The global sportswear market is expected to see significant growth in the coming years, with a projected worth of around USD 356 billion by 2032, growing at a CAGR of 6.9% during the forecast period from 2023 to 2032.
The global sportswear market has been witnessing significant growth over the past few years. The market is driven by various factors such as rising health awareness, increasing participation in sports activities, and the growing trend of athleisure wear.
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Key Segments
Factors Affecting the Growth of the Sportswear Market:
Growing Health Awareness: As individuals become more health- and fitness-conscious, demand for sportswear products has seen an uptick. People are becoming increasingly interested in staying active and fit, which has resulted in the popularity of various fitness activities and programs. This has spurred on an unprecedented surge in sales of athletic gear.
The Growing Trend of Athleisure Wear: As consumers increasingly opt for sportswear that is both functional and fashionable, this trend has given birth to new designs and styles in sportswear products.
Rise in Sports Participation: With the growing participation in sports activities, demand for sportswear products is also on the rise. This has lead to the development of innovative new items designed specifically with athletes and sports enthusiasts in mind.
The Growing Popularity of E-commerce: The increasing accessibility of e-commerce platforms has made it simpler for consumers to purchase sportswear products online. The convenience and accessibility of shopping from home have resulted in an uptick in demand for sportswear items.
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Top Trends in Sportswear Market:
Sustainability: With growing concerns about the environment, sustainability has become a prominent trend in sportswear production. Brands are striving to create eco-friendly sportswear products using sustainable materials and processes.
Athleisure Wear: As previously discussed, athleisure wear is becoming a growing trend in the sportswear market. Brands are now creating products that can be worn not only during athletic activities but also everyday life.
Personalization: Personalization has become an important trend in the sportswear market. Brands are offering customized sportswear items to meet customers' individual needs and preferences.
Market Growth:
The growth of the sportswear market can be attributed to rising health awareness among individuals, rising participation in physical activities, and an inclination towards athleisure wear. Furthermore, it has seen significant expansion due to e-commerce platforms that make purchasing sportswear products online much simpler for consumers.
Regional Analysis:
The global sportswear market is divided into North America, Europe, Asia Pacific, Middle East & Africa and South America. Of these regions, the Asia Pacific region is expected to experience significant growth during the forecast period due to an increasing population, rising disposable income levels and growing health awareness among individuals in this region.
Competitive Landscape:
The sportswear market is highly competitive, with several players operating within it. Key players include Nike Inc., Adidas AG, Under Armour Inc., Puma SE, Reebok International Ltd., ASICS Corporation VF Corporation and New Balance Athletics Inc. to name a few. To remain ahead of their rivals they are investing heavily into developing innovative sportswear products.
Market Drivers:
The global sportswear market is being driven by several factors, including the rising popularity of sports and fitness activities, athleisure wear, as well as an increasing focus on health and wellness. Furthermore, women are becoming more involved in these types of activities which is fuelling growth within this sector. Furthermore, rising disposable income levels - particularly in developing countries - are further fueling demand for sportswear items.
Market Restraints:
Despite the growth potential of the sportswear market, certain factors could hinder its expansion. One major challenge facing this sector is the high cost of quality sportswear that may not be affordable for everyone. Furthermore, counterfeit sportswear products exist, affecting the credibility and reputation of established brands in this space. Furthermore, COVID-19's impact on supply chain management and logistics could further restrict growth within this space.
Market Opportunities:
The sportswear market presents numerous growth and expansion prospects. With an increasing emphasis on sustainability and eco-friendliness, there has been an uptick in demand for sustainable sportswear products, providing manufacturers with an opportunity to develop sustainable options to meet this growing need. Furthermore, e-commerce and online retailing are on the rise, giving brands a platform to expand their reach into new markets.
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Report Segmentation of the Sportswear Market:
By Type:
In 2022, the shoe category held the largest market share and is expected to remain dominant during the forecast period. This segment is driven by demand for comfortable yet fashionable sportswear designed for everyday use - which has seen marked growth over the past several years.
Distribution Channel:
In 2022, the offline channel held the majority of market share due to consumers' preference for trying on sportswear products before making a purchase. However, online sales are expected to expand at a faster pace during this forecast period due to rising trends in e-commerce and online shopping.
By End-Use:
In 2020, men held the lion's share of market share followed by women and children's segments. But forecasts indicate that the women's segment will expand at a faster rate over the forecast period due to increasing female involvement in sports and fitness activities.
End-Use Insight:
The sportswear market can be divided based on end-use into Men, Women and Children. Men's segment held the largest market share in 2022 due to an increasing interest in sports and fitness activities. On the other hand, women's segments are expected to expand at a faster rate during the forecast period due to cultural shifts that encourage more female involvement in various sports like yoga or fitness centers.
Recent Developments:
In recent years, several sportswear brands have prioritized innovation and sustainability to stay ahead of their competition.
Adidas, for instance, has been working to develop sustainable sportswear products with recycled materials. Nike also utilizes cutting-edge technologies like 3D printing and augmented reality to improve customer experiences.
Under Armour has been investing heavily in research and development of performance-enhancing sportswear using cutting-edge technologies, which is expected to drive the growth of the sportswear market over the coming years.
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Market Segmentation
By Type
By Distribution Channel
By End-Use
By Geography
Key Market Players
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