PUBLISHER: The Insight Partners | PRODUCT CODE: 1070753
PUBLISHER: The Insight Partners | PRODUCT CODE: 1070753
The athleisure market is expected to grow from US$ 411.02 billion in 2021 to US$ 793.46 billion by 2028; it is estimated to grow at a CAGR of 9.9% from 2021 to 2028.
Athleisure, a type of hybrid clothing, is a fabricated style of clothing typically worn during athletic activities. These clothes and footwear can also be worn as casual wear at workplaces or while attending social events.
Based on type, the athleisure market is segmented into top wear, bottom wear, footwear, and others. In 2020, the bottomwear segment led the market, while the footwear segment is expected to register the highest CAGR in the athleisure market during the forecast period.
The athleisure market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South & Central America (SCAM), and the Middle East & Africa (MEA). In 2020, North America dominated the global athleisure market. The rising trend of fitness and health consciousness is generating demand for comfortable and fashionable activewear. Furthermore, several manufacturers concentrate on specific activewear product categories and offer tailored gear that is best suited to individuals. The rising participation of working women in domestic sports and fitness activities in the region is expected to drive the market during the forecast period. The e-commerce industry across North America is on the rise and consumers are increasingly buying products on online retail channels. According to the data from the Census Bureau of the Department of Commerce, e-commerce sales in the US increased by 9.4% (±0.9%) from Q4 2020 to Q4 2021. The rapid penetration of e-commerce in the region is providing growth opportunities for athleisure manufacturers as it helps them to cater to a larger customer base. Furthermore, the growing influence of lifestyle blogs and celebrity endorsements in marketing athleisure items to a broader customer base favors the market progress in the region. Europe ranked third, in terms of share, in the market for athleisure in 2020. The growing awareness about health and fitness among European consumers is bolstering the sales of exercise clothes and equipment. Athleisure is gaining popularity in Europe due to the societal trend toward a healthier and more active lifestyle among all age groups, and the growing popularity of sportswear worn as casualwear.
Many industries, such as the consumer goods industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols adversely affected the athleisure market. Lockdown restrictions heavily impacted the supply and the production side of athleisure, thus restraining the growth of the market. These restrictions also led to the temporary closing of sports and wellness facilities, such as gyms, during the COVID-19 ppandemic. Moreover, the shutdown of distribution facilities such as supermarkets, hypermarkets, and specialty stores led to limited access to athleisure products to consumers. However, the successful implementation of vaccination drives eased the impeding scenario by empowering the restoration efforts of people and enterprises. The economies are reviving their operations, and the demand for athleisure is expected to rise globally in the coming years. Key manufacturers have started resuming their operations. Moreover, a surge in e-commerce activities during the COVID-19 pandemic has had a positive impact on the athleisure market. Along with this, Sweaty Betty, a women's gym wears brand, reported a 60% surge in sales due to increased investments from consumers on athleisure clothing in 2020.
Adidas AG; Asics; Athleta LLC; Authentic Brands Group; Columbia Sportswear Company; Hennes and Mauritz AB; Lululemon Athletica; Nike, Inc.; Puma SE; and Under Armour Inc. are among the leading players in the athleisure market. These companies are adopting strategies such as mergers and acquisitions, and product launches to expand their geographic presence and consumer bases.
The overall athleisure market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the athleisure market.
Highlights key business priorities to assist companies realign their business strategies.
Features key findings and crucial progressive industry trends in the global athleisure market, thereby allowing players to develop effective long-term strategies.
Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
Scrutinizes in-depth market trends as well as key market drivers and restraints.
Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.