PUBLISHER: SkyQuest | PRODUCT CODE: 1179205
PUBLISHER: SkyQuest | PRODUCT CODE: 1179205
Global Sportswear Market was valued at USD 172.94 billion in 2021, and it is expected to reach USD 268.65 billion by 2028, with a CAGR of 6.6% over the forecast period (2022-2028).
The market is anticipated to be driven by rising awareness of leading a healthy lifestyle and the advantages of fitness pursuits, including swimming, yoga, jogging, and aerobics. This market is expanding due to the rising popularity of sporting events like the Cricket World Cup, Olympic Games, and Soccer World Cup. More people are participating in sports and fitness activities due to rising incidences of work-related health problems, including stress and obesity, which are fueling the demand for fashionable and cozy sportswear. The rising recognition of multinational sportswear companies is another factor driving product demand.
Top-down and bottom-up approaches were used to estimate and validate the size of the global sportswear market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global sportswear market is segmented based on product type, end-user, distribution channel, and region. Based on product type, the sportswear market is segmented into footwear, apparel, and wearable. Based on end users, the market is segmented into men, women, and children. Based on distribution channels, the market is segmented into e-commerce stores and retail stores. Based on region, the market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa.
Driver
According to BBC, there are now 1.55 million fewer men than women participating in sports in England. With more women participating in sports, the gap is also anticipated to narrow, boosting market expansion. The most profitable locations for the expansion of this business are China and India. Low manufacturing costs and rising disposable income levels are the primary drivers boosting the market growth in these nations. Additionally, India has a sizable market share in the textile sector, which is also anticipated to fuel market growth.
Restraint
The growth of the sportswear market may be stifled by an increase in counterfeit goods.
Industry growth is being stifled by the rising presence of counterfeit goods in many countries throughout the world in the categories of footwear, clothing, leather goods, and other products.
The Organization for Economic Cooperation and Development reported that counterfeit goods, particularly sportswear, made up 3.3% of global trade in March 2019.
Market Trends
Key players have been inspired to launch novel goods that address consumers' needs as the demand for fashionable sports apparel has increased. In the sportswear industry, several technologies, including nanotechnology, microfibers, and insulators, are becoming more and more popular. More people are choosing to lead active lifestyles. Global demand for sportswear has increased as a result.
Sports programs have been developed by the governments of various nations in educational settings like schools. The global market for sportswear is benefiting from this as well.