DUBLIN, Oct. 17, 2023 /PRNewswire/ — The “Global Sportswear Market – Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering. The global sportswear market is expected to reach a value of $635.69 billion by 2028 from $425.37 billion in 2022, growing at a CAGR of 6.93% from 2022 to 2028 The global sportswear market is […]
The post Global Sportswear Market Outlook Report 2023: A $635+ Billion Market by 2028 first appeared on TREND MAG.
DUBLIN, Oct. 17, 2023 /PRNewswire/ — The “Global Sportswear Market – Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global sportswear market is expected to reach a value of $635.69 billion by 2028 from $425.37 billion in 2022, growing at a CAGR of 6.93% from 2022 to 2028
The global sportswear market is highly fragmented, with many local and international players. Some key leading vendors in the global sportswear market are Nike, adidas, ANTA Sports Goods, ASICS Corporation, Lululemon Athletica, Puma, Under Armour and V.F. Corporation, and others. The competition among these players is intense.
The sportswear market is undergoing rapid changes driven by evolving technology, and vendors in the industry need to adapt to meet customer expectations for continuous innovation and upgrades in sportswear products. Staying competitive in this dynamic market requires sportswear companies to refine their unique value propositions to establish a strong presence.
As of 2022, North America holds the largest share in the global sportswear market, accounting for over 37% of the market. This dominance can be attributed to several factors, including the region’s capacity for innovative product offerings and the high disposable income of its consumers.
The strong demand for sportswear in North America is fueled by various factors. A significant portion of the North American population resides in urban areas and has access to quality education. Consequently, there is a heightened awareness of fitness and wellness in the region. With rising disposable incomes, individuals have more spending power, leading to increased demand for sportswear products.
North America’s position as the largest sportswear market is also influenced by the lifestyle and culture prevalent in the region. The population’s lifestyle choices prioritize fitness and physical activity, contributing to the continuous growth of the sportswear industry in the area.
RISK FACTORS IN THE MARKET
Foreign exchange policy is the biggest risk factor the sportswear market faces and will continue to face. These policies can include actions taken by a government to control its currency exchange rate, such as imposing capital controls, implementing currency controls, or introducing restrictions on foreign currency transactions.
Changes in foreign exchange policies can lead to increased volatility in currency exchange rates. This is happening because of increased demand and restricted supply.
MARKET TRENDS & OPPORTUNITIES
Rising Popularity of Athleisure Wear
The growing popularity of athleisure wear, particularly among Generation Z and millennials, can be attributed to several key factors. First and foremost, there is an increased emphasis on fitness and wellness in contemporary society, leading to a greater demand for comfortable and functional clothing suitable for physical activities.
The rise of remote work and flexible lifestyles has also contributed to the surge in athleisure wear. With more individuals working from home or participating in remote activities, there is a greater need for versatile attire that can seamlessly transition from workouts to virtual meetings.
Celebrity endorsements play a significant role in influencing fashion trends, including athleisure. High-profile individuals and athletes often endorse athleisure brands, driving consumer interest and trust in these products.
The emphasis on high-quality standards in athleisure wear ensures that consumers receive durable and performance-enhancing clothing. This focus on quality is particularly appealing to those who prioritize both fashion and function.
The versatility of athleisure wear makes it suitable for various occasions, not just athletic activities. Athleisure can be worn for casual outings, social gatherings, and even in some professional settings, making it a practical choice for many consumers.
Innovation and sustainability are also driving forces behind the athleisure trend. Consumers are drawn to innovative features such as moisture-wicking fabrics and sustainable materials, aligning with their values and preferences.
Furthermore, the rising demand for athleisure products is not limited to athletes or fitness enthusiasts. It extends to a diverse range of individuals, including women who find athleisure comfortable and suitable for their active lifestyles.
Government initiatives also play a role in supporting the demand for sportswear. Governments in various countries organize sports programs and events to promote physical activity and overall health. These initiatives, such as the National Football League, the National Hockey League, and others in the United States, serve as a testament to the government’s commitment to sports and physical well-being.
Similarly, countries like India have introduced programs like Khelo India, Fit India Movement, and the Special Area Game Scheme to encourage youth participation in sports. These government-sponsored initiatives recognize the importance of sports in promoting health and wellness, motivating individuals to engage in physical activities.
Raw Material Price Fluctuation
The price of raw materials like textiles and handlooms, which sportswear companies purchase in significant quantities for manufacturing apparel and footwear, can have a substantial impact on various aspects, including production costs, consumer pricing, and overall profitability, as price fluctuations depend on market demand and supply dynamics.
INSIGHTS BY PRODUCTS
The apparel products segment dominated the global sportswear market share in 2022. There is a high demand for sportswear apparel such as t-shirts, tops & shirts, and shorts. People increasingly wear sportswear for workouts and everyday casual wear, which has led to a surge in demand for stylish and versatile sportswear options.
Advances in fabric technology have led to the development of performance-enhancing materials. These fabrics are designed to offer features like moisture-wicking, breathability, UV protection, and even muscle support, making sportswear more functional and appealing to consumers.
INSIGHTS BY ACTIVITY TYPE
The global sportswear market by activity type has been broadly classified into sports, training & activewear, swimming, and others. In terms of revenue, the sports segment dominated the activity-type market, generating over USD 232 billion in 2022.
The sports segment experienced significant growth, emerging as the leading segment during the forecast period. This rise in industry share can be attributed to the increasing involvement of individuals in various sports activities, including baseball, basketball, soccer, and many other sports.
The growing interest and participation in these sports have fueled the demand for related products and services, consequently driving the market’s expansion.
INSIGHTS BY END-USER
The global sportswear market by end-users has been broadly classified into male, female, and children. The male segment has dominated the industry.
The demand for sportswear has been higher among males due to factors like participation in sports activities, gym workouts, and outdoor pursuits. Other factors influencing sportswear demand in the male segment are high disposable income, health consciousness, carer opportunity, athleisure wear, emerging trends, premium products, etc.
Many sportswear companies target the men’s segment and offer various products, such as Nike, which offers sports shoes, T-shirts, Shorts, tracksuits, jackets, hoodies, etc. Furthermore, the U.S. is the leader in the men’s sportswear (apparel and footwear) market. Men aged 21-38 are the major contributors to sportswear sales, followed by 39-54 years.
INSIGHTS BY DISTRIBUTION CHANNEL
The global sportswear market has numerous products under the offline segment. Most vendors prefer to do brick-and-mortar forms of business with a business outlet with either one or more than one physical location. At present, many customers prefer to opt for these stores rather than online sales channels.
Furthermore, the demand for sportswear through online channels is increasing due to the rising internet penetration worldwide. Moreover, the number of smartphone users is rapidly growing, contributing to the success of online sportswear sales. Various vendors are expanding their presence in other countries by collaborating with e-commerce players or through their proprietary websites.
KEY QUESTIONS ANSWERED:
- How big is the global sportswear market?
- What is the growth rate of the global sportswear market?
- Which region dominates the global sportswear market share?
- What are the significant trends in the sportswear market?
- Who are the key players in the global sportswear market?
Market Opportunities & Trends
- Increase In Participation Of Women In Sports And Fitness Activities
- Rise In Demand For Sustainable Sportswear
- Rise In Popularity Of Athleisure Wear
- Product Innovations Boost Consumer Inclination Toward Sportswear
Market Growth Enablers
- Rise In Interest In Gyms And Outdoor Activities
- Significant Participation In Sports
- Promotional And Advertising Strategies Aid Market Growth
- Government Initiatives Support Demand For Sportswear
- Rise In Prevalence Of Obesity And Other Health-Related Issues
- Easy Availability Of Counterfeit Products
- Fluctuations In Raw Material Prices
- Low Penetration Of Sportswear In Low- And Middle-Income Countries
- Changing Attitudes And Behaviors
- High Influence Of Social Media On Social Commerce
- Future Of Digital Channels
- Rising Sustainability Imperatives
- Challenges In Sportswear
Consumer Behavior Analysis
Raw Material Insights
- Dimensions Of Fabric
- Properties Of Sport Fabric
- Marketing Channel: Direct To Consumer (D2C) Model
Value Chain Analysis
- Material Supplier
Key Company Profiles
- ASICS Corporation
- ANTA Sports Goods
- Page Industries
- lululemon athletica
- Under Armour
- V.F. Corporation
Other Prominent Vendors
- Columbia Sportswear Company
- BROOKS BROTHERS GROUP
- New Balance
- Life is Good
- Mizuno Corporation
- Outdoor Voices
- THE GAP
- Pentland Group
- GEOX s.p.a
- DECKERS BRANDS
- RALPH LAUREN MEDIA LLC
- Iconix International
- Authentic Brands Group LLC
- Recreational Equipment
- Foot Locker
- P.E NATION INTERNATIONAL
- New Era Cap
- Fruit of the Loom
- Everlast Worldwide
- Academy Sports + Outdoors
- Li-Ning Company Limited
- DICK’S Sporting Goods
For more information about this report visit https://www.researchandmarkets.com/r/wqih8q
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