Global Sporting Goods, Hobby, Musical Instrument, and Book Stores Market on a Growth Trajectory
Sporting Goods, Hobby, Musical Instrument, and Book Stores Global Market Report 2023 : Market Size, Trends, And Global Forecast 2023-2032
TBRC's Sporting Goods, Hobby, Musical Instrument, and Book Stores Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 29, 2023 /EINPresswire.com/ -- The global market for sporting goods, hobby items, musical instruments, and book stores is poised for substantial growth. The market size is anticipated to increase from $468.13 billion in 2022 to $500.41 billion in 2023, demonstrating a noteworthy Compound Annual Growth Rate (CAGR) of 6.9%. Furthermore, the sporting goods, hobby, musical instrument, and book stores market is projected to reach $628.41 billion by 2027, sustaining a CAGR of 5.9%.
Key Growth Drivers: Steady Economic Expansion
The sporting goods, hobby, musical instrument, and book stores market is expected to leverage steady economic growth in both developed and developing countries. The International Monetary Fund (IMF) reported global GDP growth of 3.3% in 2020 and forecasted a 3.4% growth in 2021. The recovery of commodity prices and the stable growth outlook for the US economy contribute significantly to economic expansion. Emerging markets are anticipated to outpace developed markets in growth, fostering public and private investments, joint ventures, and foreign direct investments in end-user markets, thereby propelling sporting goods, hobby, musical instrument, and book stores market growth.
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Prominent Market Players Shaping the Landscape
Major companies playing a pivotal role in the sporting goods, hobby, musical instrument, and book stores market include Decathlon S.A, Dick's Sporting Goods Inc., Frasers Group Plc, BPS Direct L.L.C. (Bass Pro Shops), Guitar Center Inc., Canadian Tire Corporation Limited, Recreational Equipment Inc., Sportsman's Warehouse, Hibbett Sports Inc., and Thomann GmbH.
Innovative Trend: Customization and Personalization in Sporting Goods
Sporting goods manufacturers are strategically investing in achieving customization and personalization to meet the evolving demands of consumers. With a rising number of online users, changing demographics, and increased per-capita income, there is a growing demand for unique and custom-made products. Global sporting goods manufacturers such as Nike, Adidas, Puma, ASICS, Sketchers, Fila, and others are making significant investments in this trend. For instance, Race Sporting Goods has introduced customized sporting clothes to cater to the specific preferences of customers.
Regional Dynamics: Western Europe Takes the Lead
In 2022, Western Europe emerged as the largest region in the sporting goods, hobby, musical instrument, and book stores market, with Asia-Pacific securing the second-largest share.
Comprehensive Market Segmentation for Strategic Insights
The global sporting goods, hobby, musical instrument, and book stores market is segmented -
1) By Type: Sporting Goods Stores, Hobby, Toy, Game Stores, Musical Instrument And Supplies Stores, Other Sporting Goods, Hobby, Musical Instrument, Book Stores
2) By Ownership: Retail Chain, Independent Retailer
3) By Type of Store: Exclusive Retailers/Showroom, Inclusive Retailers/Dealer Store
For comprehensive insights into market dynamics and future trends, please refer to the complete report:
https://www.thebusinessresearchcompany.com/report/sporting-goods-hobby-musical-instrument-and-book-stores-global-market-report
Sporting Goods, Hobby, Musical Instrument, and Book Stores Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Sporting Goods, Hobby, Musical Instrument, and Book Stores Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on sporting goods, hobby, musical instrument, and book stores market size, sporting goods, hobby, musical instrument, and book stores market drivers and trends, sporting goods, hobby, musical instrument, and book stores market major players, sporting goods, hobby, musical instrument, and book stores market competitors' revenues, sporting goods, hobby, musical instrument, and book stores market positioning, and sporting goods, hobby, musical instrument, and book stores market growth across geographies. The sporting goods, hobby, musical instrument, and book stores market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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