Global Sportswear Market to witness growth at a CAGR of 11.2% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 9.6% during the previous forecast period of 2018 to 2021.
Sportswear describes the clothing and accessories used for performing sports or engaging in physical exercise. The materials used to make this clothing are thin, stretchy, and easily absorb sweat, making it ideal for sporting activity. Sportswear covers a vast variety of things, just like any other type of clothing, from t-shirts and shorts to athletic shoes and swimwear. It includes footwear and gear for different sports, such as knee pads and helmets, in addition to clothing for the upper and lower body. Sportswear or activewear refers to clothing and footwear used for physical activity such as playing sports. The outlook for the sportswear industry is positive due to rapid innovation and a rise in global health consciousness.
As more people take part in various sporting events like football, cricket, and tennis, there is an increase in the demand for sportswear worldwide. The increase in disposable income, consumers’ high purchasing power, and their greater desire to purchase comfortable apparel are some of the major factors boosting the global sportswear sector. Consumers are growing more and more concerned with their physical health as a result of lifestyle disorders and excessive professional stress.
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Research Methodology
To ascertain segment features, qualitative and quantitative data, and the market growth drivers, secondary research is conducted. Press announcements, yearly reports from businesses, websites run by the government, and market research reports served as secondary sources for the study. Quantitative and qualitative information is also culled from paid databases like Reuters, Bloomberg, Hoovers, and others. Secondary research that is undertaken at the primary level is validated by primary research. The most popular technique for determining an accurate market size is called bottom-up market sizing. In this method, the macro and micro perspectives of all potential customers, revenue, and the current market are evaluated as a whole. However, the study is also conducted by considering micro level segments that can be realistically targeted and computed, leading to improved results.
Global Sportswear Market – Segmentation
The global sportswear market is segmented based on product type, distribution channel and end user.
Based on product type, the market is segmented into,
• Shoes
• Clothes
Based on distribution channel type, the market is segmented into,
• Online
• Offline
Based on end user type, the market is segmented into,
• Men
• Women
• Kids
Global Sportswear Market – Key Market players
Nike; Inc.; Adidas AG; LI-NING Company Ltd; Umbro Ltd.; Puma SE; Inc.; Fila; Inc.; Lululemon Athletica Inc.; Under Armour; Columbia Sportswear Company; Anta Sports Products Ltd.; Inc are the major players that are driving the growth of the market during the forecast period.
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As more people are lured to the product’s capacity to wick away perspiration, breathe, and improve body movement, the market is expanding significantly. These goods offer protection from severe weather. It increases blood flow and lessens the chance of injury. The greater participation of people in fitness activities among the expanding urban population is driving up product consumption. This has increased the propensity of consumers to purchase sportswear for the practicality and comfort it offers, along with innovations in design for sportswear like technical fabrics with excellent moisture absorption properties and stretchability, and special soles of shoes designed to distribute pressure on leg joints. Sportswear has entered the trend thanks to promotional efforts by sports personalities. The large-scale replication of branded products, which lowers demand, is one factor limiting market expansion.
Frequently Asked Questions
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