Sportswear Market Size To Grow At A CAGR Of 6.90% In The Forecast Period Of 2023-2028
The ‘Global Sportswear Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global sportswear market, assessing the market on the basis of its segments like product, end user, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Sportswear Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 293 billion
• Forecast CAGR (2023-2028): 6.90%
• Forecast Market Size (2028): USD 427.4 billion
Increasing interest in sports activities to combat work related health concerns such as obesity and stress is driving the demand for sportswear. Additionally, the benefits of participating regularly in sports activities is known to have several cardiovascular health benefits, among others, and such benefits are fuelling the growth of the global sportswear market. Changing lifestyles and increasing work hours are contributing towards the rising prevalence of various health conditions, which in turn is leading to people opting for sports activities to manage those conditions, thereby increasing the demand for sportswear.
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Additionally, increased promotion of sportswear by fashion influencers across social media has resulted in introduction of several styles and colour options by the key players as more consumers opt for fashionable sportswear aesthetics. The acceptance of sportswear as casual wear and their usage outside of sports activities is expected to further drive the growth of the market. Increasing prevalence of sports related injuries coupled with incorporation of fashion in sportswear have led to increase in utilisation of sportswear. Over the forecast period, the projected increase in expenditure capacities of individuals, is expected to offer tremendous opportunities to the sportswear market.
Sportswear Industry Definition and Major Segments
Sportswear refers to the footwear, clothing, and accessories used while participating in any physical exercise or sports. Material used for making sportswear is durable, comfortable, and strong, so that it can withstand rigorous use while providing comfort to the wearer. Some of the properties of sportswear include lightweight, high absorption, resilience, and permeability.
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Based on product, the market is divided into:
On the basis of end user, the market is segmented into:
Based on distribution channel, the market is bifurcated into:
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Sportswear Market Trends
The key trends in the sportswear market include the growing research and development activities by the leading sportswear manufacturers aimed towards developing advanced quality sportswear. High quality and durable sportswear are likely to last longer and can withstand rough usage and regular washings.
The escalating popularity of sports activities such as football and cricket, is yet another crucial trend contributing towards the growth of the sportswear market. This increase in popularity has resulted in more and more young adults participating in football and cricket related events. Additionally, easy availability of sportswear at offline and online retail centres is further expected to provide growth opportunities to the market.
Increased adoption of activities for exercise, including cycling and running, has also aided the market growth for sportswear. Rising health concerns have resulted in people engaging more frequently in activities for exercise, thus the requirement for comfortable, durable, and long-lasting sportswear has increased. Growing popularity of cycling and running have led to increase in demand for sports shoes that offer mobility along with durability. Increasing knowledge regarding various shoe brands along with introduction of innovative designs is expected to amplify the growth of the market. Additionally, rising disposable incomes and increased standards of living are other key trends in the market.
Key Market Players
The major players in the global sportswear market report are:
• Nike, inc.
• Adidas AG
• Puma SE
• Lululemon Athletica Inc.
• Under Armour Inc.
• ASICS Corporation
• FILA Holdings Corp.
• Columbia Sportswear Company
• Li Ning (China) Sports Goods Co., Ltd.
• ANTA Sports Products Limited
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.