The US sporting goods market has demonstrated steady growth over the years, increasing from $10.29 billion in 2013 to $24.24 billion in 2023. Year-on-year variations show significant growth early on, with peaks in 2015 and 2016, but this growth has moderated in recent years. The CAGR from 2013-2023 averaged at 4.65%, reflecting a stabilized market. The last two years, 2022 and 2023, experienced growth rates of 4.33% and 4.07%, respectively.
The forecasted values from 2024 to 2028 suggest continual but more modest growth, with an average annual growth rate (CAGR) of 2.91%. By 2028, the market is expected to reach approximately $29.19 billion, signifying a cumulative growth rate of 15.45% over the next five years.
Future trends to watch for in the sporting goods market include:
- Consumer shifts towards health and wellness products
- Increased digital and e-commerce sales channels
- Greater emphasis on sustainable and eco-friendly sporting goods
- Innovation in technology-integrated sports equipment
