New York, Feb. 04, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Sporting Goods, Hobby, Musical Instrument, and Book Stores Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06018898/?utm_source=GNW
32 billion in 2020 to $533.59 billion in 2021 at a compound annual growth rate (CAGR) of 4.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $643.97 billion in 2025 at a CAGR of 5%.
The sporting goods, hobby, musical instrument, and book stores market consists of sales of sporting goods, hobby-related products, musical instruments, and books by entities (organizations, sole traders and partnerships) that are engaged in retailing new toys; games; crafts items; pottery items; different books; bicycles and bicycle parts; camping equipment; exercise and fitness equipment; athletic uniforms; specialty sports footwear; and other sporting goods, equipment, and accessories. The entities in this industry are also engaged in retailing musical instruments such as piano, guitar, violin and others. Some of the players in this industry also provide repair and rental services for sporting goods and musical instruments. The sporting goods, hobby, musical instrument, and book stores market is segmented into sporting goods stores; hobby, toy, and game stores; musical instrument and supplies stores and other sporting goods, hobby, musical instrument, and book stores.
North America was the largest region in the global sporting goods, hobby, musical instrument, and book stores market, accounting for 33% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global sporting goods, hobby, musical instrument, and book stores market. Africa was the smallest region in the global sporting goods, hobby, musical instrument, and book stores market.
Many sporting goods manufactures are investing in achieving customization and personalization. With increasing number of online users, changing demographics and increased per-capita income, demand for unique and custom-made products have gained demand. Global sporting goods manufacturers such as Nike, Adidas, Puma, ASICS, Sketchers, Fila etc., are investing more into this. Race Sporting Goods has launched customized sporting clothes to cater to demands of customers.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the sporting goods, hobby, musical instrument market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the sporting goods, hobby, musical instrument market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
The sporting goods, hobby, musical instrument, and book stores market is expected to benefit from steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, foreign direct investments in the end-user markets, thereby driving the market during forecast period.
Read the full report: https://www.reportlinker.com/p06018898/?utm_source=GNW
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