The commercialization of sporting events and tournaments, as well as the growing popularity of international sports leagues, are driving up demand for licenced sports merchandise. Manufacturers are investing in VFX technologies to improve the video game segment of licensed sports merchandise, so that virtual athletes in video games look as real as the athletes in real life and provide users with a better overall experience.
New and improved licensed merchandise is entering the market. Nike recently introduced tracker chips in their jerseys, which collect data such as how many meters an athlete runs, what activities he or she has performed, and various other things. After the sporting event, athletes can view the data on a smartphone, tablet, or computer and use it to improve their performance.
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Key Market Segments Covered
- Licensed Sports Apparel
- Licensed Sports Footwear
- Licensed Sports Accessories and Toys
- Licensed Sports Video Games & Software
- Licensed Sports Domestic and House Wear
- Distribution Channel
- Online Licensed Sports Merchandise Sales
- Licensed Sports Merchandise Sales through Offline Stores
- Licensed Sports Merchandise Sales through Department Stores
- Licensed Sports Merchandise Sales through Specialty Stores
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Key Trends of Licensed Sports Merchandise Market
- The sales of licensed sports merchandise market is anticipated to see growth of 2.5X by 2031.
- As people are becoming more health conscious and indulging in more sports activities, sales of licensed sports merchandise is on the rise.
- New advancements in market outlook of licensed sports merchandise will boost demand over the coming years.
- Countries such as India, China, Japan, and Brazil are expected to become huge markets for licensed sports merchandise.
- Competitive analysis of Adventure sports merchandise will see huge growth in future.
- Major sports leagues are one of the biggest driving factors for licensed sports merchandise.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground.
- In August 2021, Adidas AG has agreed to sell its underperforming Reebok business to Authentic Brands Group Inc. for up to 2.1 billion euros ($2.5 billion), adding another well-known name to the buyer’s growing line-up of consumer companies.
- In December, 2020, Fanatics had acquired licensed sports merchandise company WinCraft. Fanatics will now have a more significant presence with non-apparel merchandise, as WinCraft specializes in hard goods, such as sports-themed clocks and banners.
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Key market players have been spending on research & development to come up with newer ways to make products more user-friendly. Sporting goods manufacturers are spending billions of dollars to keep their logos on the jerseys of big sporting teams for better marketing purposes. As Liverpool is one of the biggest sporting teams in the world, recently, Nike paid a significant amount for the sponsorship of Liverpool’s sporting kit. By doing this, Nike has insured that it will get great publicity and marketing. Manufacturers such as Nike, Adidas, and others are spending a lot and have pledged to spend billions of dollars over the coming years so as to provide a real thrust to the development of the licensed sports merchandise industry.
For More Insight: https://www.globenewswire.com/en/news-release/2022/07/20/2482926/0/en/Global-Next-Generation-Stevia-Market-Is-Projected-To-Surge-Past-A-Market-Valuation-Of-US-1-84-Billion-By-The-End-Of-2032-States-Fact-MR.html
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