Market Forecast By Distribution Channel (Online, Offline), By Product Type (Equipment, Apparel and Shoes), By Sports Type (Bike, Outdoor, Tennis, Other Racket Sports, Running, Fitness, Football/Soccer, Other Team Sports) And Competitive Landscape
Product Code: ETC434074 | Publication Date: Dec 2022 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
Turkey Sports Equipment And Apparel Market is propelling growth in the coming years. The growth is mainly driven by the growing popularity of sports among young individuals and increasing number of sporting events in the country. Additionally, the government’s initiatives such as providing subsidies for sports activities are contributing to the development of this market. However, the growth of this market is expected to decline owing to the presence of counterfeit products in the market and price fluctuations of raw materials. Moreover, high initial costs and rising investments are turn out to be market deterrent which could hamper the Turkey Sports Equipment And Apparel Market growth over the forecast period.
According to 6Wresearch, Turkey Sports Equipment And Apparel Market is expected to grow during 2022-2028. The market is growing significantly on the back of active participation by individuals in sports activities, increasing investments in sport facilities, growing popularity of sports among women, health benefits related with sports, and rising discretionary expenses of individuals. Moreover, the subsidies provided by government for sport activities are also fuelling the growth of the market. However, decline in demand for cricket bats due to the improvement of skills among players and slowdown in the tourism industry are turn out to be the major challenges faced by sports equipment and apparel manufacturers. Irrespective of these challenges, the Turkey Sports Equipment And Apparel Market size is expected to grow over the years attributed to several factors including increasing spending on leisure activities, rising interest in physical activity, and increased investment in sport facilities by government authorities and private companies.
The COVID-19 pandemic negatively impacted the Turkey Sports Equipment And Apparel Market due to the closure of gyms, sporting events, and other activities. Additionally, the temporary closure of gyms, cancellation of sporting events, and declining consumer interest were diminished the Turkey Sports Equipment And Apparel Market Revenue during the outbreak. However, the market is predicted to recover as restrictions are elevated and people return to their normal day routines. The growth will be driven by increased demand for sports equipment and apparel from consumers and favorable government initiatives to promote physical activity in individual’s life.
The Turkey Sports Equipment And Apparel Market is bifurcated by distribution channel includes online and offline. The online distribution channel is anticipated to grow at the highest CAGR during the forecast period due to the growing popularity of online retailing among consumers and the increasing number of internet users across the country. The offline distribution channel is expected to lead the Turkey Sports Equipment And Apparel Market share owing to the wide network of brick-and-mortar stores that offers convenient shopping experience to customers.
On the basis of Product Type, the market is divided into Equipment, Apparel And Shoes. In general, the apparel and shoes segment is accounted to lead the market share for Turkey Sports Equipment And Apparel which is a major part of Middle East Sports Equipment And Apparel Market during the forecast period. The growing popularity of sporting events, hiking, and trekking among people are positively impacted the sales of sporting apparel and shoes.
Turkey Sports Equipment And Apparel Industry is highly competitive with abundant local and international players vying for market share. Leading companies have a significant presence in the country and offer a wide range of products to satisfy the customer’s demands. However, there are many small and medium-sized companies operating in the market and offer good quality products at competitive prices. Moreover, many companies are operating through direct sales as well as distribution channels such as online retailers, departmental stores, and sporting goods stores.
The report offers a comprehensive study of the subsequent market segments: