Pune,India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global sportswear market size was valued at USD 182.01 billion in 2022 and is projected to grow from USD 193.89 billion in 2023 to USD 305.67 billion by 2030, exhibiting a CAGR of 6.72% during the forecast period.
Fortune Business Insights™ provides this information in its research report, titled “Sportswear Market, 2023-2030”.
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Leading Players Featured in the Research Report:
Companies leading the sportswear market are Columbia Sportswear Company (U.S.), Under Armour, Inc. (U.S.), Anta Sports Products Limited (U.S.), Lululemon Athletica Inc. (Canada), Fila Holdings Corp (South Korea), Li Ning Company Limited (China), Puma SE (Germany), Umbro Ltd (U.K.), Adidas AG (Germany), Nike, Inc. (U.S.), and more.
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.72% |
| 2030 Value Projection | USD 305.67 Billion |
| Market Size in 2022 | USD 182.01 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 195 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Sportswear Market Growth Drivers | Increasing Health Consciousness among Global Population to Surge Product Demand |
| Surging Female Participation in Sports to Aid Market Growth |
Report Coverage:
The report gives an analysis of the major factors impelling the global market scenario over the forthcoming years. It further provides an overview of the pivotal steps undertaken by leading market players for strengthening their positions in the industry. These insights have been provided after in-depth research from credible sources.
Drivers and Restraints:
Market Value to Rise on Account of Growing Female Participation in Sports Activities
The sportswear market growth is being driven by an escalation in female participation in an array of sports domains such as basketball, athletics, football, and others. The industry expansion is further impelled by the growing popularity of female sporting events such as Women's FIH Hockey World Cup, ICC Women's World Cup, FIFA Women’s World Cup, and others.
However, there has been an increase in counterfeit products such as leather goods, clothing, and footwear in various countries. This may hinder industry expansion to some extent.
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COVID-19 Impact:
Decreased Sales and Delay in Shipment Affected Industry Expansion Amid COVID-19 Pandemic
The COVID-19 crisis negatively affected the industry growth driven by the enforcement of lockdown restrictions. This led to a drop in sales of various companies. The revenues were also impacted by a delay in the shipment of goods on account of some precautionary measures.
What are the factors driving applications of the Sportswear Market?
- Rising Health Awareness: Increasing awareness about the importance of a healthy lifestyle and physical fitness has led to a growing demand for sportswear. People are engaging in various forms of physical activities, including sports and fitness workouts, which require appropriate sportswear.
- Athleisure Trend: The athleisure trend, which combines athletic wear with casual fashion, has gained significant popularity. Sportswear is not just limited to the gym or sports field anymore; it's now a fashionable choice for everyday wear.
- Innovation in Fabric Technology: Advances in fabric technology have improved the performance and comfort of sportswear. Moisture-wicking, temperature-regulating, and breathable fabrics are now commonplace, making sportswear more appealing for various activities.
- Celebrity Endorsements: Celebrity athletes and influencers often promote sportswear brands. Their endorsements can significantly boost the visibility and desirability of sportswear products, driving consumer interest.
- E-commerce and Online Retail: The growth of e-commerce has made it easier for consumers to access a wide range of sportswear options. Online shopping platforms offer convenience and a vast selection, driving sales in the sportswear market.
- Health and Fitness Trends: The growing interest in health and fitness activities, including yoga, running, and cycling, has created a steady demand for sportswear designed for these specific activities.
- Urbanization: As more people move to urban areas, the need for comfortable and versatile clothing suitable for both physical activity and daily life has increased, contributing to the demand for sportswear.
- Customization and Personalization: Brands offering customizable sportswear products, such as personalized jerseys or shoes, cater to consumers' desire for unique and personalized items.
Segments:
Apparel Segment to Dominate on Account of High Product Demand
Based on product type, the market is subdivided into apparel, footwear, and wearables. The apparel segment is poised to account for a dominating share in the market. This is due to the escalating product demand in numerous activities such as tennis, basketball, football, and others.
Men Segment to Exhibit Considerable Surge Impelled by Growing Involvement in Trekking
On the basis of end-user, the market is subdivided into women, men, and children. The men segment is expected to dominate the market on account of increasing participation in outdoor activities. These include trekking, rock climbing, cycling, and others.
Retail Stores Segment to Exhibit Appreciable Surge Driven by Rising Popularity
Based on distribution channel, the market is segmented into retail stores and e-commerce stores. The retail stores segment is touted to depict substantial expansion throughout the forecast period. The surge is propelled by the escalating popularity of brands across the globe.
By geography, the market for sportswear is fragmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
North America to Emerge Prominent Impelled by Surging Product Deployment
North America is set to emerge dominant in terms of the sportswear market share over the forecast period. The surge is propelled by the growing product adoption across the region.
The Asia Pacific market is expected to depict considerable growth throughout the projected period. The rise is driven by the escalating investment in sports by government players.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Markets
- Regulatory Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Impact of COVID on Supply Chain of Sportswear Market
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Sportswear Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Footwear
- Apparel
- Wearables
- By End-User (Value)
- Men
- Women
- Children
- By Distribution Channel (Value)
- E-Commerce
- Retail Stores
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- Key Findings / Summary
TOC Continued...!
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Competitive Landscape:
Leading Players Ink Partnership Deals to Strengthen Industry Footing
Major market participants are implementing a range of strategic deals for strengthening the positions of their businesses. These include acquisitions, merger agreements, and the rollout of new solutions. Additional steps comprise an escalation in R&D activities and collaborations.
Key Industry Development:
- March 2021 – The founder of 2XU established Pressio, a high-performance sportswear brand, in the U.K. The move would help the company in improving the depth of its products.
Read Related Insights:
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Sports Apparel Market Size to Worth USD 271.77 Billion by 2030 | With a Striking CAGR of 4.24%
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