New York, March 20, 2023 (GLOBE NEWSWIRE) — The Global Sportswear Market size accounted for USD 185.9 billion in 2022. It is poised for remarkable growth, with a projected value of approximately USD 356 billion by 2032. This growth will occur at a CAGR of 6.9% during the forecast period spanning from 2023 to 2032. The market is expected to grow due to rising awareness about living a healthy lifestyle, as well as the health benefits of exercise activities such as yoga, running, swimming, and other aerobics. This market is also being driven by the increasing popularity of sporting events like the Soccer World Cup, Olympic Games, and Cricket World Cup.
An increasing number of people suffering from work-related health problems like stress and obesity are driving more people to participate in any type of sport or fitness activity. This is increasing the demand for fashionable and comfortable sportswear. The product demand is also being influenced by the increasing popularity of international sportswear brands.
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- By Type, the shoe category has the largest market share and is expected to grow during the forecast period 2023 to 2032.
- By Distribution Channel, the offline segment will take the lead in the market in 2022.
- By End-User, the men’s segment holds the biggest market share in 2022.
- In 2022, North America dominated the market with the highest revenue share of 45%.
- Asia-Pacific will grow at the fastest CAGR from 2023-2032.
The market is growing significantly as people are increasingly drawn to the product’s ability to wick away sweat, breathe, and enhance body movement. These products protect against extreme weather conditions. It improves blood circulation and helps prevent injuries. The growing urban population is escalating the consumption of the product due to the increased participation of people in fitness activities.
Factors affecting the growth of the Sportswear industry
There are several factors that can affect the growth of the sportswear market industry. Some of these factors include:
- Rise of participation in sporting events: The increasing number of participants in various sporting events such as football, cricket, and tennis has increased the demand for sportswear all over the world.
- Increase in disposable income: High consumer purchasing power and increasing consumer tendency to purchase comfortable clothing are some of the major factors driving the global sportswear market.
- Rising health awareness: Due to high levels of stress and lifestyle issues, consumers are more concerned about their health and desire to be fit. This is driving the growth of the sportswear market.
- Introduction of innovative products: Many technologies, such as nanotechnology and microfibers are becoming more popular in the sportswear industry. There are many people who have started to live active lifestyles. This has boosted the demand for sportswear.
- Government initiatives in sports: Governments in many countries have conducted sports programs in schools and academic institutions. This will also boost sportswear sales in the global market.
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Top Trends in Global Sportswear Market
Emerging markets in APAC, MEA, and Latin America will drive the growth of the sportswear market through 2032. Sportswear is not currently well established in such regions, leaving more room for growth as the trend grows in popularity. These emerging markets will continue to grow during the forecast period as their digital infrastructure continues to evolve. They will see the strongest online growth in the broader apparel market. This will enable further growth in the sports apparel market as major brands such as Nike and Adidas lead in online offerings.
A growing niche sport creates a great opportunity for brands to capitalize on what continues to underpin their growth. For example, fashion has long been associated with Formula 1, with many brands signing significant sponsorship deals. F1’s viewership numbers have increased globally in recent years, with the US seeing a massive 40% increase since 2019 due to the success of Netflix’s Drive to Survive series. As a result, Puma’s long-term dominance in kit manufacturing has paid off, with his F1 compounds contributing to more than 18% year-to-date sales growth in the 2022 financial year.
The growing popularity of athletes via social media and increased participation in leisure and sports activities for all age groups. The forecast period will see increased sales of sportswear. In keeping with the trend towards athleisure, more people are looking for designer sportswear that includes elements of sports design. A growing number of people are now looking for athletic wear because they live a more active lifestyle. Sportswear sales have increased worldwide.
In recent years, athleisure has seen a significant increase in participation in sports through government initiatives in many countries. Governments also increase their investment to encourage participation in sports and strengthen relationships between the community, as well as strengthening relations between sports organizations and communities. The Government of England suggested that in 2021, a “Work out to Help Out” campaign be launched to encourage people to participate in organized sports. Athletic apparel sales have seen significant growth in the past year due to increased participation in sports and recreation activities in different groups. This was followed by government initiatives to promote their national sports.
The demand for sportswear is increasing across the globe due to increased participation in many sporting events such as cricket, football, and tennis. The global sportswear market is driven by a number of factors. These include an increase in disposable income, a higher spending power, and a greater desire to buy comfortable clothing. Due to high levels of stress at work and lifestyle issues, consumers are becoming more health- and fitness-conscious. To stay healthy and active, these consumers choose to exercise by running, swimming, or going to the gym. This has led to a rise in demand for footwear and apparel for sports, which has helped to boost the market for sportswear.
North America leads the sportswear market. The region’s growing recreational industry has led to an increase in the use of the product. The demand for the product has been boosted by the large number of students who are involved in sports, which will likely boost the market for sportswear.
Asia Pacific will be a key market for sportswear. The increasing government investment in sports is impacting the market growth. The flourishing growth in sports such as cricket has made a significant contribution to the sport’s popularity. According to another report in 2019, the Indian Premier League (IPL) is valued at USD 6.8 million and has a 7 percent growth rate.
Europe is set to experience significant growth because of increased funding for the elderly to be more active. This has led to an increase in the participation of older people in physical activity. According to data in 2018, the Active Ageing Fund used USD 13.33 million in National Lottery money in England to fund 20 projects to reduce the inactivity of older adults. The product is also in high demand because of the large percentage of Europeans who exercise regularly.
The competitive landscape of the sportswear market has also been examined in this report. Some of the major players include Nike Inc., Adidas, Puma SE, Lululemon Athletica Inc, Under Armour Inc., Umbro, Columbia Sportswear Company, Anta Sports, Li Ning Group, and Other Key Players.
Scope of the Report
|Market Value (2022)||USD 185.9 billion|
|Market Size (2032)||USD 356 billion|
|CAGR (from 2023 to 2032)||6.9%|
|North America Revenue Share||45.0%|
|Asia Pacific Revenue Share||11.0%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The demand for sportswear is increasing due to the increased participation of women in various sports such as football, athletics, and basketball. According to data in 2018, 41% of women participated in the Pyeongchang Winter Olympic Games. The consumption has also increased due to the increasing number of female-oriented sporting events, such as the ICC Women’s World Cup and FIFA Women’s World Cup.
The increasing number of people visiting gyms in different countries around the world has led to a greater demand for the product. According to data from Racquet & Sportsclub Association, the United States had 39,570 gyms that saw more than 6 billion visits in 2018. People are also more inclined to engage in fitness activities to improve their health and generate traffic due to the increasing popularity of fitness apps on consumer electronic devices.
The biggest obstacle to industry growth has been the expansion and distribution of counterfeit goods via the internet. Because counterfeit goods are often cheaper than genuine ones, many consumers buy them. According to reports, counterfeiting was the most expensive crime committed worldwide in 2018. Each year, counterfeiting and other pirated goods cost more than drugs and human trafficking ($1.7 trillion).
The potential reintroductions of major sporting events such as the Olympic or Paralympic Games and the continuing popularity of outdoor and home-based activities are creating opportunities in the market. The popularity of individual sports, including those that are done outdoors, at home, yoga, esports, or virtual racing, is expected to increase over the forecast period. It is fashionable because it is versatile and can be worn in many situations.
Companies in the market that were successful have taken advantage of this trend by creating new, technologically advanced products that can be used to satisfy this need and increase profitability. Another factor that is driving the market growth is the need for attractive color combinations in a variety of sports activities. As traditional black and white colors are slowly being phased out, the demand for pastel colors has grown beyond yoga clothes to include larger sports gear.
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Report Segmentation of the Sportswear Market
The shoe category holds the largest market share and will continue growing as more people buy shoes. Sports footwear includes shoes for basketball, tennis, football, and other sports. This category also includes casual shoes. Companies like Adidas use high-end technology such as foam-blown polyurethane to give these shoes more cushioning.
The highest expected CAGR for the clothing segment will be between 2023 and 2032. This segment is driven by technological advances like t-shirts that monitor heart rate and fabrics that dry quickly. Nike’s latest line of tights, made from fabric, regulates body temperature and increases blood flow.
Distribution Channel Insight
The market is divided by distribution channels into two segments: Online and Offline. In 2022, the largest market share was held by the Offline segment. It is expected to continue holding the top spot during the forecast period. The players sell products from global brands such as Nike, Adidas, Puma, and other retail outlets. This is why the offline market has been growing.
The rise of this segment can be attributed to discounts, free trials, and instant gratification. The Online segment is expected to see the highest CAGR at 8.71% during the projection period. The increased use of smartphones and internet shopping for online shopping allows consumers to compare prices and products, driving market growth.
The market can be divided into three segments: Men, Women, or Children. The largest market share is now held by the Men in the end-use segment. The market’s growth is due to increased participation in sports and physical activities by men and the growing popularity of sportswear because of its trendy design and comfortable fit.
The projected growth rate for the women’s end-use market is 7.19%. The market expansion is being driven by cultural shifts and increased participation of women in various sports, yoga, fitness centers, and other activities. Moreover, more women are running than men. It is expected that the female market will grow dramatically in the next few years.
Recent Development of the Sportswear Market
- In June 2022, Puma launches a mobile shopping app in India to improve digital offerings. According to the German brand, it launched a mobile application to provide quick access to its products.
- In May 2021, Adidas announced that it has partnered with Allbirds. This is an all-time personal record for both brands. It weighs 2.94kg CO2e and is the result of a shared goal: to create a high-performance shoe with a low carbon footprint.
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By Distribution Channel
- North America
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Key Market Players
- Nike Inc.
- Puma SE
- Lululemon Athletica Inc
- Under Armour Inc.
- Columbia Sportswear Company
- Anta Sports
- Li Ning Group
- New Balance
- Other Key Players
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