MUMBAI: The India sports graphics market, which was valued at $671 million in 2016, is projected to reach $1,612 million by 2023, registering a CAGR of 13.1%.
These are among the findings of a new report published by Allied Market Research, titled, US & India Sports Graphics by Service and Application: Opportunity Analysis and Industry Forecast, 2017-2023.
Promotional products possess a high recall value, owing to its tangible nature and utility, on an average; thus, they are retained over seven months. Products, such as health & safety products, writing instruments, stay around six months; whereas, calendars, are kept around a year, and often used for reference. Therefore, these products are expected to grow at the fastest rate of 3.4% during the forecast period.
Surge in popularity of sports, increase in disposable income, changes in lifestyle, rapid urbanization, and focus on fitness & healthy life style fuel the growth of the sports graphics market. In addition, proactiveness of government to promote sports and contribution of the private sectors, such as clubs and franchisees, in organizing numerous tournaments have significantly led to development of the sports industry, offering notably lucrative opportunity to its supplementary industries. Moreover, technological advancements have significantly influenced fans to adopt athleisure fashion trends.
The Indian business environment has witnessed a dynamic change with 360 degree developments initiated by the government, private sector, and the non-profit entities. Significant growth in spectator of sports other than cricket has been reported in the recent times. In addition, increase in sponsorship, and broadcast and participation in sports significantly supports the rise in demand for sports graphics in India.
The screen printing market in India accounted for the maximum share over digital printing, embroidery, and other services. This is attributable to advantages such as high production speed, high productivity, and availability of rotary screen printing machines in various sizes. These machines enable fast changeover of patterns, including very less design limitation, and are generally lightweight in nature, leading to their high preference over other textile printing machines. These machines are generally cost-effective and mostly used for bulk production of textiles.
Some findings of the study:
Digital printing segment in India sports graphics market is expected to grow at the highest CAGR of 14.3%.
Sports apparel & accessories in the Indian sports graphics market accounted for around 70% share in 2016, and is expected to dominate the market by 2023.
