Sportswear Market to Exhibit of 6.6% CAGR till 2028 Backed by Growing Female Participation in Variou

The global sportswear market size is expected to gain momentum by reaching USD 267.61 billion by 2028 from USD 170.94 billion in 2021 while exhibiting a CAGR of 6.6% between 2021 to 2028. In its report titled, “Sportswear Market, 2021-2028,” Fortune Business Insights™ mentions that it stood at USD 160.61 billion in 2020.

The market is growing enormously, as people are involved in fitness more than ever of people in fitness activities. People are spending more on their health in urban places, owing to the rising disposable incomes. Going to gyms has become part of their lifestyle. All these are expected to fuel the market in upcoming years.

COVID-19 Impact

The outbreak of the Coronavirus has negatively impacted the industry across the globe as lockdown and restrictions made on the number of customer store occupancy have resulted in the reduction of sales. The sports apparel section was also adversely impacted due to lockdown, as many companies saw a decline in their sales. For instance, the data from the Business Wire in April 2020 reported that Columbia Sportswear Company saw a decline of 13% due to delayed shipment of goods. However, the market is expected to regain its pre-pandemic position in upcoming years due to increased digital commerce, increasing participation of people in sports and exercise to keep their immunity strong. Furthermore, many nations are now back to normal owing to the rapid availability of vaccines.

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Market Segmentation:

By the product type, the market for sportswear is divided into footwear, apparel, and wearable. On the basis of end-users, the market is segmented into men, women, and children. By distribution, the market is divided into e-commerce and retail stores.

Based on the end-user, the retail stores segment held a major market share in 2020. This is attributable to the rising number of new sports brands. Moreover, to avoid misfits, people prefer stores.

Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, and South America.

What does the Report Provide?

The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth.

Driving Factor

Rising Demand for Comfort Clothing to Propel Market Growth

The increasing prevalence of comfort has made consumers shift from technicalities to comfort-oriented clothing. Moreover, this has been the trend in recent years amongst millennials and gen Z. They want fashion with comfort. Therefore, sports companies have grabbed these opportunities to expand their businesses beyond sports. For instance, global sports company PUMA registered increased demand for workout gear, training tracks, running shirts, and other sportswear. Apart from the adult section, the brand registered enormous sales from the kids segment. Thus these factors are expected to drive sportswear market growth in upcoming years.

Regional Insights

North America to Remain at Forefront Backed by Developing Sports Infrastructure

North America is expected to hold the highest global sportswear market share during the forecast period. The rising popularity of the usage of advanced and high-tech fitness apps has generated more traction toward wearables in the region. Additionally, developing sports infrastructure is also positively promoting the market. For instance, a report from International Health, Racquet & Sports club Association data, which was published in 2018, reported that the U.S. has 39,570 gymnasiums, and around 6 billion people visit it. Therefore, such factors are expected to fuel the market growth in the upcoming years. The region stood at USD 72.82 billion in 2020 in terms of revenue.

Europe is also expected to showcase a significant share owing to rising awareness about exercising. A report from Play the Game. Org, March 2018, suggests that around 40% of its citizens exercise once a week. This is expected to promote the regional market for sportswear.

Competitive Landscape

Key Players to Focus on Enhancing their Product Quality to Strengthen Their Prospects

This market is consolidated by major companies striving to maintain their position by focusing on how to stay relevant in the market. For instance, Adidas AG, the leading sportswear company that once bought Reebok in 2005, is ready to sell it off to compete with Nike. The report suggests that Adidas is ready to spin off Reebok to focus on its own brand. Moreover, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.

Industry Developments

October 2019 – The German sneaker maker Puma partnered up with Esports brand Cloud9 to create apparel for gamers.
January 2021: British start-up Inpulse launched riding shorts that use AI technology. This helps to shape and stimulate cyclists' muscles by monitoring and providing feedback.

List of Key Players Profiled in this Industry Report