The entry of the sporting goods industry into the Chinese market is worthwhile21. February 2019
While sporting goods manufacturers in the saturated markets of Europe and North America have to fight hard for their customers, Asia and China in particular are offering excellent conditions and high growth potential. Various developments in recent years seem to confirm this forecast. One of the reasons is the growing middle class in China, which is ready to spend its money on sports and health products. Add to that the large number of 415 million in the Millennials or Generation Y age group, as well as recent support and sponsorship by the Chinese government for the sporting goods industry.
Also other industries such as electronics industry or software manufacturers can benefit from the growth of the sports market because an increasing awareness of the Chinese people for a healthy lifestyle is observed. An indicator for that could be the number one Chinese fitness apps, Keep. It reached 100 million users in August 2017 compared to 23 million in the US and 20 million in Europe. Another growth market apart from fitness apps are the so-called “wearable devices” such as motion sensors or smartwatches. Both industries, apps and handheld devices, generated more than $ 6.5 billion in revenue in China in 2017.
In the face of a growing middle class and increasing prosperity, this segment of the population has significantly more time to actively spend their leisure time and to spend some of their free time with sporting activities. According to the IBISWorld study, China’s annual growth in fitness and health is a remarkable 11.6 percent, generating more than $ 6 billion in revenue in 2016, and rising. If one compares this data with established markets such as the USA, the annual turnover amounts to 30 billion dollars but with only a low growth rate of 2.5 percent. Therefore, analysts and experts are now advising foreign companies to invest in the Chinese sporting goods market to capitalize on growth opportunities. Like other products, many sporting goods must also undergo the mandatory CCC certification process. We are glad to advise you in the context of this China Compulsory Certification (CCC).
For more information on how CCC certification may affect your company, or for more information about CCC certification in general, the process, and the associated costs, please visit our website and our News Section where you will find current updates twice a week.
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