Sporting Goods, Hobby, Musical Instrument, and Book Stores Global Market Report 2024

The sporting goods, hobby, musical instrument, and book stores market size has grown strongly in recent years. It will grow from $505.28 billion in 2023 to $540.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed during the historical period can be attributed to various factors, including prevailing economic conditions, the expansion of e-commerce and online sales, the influence of education and entertainment sectors, and the continued enthusiasm of hobby enthusiasts. These elements have played significant roles in shaping the sporting goods, hobby, musical instrument, and book stores industry.

The sporting goods, hobby, musical instrument, and book stores market size is expected to see strong growth in the next few years. It will grow to $695.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Anticipated growth in the forecast period can be attributed to several factors, including the impact of health and wellness trends, the rise of DIY and home improvement activities, a growing aging population, and increased event-based sales. Major trends expected in the forecast period include the utilization of products for healthcare and therapy applications, the introduction of innovative products, the integration of digital entertainment and learning, the adoption of educational technology, and a focus on sustainability and eco-friendly practices within the sporting goods, hobby, musical instrument, and book stores industry.

The market for sporting goods, hobby items, musical instruments, and bookstores is anticipated to benefit from the projected stable economic growth in both developed and developing countries. According to the International Monetary Fund, global GDP growth reached 3.3% in 2020 and 3.4% in 2021. Furthermore, the recovery of commodity prices following a historical decline is expected to contribute significantly to economic growth. The US economy is forecasted to maintain steady growth in the upcoming period. Additionally, emerging markets are likely to outpace developed markets in terms of growth. This enhanced economic growth is expected to drive investments, both public and private, as well as foster joint ventures and foreign direct investments in the end-user markets, thereby fueling the growth of this market during the forecast period.

The primary categories within this industry encompass sporting goods stores, hobby, toy, and game stores, music instrument and supply stores, as well as other specialty stores. Sporting goods stores primarily focus on selling sports-related merchandise, including athletic clothing, equipment, and other items related to sports and physical activities. These stores can be part of retail chains or operate as independent retailers.

The sporting goods, hobby, musical instrument, and book store market research report is one of a series of new reports that provides sporting goods, hobby, musical instrument, and book store market statistics, including sporting goods, hobby, musical instrument, and book store industry global market size, regional shares, competitors with a sporting goods, hobby, musical instrument, and book store market share, detailed sporting goods, hobby, musical instrument, and book store market segments, market trends and opportunities, and any further data you may need to thrive in the sporting goods, hobby, musical instrument, and book store industry. This sporting goods, hobby, musical instrument, and book store market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The expansion of e-commerce is poised to drive the market for sporting goods, hobbies, musical instruments, and bookstores. E-commerce refers to the online buying and selling of products and services through devices like computers, tablets, smartphones, and other connected devices. Various items, including sporting goods, musical instruments, hobbies, and books, are available for purchase on online shopping platforms, providing consumers with convenient access to a wide range of products. For instance, a report by Forbes Media LLC in February 2023 predicts that the global e-commerce market is set to reach $6.3 trillion by 2023 and is expected to exceed $8.1 trillion by 2026. Therefore, the growth of e-commerce is a driving force behind the sporting goods, hobby, musical instrument, and bookstore market.

The COVID-19 pandemic had a significant adverse impact on the sporting goods, hobby, and musical instrument market in 2020. Supply chains were disrupted due to trade restrictions, and consumption declined as governments worldwide imposed lockdowns to combat the spread of the virus. COVID-19, an infectious disease with symptoms like fever, cough, and breathing difficulties, was first identified in Wuhan, China, in 2019 and subsequently spread globally. National governments took measures to contain transmission, resulting in decreased manufacturing and trade of non-essential goods and an overall reduction in economic activity as countries entered lockdowns. While the pandemic had a negative impact on businesses throughout 2020 and into 2021, it is anticipated that the sporting goods, hobby, and musical instrument market will recover from this shock over the forecast period, as it was an unforeseen 'black swan' event and not indicative of underlying or ongoing weaknesses in the market or the global economy.

Numerous sporting goods manufacturers are investing in customization and personalization to meet the increasing demand for unique, tailor-made products. With a growing online user base, changing demographics, and higher per-capita income, the desire for distinct and personalized products has surged. Global sporting goods manufacturers such as Nike, Adidas, Puma, ASICS, Skechers, Fila, and others are intensifying their investments in this area. Race Sporting Goods, for example, has introduced customized sportswear to meet customer demands.

Major companies operating in the sporting goods, hobby, musical instrument, and bookstore market are concentrating on establishing concept stores to provide customers with an immersive and athletic experience while enhancing their market revenue. A concept store goes beyond mere product sales and instead offers customers an immersive experience centered around a specific brand or theme. For example, in April 2021, Dick's Sporting Goods, Inc., a US-based chain of sporting goods stores, launched Dick’s House of Sport. This new House of Sports store offers a unique athletic experience that goes beyond the traditional shopping found in their other 790 stores. It emphasizes community engagement and elevated customer service through knowledgeable staff and advanced technology. Features include a 17,000-square-foot outdoor field, rock-climbing wall, batting cage, golf simulations, and specialized service areas for equipment activities.

Major companies operating in the sporting goods, hobby, musical instrument, and book stores market include Decathlon SA, Dick's Sporting Goods Inc., Frasers Group PLC, BPS Direct LLC, Guitar Center Inc., Canadian Tire Corporation Limited, Recreational Equipment Inc., Sportsman's Warehouse, Hibbett Sports Inc., Thomann GmbH, Barnes & Noble Inc., Books-A-Million Inc., Half Price Books Inc., Sam Ash Music Corp., Music & Arts Center, Academy Sports + Outdoors, Cabela's Inc., Recreational Equipment Inc., Big 5 Sporting Goods Corp., Modell's Sporting Goods Inc., Dunham's Athleisure Corporation., Olympia Sports Inc., The Sportsman's Guide Inc., Tractor Supply Company, Rural King Supply Inc., At Home Group Inc., Michaels Stores Inc., Hobby Lobby Stores Inc., Jo-Ann Stores LLC, Blick Art Materials LLC, Sweetwater Sound Inc., Musician's Friend Inc., Powell's Books Inc., Strand Bookstore Inc., The Last Bookstore.

Western Europe was the largest region in the sporting goods, hobby, musical instrument, and book stores market in 2023. Asia-Pacific was the second-largest region in the sporting goods, hobby, musical instrument, and book stores market. The regions covered in the sporting goods, hobby, musical instrument, and book stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the sporting goods, hobby, musical instrument, and book stores market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The sporting goods, hobby, musical instrument, and book stores market includes revenues earned by entities by providing services through specialty stores, supermarkets, and hypermarkets. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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