Alternative Sports Market to Reach $26.8 Billion, Globally, by 2034 at 6.5% CAGR: Allied Market Research
Wilmington, Delaware, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Alternative Sports Market by Type (Extreme Sports, Adventure Sports, Motorsports, Water Sports, Board Sports and Combat Sports), Category (Outdoor Sports, Indoor Sports, Water-Based Sports and Land-Based Sports), End Use (Individual Participants, Professional Athletes, Clubs and Organizations and Schools and Institutions), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the alternative sports market was valued at $13.5 billion in 2023, and is estimated to reach $26.8 billion by 2034, growing at a CAGR of 6.5% from 2024 to 2034.
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Prime determinants of growth
The global alternative sports market has experienced rapid growth driven by several major factors. Increase in popularity and rise in media coverage of extreme sports events, such as the X Games and Red Bull-sponsored competitions, have significantly raised awareness and interest among consumers. In addition, the rise of adventure tourism and the desire for unique, exhilarating experiences have attracted a broader audience. Technological advancements in sports equipment and safety gear have enhanced performance and reduced risks, which boost the participation rates. The growing influence of social media and digital platforms has also played a crucial role by showcasing thrilling content and connecting enthusiasts worldwide. Furthermore, the expansion into emerging markets with a young and active population provides new opportunities for the market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2034 |
| Base Year | 2023 |
| Market Size in 2023 | $13.5 billion |
| Market Size in 2034 | $26.8 billion |
| CAGR | 6.5% |
| No. of Pages in Report | 306 |
| Segments Covered | Type, Category, End User, Distribution Channel, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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The extreme sports segment led the market in 2023.
Based on type, the extreme sports segment held the highest market share in 2023. Extreme sports hold the majority share in the global alternative sports market owing to the high visibility and appeal of these sports, driven by major events such as the X Games and media coverage. The adrenaline-fueled nature of extreme sports attracts a large, enthusiastic audience seeking thrilling experiences. Continuous innovation in equipment and strong community culture surrounding these sports also contribute to their dominance. In addition, sponsorship deals, and global marketing efforts enhance their visibility and accessibility, strengthening the position of extreme sports in the global alternative sports market.
The outdoor sports segment held the highest market share in 2023.
Based on category, the outdoor sports segment held the highest market share in 2023. Outdoor sports have high preference in the global alternative sports market owing to the immersive experiences and connection with nature. Outdoor sports offer unique challenges and adventure opportunities, which help attract enthusiasts seeking physical and mental stimulation beyond conventional activities. The appeal of exploring diverse environments and the emphasis on personal achievement contribute to their popularity. In addition, outdoor sports benefit from growing trends in adventure tourism and wellness, enhancing their visibility and appeal. The availability of specialized gear and supportive communities further drives the preference among participants for outdoor sports in the global adventure sports market.
The individual participants segment held the highest market share in 2023.
Based on end use, the individual participants segment held the highest market share in 2023. Individual participants dominate the global alternative sports market owing to the personal and self-directed nature of these activities. Many alternative sports, such as rock climbing, skateboarding, and surfing, emphasize individual skill and achievement, which attracts those who value personal expression and challenge. The flexibility of practicing these sports alone or in small groups aligns with the preferences of those seeking unique and customizable experiences. Moreover, the rise of social media allows individuals to showcase their accomplishments and connect with like-minded enthusiasts, further fueling participation. The lack of team-based structure and focus on personal goals also appeals to a broad audience, thus driving the growth of this segment in the global alternative sports market.
The offline segment dominated the market in 2023.
Based on distribution channel, the offline segment held the highest market share in 2023, due to the hands-on experience they offer. Consumers often prefer to physically inspect and test sports equipment and apparel before purchase, ensuring quality and fit. Specialty stores provide expert advice and personalized service, enhancing customer confidence. Moreover, offline channels facilitate immediate purchase and pick-up, which is crucial for enthusiasts needing gear for upcoming events. The opportunity to engage with a community and experience the brand in person further drives preference for traditional retail outlets over online alternatives.
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North America led the market share in 2023
Based on region, North America held the highest market share in terms of revenue in 2023 owing to its established infrastructure and cultural prominence in extreme sports. The region is a hub for major events such as the X Games and Red Bull competitions, which drive significant interest and participation. Extensive investment in facilities and terrain supports a variety of activities such as snowboarding, skateboarding, and mountain biking. In addition, North America has leading brands such as Burton and GoPro, which highly influences market trends and consumer behavior. The high level of media exposure and sponsorships further strengthens the visibility of alternative sports, while technological advancements in sports equipment, developed in the region, enhance performance and safety, contributing to its dominant market position.
Players: -
- Red Bull GmbH
- GoPro, Inc.
- The North Face
- Burton Snowboards
- Patagonia, Inc.
- Boardriders, Inc.
- Fox Racing, Inc.
- VF Corporation
- O’Neill
- Salomon Group
The report provides a detailed analysis of these key players in the global alternative sports market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Dev
In March 2024, GoPro collaborated with PADI to launch a distinctive specialty certification program for scuba divers, designed to enhance their skills in capturing underwater adventures.
In April 2023, Boardriders, the parent company of Quiksilver and other brands, launched an initiative to enhance the sustainability of its surfwear lines by integrating recycled ocean plastics into its products.
In March 2023, VF Corporation, which owns The North Face and Vans, announced a strategic plan to increase its market share in the alternative sports sector by expanding its product offerings in skateboarding and snowboarding.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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