Pune, India, Sept. 02, 2021 (GLOBE NEWSWIRE) — The global sportswear market size is expected to gain momentum by reaching USD 267.61 billion by 2028 from USD 170.94 billion in 2021 while exhibiting a CAGR of 6.6% between 2021 to 2028. Fortune Business Insights™ mentions that the market stood at USD 160.61 billion in 2020. The rising demand for comfortable yet stylish apparel is driving the sports wearables market growth. During the lockdown, consumption has increased even more.
Besides its usage while playing sports and exercising. These comfortable apparel can be worn in and off homes. Demand for joggers, hoodies, and sneakers has increased in large numbers and varieties by adults and kids. Thus, the market is expected to thrive remarkably during the forecast period.
The closure of brick-and-mortar stores worldwide due to lockdowns to curb the virus spread affected the sports market adversely. Companies reported a drop in sales and are still struggling to cope with the shortage of labor and raw materials. Moreover, many sports companies retooled toward manufacturing masks and other essentials to help people battle the virus. However, this industry is expected to boom back as national governments are helping companies to rescue their economic losses.
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What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the growth of this market.
Rising Female Participation in Sports Aid Market Growth
Women’s sport is ripe for great monetization for active wears companies. As females’ involvement in sports such as basketball, football, athletics has increased over the years. Thus this is expected to drive sportswear market growth in upcoming years. For instance, the data issued by the Olympics.Org, in 2018 stated that female participation in the Winter Olympic Games in Pyeongchang, South Korea was 41 percent, which was higher than the previous winter Olympics. Additionally, the rising number of tournaments for female sports, such as ICC Women’s World Cup, FIFA Women’s World Cup, Women’s FIH Hockey World Cup, is expected to escalate the consumption of activewear. Thereby fueling the market growth.
North America to Remain at Forefront Backed by Booming Recreational Industry
North America is expected to hold the highest global sportswear market share during the forecast period. This is ascribable to the thriving recreational industry in the region. A report by the Bureau of Economic Analysis data mentioned that the U.S. recreational sector revenue accounts for 2.2% of its GDP. Additionally, the number of students inclined towards sport is rising. The data from the National Federation State of High School Association stated that in 2018-2019 around 7,937,491 students were involved in the high school sports program. Thus the rising number of people participating in recreational and sports activities will promote the regional market. North America stood at USD 72.82 billion in 2020.
Asia Pacific is expected to experience significant growth during the forecast period owing to rising investments by the government to promote sports activity in the region. For instance, a report published by Economic Times in February 2020 reported that the Indian government allotted USD 401.6 million in its sports budget. This budget was USD 7.103 more than it’s previous year sports budget for the nation.
By product type, the sportswear market is divided into footwear, apparel, and wearable.
Based on product type, the footwear segment held a market share of 33.27% in 2020. This is attributable to increased sports activities worldwide and growing awareness about various fitness programs
Based on end-users, the market is segmented into men, women, and children. By distribution, the market is divided into eCommerce, store, and retail stores. Finally, based on region, the sportswear market is categorized into North America, Europe, Asia-Pacific, and South America.
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Key Players to Focus on Acquisitions to Strengthen Their Positions
The market for sportswear is consolidated by major companies striving to maintain their positions by focusing on facility expansion and acquisitions. For instance, in August 2019, Nike acquired a Boston-based Company named Celect, which is an AI-based predictive analytics firm. This acquisition will help Nike bring higher levels of personalization to its products through informed decisions and personalized requirements of its consumers to generate more sales and stay relevant in the sports and activewear industry. Moreover, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market’s growth in the upcoming years.
Fortune Business Insights profiles some of the prominent companies operating in the sportswear market. They are as follows:
- Puma SE, Inc (Herzogenaurach, Germany)
- Umbro Ltd (Manchester, United Kingdom)
- Adidas AG (Herzogenaurach, Germany)
- Nike, Inc (Beaverton, Oregon, United States)
- Columbia Sportswear Company (Portland, Oregon, United States)
- Under Armour, Inc (Baltimore, Maryland, United States)
- Anta Sports Products Limited (Xiamen, China)
- Lululemon Athletica Inc (Vancouver, Canada)
- Fila Holdings Corp (Seoul, South Korea)
- Li Ning Company Limited (Beijing, China)
Key Industry Development
May 2021: Rival brands Adidas and Allbirds collaborated to launch new shoes named Futurecraft. Both companies partnered and shared their proprietary technologies to come up with performance running shoes with no carbon footprint.
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Major Table of Content for Sportswear Market:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Sportswear Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type(Value)
- By End-User (Value)
- By Distribution Channel (Value)
- E-commerce Stores
- Retail Stores
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
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