PUBLISHER: DataM Intelligence | PRODUCT CODE: 1077293
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1077293
The global athleisure market valued USD xx million in 2021 and is forecast to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029)
Athleisure is the trend of wearing cloths specifically designed for athletic workout which is now applicable for gym goers as well as casual wear. Athleisure wear has become increasingly acceptable to be worn in various social environment even at workplaces. Most of consumers find active wear comfortable and flexible which is attributable to the kind of material used to design such apparels or footwear. Synthetic fabrics such as polyester and nylon are the most commonly used materials in such athleisure apparels, which altogether tend to provide the best combination of the required properties.
Increasing demand for sports apparel is expected to drive athleisure
Rising health and self-consciousness, desire to lead active lifestyles and to appear fit, is encouraging consumers to incorporate sports and fitness activities into their daily routine. This increased participation has led to a change in market dynamics, leading to an increased demand for athleisure products. As the consumer lifestyle has been evolving especially across the developing nations, owing to rising disposable income levels and following up with the trends of sporty fashionable looks, the athleisure market is set to grow. The rising participation of working women in domestic sports and fitness activities is expected to drive the market over the forecast period. Further, sustainability, a long-standing fashion trend, has made its way into the athleisure sector. Consumers continue to find and invest in new items made of sustainable, durable, and high-quality materials. Many firms are attempting to bridge the gap between fashion and innovative-functional designs. Also, the conduct of sports tournaments on the regular basis such as Olympics and World Cup Tournaments has been a key factor for the growth of sports apparel across the world.
Women segment held highest market revenue share of XX% in the year 2021
Increasing participation of women in sports and fitness is likely to proliferate segment growth. According to the Sasakawa Sports Foundation (SSF), 72.4% of the total population in Japan participates in sports at least once a year. Moreover, close to 70% of the total women population in the country participates in sports at least once a year. This factor is boosting the demand for sportswear and athleisure in the country. An increasing number of women taking membership in a sports club is also expected to drive market growth. Product launches, collaborations, expansions into new markets, and innovations in athleisure wear are also driving this segment's growth. For instance, in January 2020, Italian luxury brand Redemption launched its first-ever line of athleisure clothing called the "Athletix". Celebrity endorsements, promotions, and campaigns led by famous personalities tend to have a considerable impact on consumers.
Leggings segment is expected to grow with a CAGR of XX% during the forecast period. Manufacturers are launching new products made using durable, strong, and quality materials for various physical activities, like yoga, cycling, running, mountain climbing, snowboarding, skiing, and sailing. Leggings are also an essential component of athleisure wear, particularly in the women's segment, as they are multi-purpose and can easily translate from activewear to casual wear. This factor will drive the leggings product segment over the forecast period.
North America is expected to dominate the global Athleisure market in the year 2021
One of the latest trends in the region is a combination of casual and athletic designs for the development of athleisure apparel, which is poised to provide a significant push to the growth of the market. The rising awareness about adopting healthy lifestyles, which encourages customers to buy and indulge in fitness/strength activities, is anticipated to contribute to the demand for various apparel in North American regions, during the forecast period. Moreover, the increasing appetite for foreign brands and rising disposable income, coupled with the desire to lead improved lifestyles are expected to positively impact the demand for sports apparel in the region. Athleisure wear has become increasingly acceptable to be worn in various social environments. Most of the consumers in the region find activewear comfortable and flexible which is attributable to the kind of material used to design such apparel or footwear. According to the Outdoor Foundation, over 28 million people practiced yoga in the United States. Fashion searches for yoga clothing grew in 2020 in the United States and customers are opting for more color in their yoga products as well.
The global athleisure market is fragmented. The key market players such as Nike Inc., Adidas AG, Under Armour Inc, and Puma SE are focusing on developing a diversified product portfolio, which is intensifying the competition in the market studied. These companies have been taking significant measures to increase their market penetration, across the world, with product innovations and the establishment of new bases and setting up more production plants, along with their associated research and development centers. These players are also active on social media platforms to advertise their athleisure products to attract more consumers across the world. In September 2021, Asics Corporation had planned to add 18 stores to its sales network in 2022 to expand its footprint in India.In August 2021, Nike Inc. paired up with Serena Williams to unveil a "collection of women's athleisure wear and accessories, created by a group of 10 up-and-coming designers known as the Serena Williams Design Crew.
Negative impact on the global athleisure market
The COVID-19 pandemic has adversely affected several industries, including the athleisure market, worldwide. A decline in consumer spending for athletic clothing and footwear was noted by brands, like Adidas, Nike, and Puma, among others, as consumers reduced or delayed discretionary spending in response to the impacts of COVID-19, owing to a rise in unemployment rates and diminished consumer confidence. Moreover, decreased retail traffic as a result of store closures, reduced operating hours, and social distancing restrictions further impact the growth of the market. For example, during Q4 2020, Nike operations were impacted as approximately 90% of their NIKE Brand stores across North America, Europe, Middle East & Africa, Asia-Pacific, and Latin America, excluding Korea, were closed for approximately 8 weeks. Most Converse direct-to-consumer stores were also closed for a significant portion of Q4. As of July 15, 2021, approximately 99% of Nike's owned stores were open, with some operating on reduced hours.
Understand the current market scenario and viability of global athleisure over the forecast period
Visualize the composition of the global athleisure market in terms of type, end-user and distribution channel to identify major players, growth potential, and market strategies
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global athleisure market - Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market share analysis covering business revenues ($) and revenue share (%) of key market players
The global athleisure market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages
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