Rockville, Dec. 14, 2023 (GLOBE NEWSWIRE) -- According to recent research and analysis conducted by Fact.MR, a prominent market research and competitive intelligence provider, as of 2023, the global Performance Apparel Market is poised for substantial growth, projecting a valuation of US$ 10.9 billion, with expectations to ascend to US$ 21.5 billion by the end of 2033.
The worldwide demand for performance apparel is set to experience a steady increase at a CAGR of 7% from 2023 to 2033. In 2022, the performance apparel market witnessed a 6.1% year-on-year growth, reaching a valuation of US$ 10.2 billion. The performance apparel market demonstrated a Compound Annual Growth Rate (CAGR) of approximately 4.9% over the past five years.
For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=8130
Key Segments of Performance Apparel Industry Research Report
| By Product Type | By Consumer Orientation | By Sales Channel | By Application |
|
|
|
|
The influx of numerous outdoor performance apparel brands is bringing fresh combinations and cutting-edge technologies, aiming to distinguish themselves and capture consumer attention. This trend is expected to propel the sector further along its growth path.
Performance apparel, in its simplest terms, refers to garments designed to serve a specific purpose. These specialized garments play a crucial role in assisting athletes and active individuals by ensuring comfort, temperature regulation, and moisture management through various techniques.
These garments share common attributes that enable them to cater to the wearers' needs and adapt to their specific situations, thereby mitigating environmental risks. Achieving functionality in clothing can be realized through adherence to specific fabrication guidelines, meeting fabric and trim requirements, or employing chemical and fiber treatments for the materials.
The surge in Sales Fueled by Consumer Shift Towards Comfortable and Reliable Apparel
The expansion of the performance apparel industry can be attributed to the evolving lifestyle preferences of the majority in the contemporary era. Presently, active sports such as athletics, ballooning, aerobics, hiking, windsurfing, running, swimming, cycling, mountaineering, snowboarding, sailing, parachuting, and skiing are favored over other recreational activities.
The increasing risks in industries such as recycling, automotive, and others, stemming from exposure to hazardous materials like pollutants, chemicals, and other harmful substances, coupled with the growing occurrences of risk events such as terror attacks and fires, are driving the traction for performance apparel. Additionally, the corporate wear sector is experiencing growth, driven by demands for more functional clothing.
Increasing Desire for Sustainable Performance Apparel
It is widely acknowledged that the production of high-tech fabrics involves the use of environmentally harmful chemicals and processes. However, modern consumers are increasingly environmentally conscious, seeking apparel that is not only functional but also environmentally responsible.
Consumers are unwilling to compromise on either quality. Faced with this demand, the performance apparel industry is compelled to be innovative and provide performance apparel that aligns with environmental considerations.
Some apparel manufacturers have begun exploring natural fibers such as bamboo, soy, and corn-based fibers or yarns, readily available in our country. More forward-thinking manufacturers are experimenting with organic and recycled fabrics, resulting in the creation of performance apparel that is partially composed of these sustainable materials.
Primarily, recycled polyester is a common choice for this purpose. Additionally, blends of organic cotton and recycled polyester are utilized to produce eco-friendly performance apparel.
Driven by the factors mentioned above, particularly the rising demand for performance apparel, the market is forecasted to grow twofold by the end of 2033, with a projected Compound Annual Growth Rate of 7% from 2023 to 2033.
Emphasis on Sustainable Apparel Production and Digital Sales Strategies
Businesses are encouraged to prioritize the promotion of their products and allocate resources to effective marketing campaigns. With the growing prevalence of digital channels and consumers' increasing preference for online shopping, manufacturers are urged to ensure the availability of their products on various online platforms, expanding their reach to a broader audience.
Additionally, a heightened awareness among consumers about environmental concerns underscores the importance of incorporating a maximum amount of organic materials in the production of performance apparel. As consumer attitudes continue to shift towards environmentally friendly choices, there is a growing preference for products that have minimal environmental impact both during production and disposal.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=8130
| Report Attribute | Details |
| Value Projection (2033) | USD 21.5 Billion |
| Growth Rate (2023-2033) | 7.0 % CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 90 Tables |
| No. of Figures | 191 Figures |
Competitive Landscape
Key players in the performance apparel industry include Nike, Puma, Under Armour, Fila, Pearl Izumi, ADIDAS, REEBOK, Lululemon, New Balance, ASICS, and Columbia Sportswear Co.
These prominent manufacturers in the performance apparel sector are employing innovative strategies to directly engage with their end-users. Major players are strategically targeting the emerging markets in developing economies, capitalizing on abundant opportunities to accelerate their financial growth rates.
Checkout More Related Studies Published by Fact.MR Research:
Apparel Accessories Market: The global appeal accessories market is anticipated to surpass US$ 12.6 Bn in 2021 and expand at a CAGR close to 6% over the next ten years.
Women’s Apparel Market: Global demand for women’s apparel market is estimated at a market value of US$ 863 billion in 2023 and is forecasted to climb to US$ 1,280 billion by 2033-end, expanding at 4% CAGR by 2033.
Driving Apparel Market: The global driving apparel market stands at a value of US$ 15.2 billion in 2023 and is projected to reach US$ 30 billion by 2033-end, expanding at a noteworthy CAGR of 7.1%.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
