Sports, and Under Armour. These have invested themselves in a big way towards research and development of a number of sports goods and are reaping the benefits of the hard work. The brands are actively trying to increase their market share. And, in order to gain that edge over the other global sports luggage market players, they are resorting to deployment of strategies such as forging of strategic alliances.
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