Report: Sporting Goods Manufacturers’ Sales Grew 4.2 Percent in 2023

Article From：SGB Media 

 

 

Product sales in the sporting goods, fitness, and related recreational markets grew 4.2 percent last year, according to the Sports & Fitness Industry Association’s (SFIA) 2024 Manufacturers’ Sales by Category Report. 

 

The SFIA report tracks U.S. wholesale revenues in sporting goods and fitness equipment, athletic footwear, sports apparel, and licensed products, further broken into over 30 categories. The Association’s annual report compares revenues from previous years and, for 2024, includes pickleball as a new product category.

 

In 2023, the sporting goods industry grew 4.2 percent compared to 2022, reaching $121.66 billion, according to the SFIA report, and grew 26.8 percent compared to 2019 pre-pandemic levels. From 2010 to 2020, the industry only surpassed a 4 percent annual growth rate once, witnessing 4.2 percent growth in 2021.

 

Pickleball, which continues to appear to be in its budding stage based on the number of new product releases, participation increases and the number of new facilities catering to pickleball players, had the highest growth rate of categories covered in the SFIA report, followed by Team Sports and Snow Sports categories. Pickleball product sales increased 30.7 percent in 2023 versus 2022.

 

SFIA said Team Sports category sales did well in 2023 compared to 2022, with sub-categories growing over 7 percent. Football, Baseball/Softball and Basketball grew over 10 percent. Football products had the highest Team Sports category growth at 11.9 percent, followed by Basketball at 10.1 percent and Baseball/Softball at 10 percent. Volleyball was the next highest with 9.3 percent, and Ice Hockey with 7.3 percent. The SFIA reported that the total sports equipment category reached $32.969 billion in sales in 2023.

 

“It is encouraging to see so many sports categories doing well, not only on the participation side but also when it comes to equipment sales,“ said Tom Cove, president and CEO at the SFIA. “Maintaining an over 4 percent growth rate across all categories going into 2023, especially following a huge year in 2021, is a great sign and shows that Americans’ demand for sports and fitness equipment remains very strong.”

 

Both Consumer and Institutional Fitness Equipment categories increased in 2023, based on the SFIA report findings. 

 

Institutional Fitness Equipment increased 11.8 percent in 2023, led by Treadmills (up 23.5 percent), Stair Climbing Machines (up 13.7 percent), Ellipticals (up 12.1 percent), and Group Exercise Bikes (11.3 percent). 

Consumer Equipment was up 8 percent overall in 2023 compared to 2022, led by Exercise Cycles (up 12.3 percent), Free Weights (up 11.2 percent) and Treadmills (up 10.1 percent)

The stats are notable, given the dramatic swings in institutional and consumer sales of fitness equipment during the pandemic period.

 

In 2023, total Athletic Footwear increased 5.7 percent led by Fitness/Workout shoes at 17.5 percent, followed by Baseball at 10.6 percent and Running at 8.1 percent. Total Sports Apparel was up 2.9 percent compared to 2022. Team uniform categories increased, with the overall category growing 6.5 percent.

 

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