(MENAFN- GetNews) According to a new report published by Grand View Research, the increasing awareness about lading a healthy lifestyle and about the health benefits of fitness activities, such as swimming, yoga, running, and aerobics are expected to drive the market
The global sportswear market size is anticipated to reach USD 479.63 billion by 2025 registering a CAGR of 10.4%, according to a new report by Grand View Research, Inc. The market is driven by rise in demand for trendy and comfortable sports shoes and clothes. Increasing participation in sports and fitness activities due to rising awareness about leading a healthy lifestyle is another major factor driving the market. Fitness activities help overcome stress related issues, such as obesity, heart diseases, depression, asthma, and diabetes.
Asian countries like India and China offer lucrative growth opportunities to international companies. According to the Indian Union Ministry of Textiles, India's textile and apparel exports were valued at Rs.189.56 billion for the month of November 2018 and it will grow further at a good pace. Improved living standards, low costs of manufacturing, and increasing disposable income levels in developing countries are the factors propelling the market in APAC region. The shoes segment accounted for the largest market share of 65.29% in 2018 and is projected to maintain the leading position throughout the forecast years due to rising demand for athletic shoes.
The clothes segment is expected to register the fastest CAGR from 2019 to 2025. Technological advancements in sportswear, such as use of reactive materials and fabrics that monitor heart rate, respiratory activity, and posture, are driving the growth of this segment. On the basis of end user, the market is segmented into men, women, and kids. The men segment held the largest market share of more than 50% in 2018. It is expected to remain the dominant segment throughout the estimated period. However, the women segment is projected to expand at the highest CAGR of 10.7% from 2019 to 2025.
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Sportswear Market Report Highlights
• The clothes product segment is expected to have the highest CAGR of 10.7% over the next few years
• Online distribution channel segment is projected to register the fastest CAGR from 2019 to 2025 due to increasing popularity of e-commerce and number of smartphone users along with fast-paced lifestyle
• In addition, heavy discounts and easy refund option offered by online portals are driving the segment growth further
• North America was the largest regional market in 2018 and is projected to remain dominant throughout forecast period
• Leading companies in the global sportswear market are Nike, Inc.; Adidas AG; LI-NING Company Ltd.; Umbro Ltd.; Puma SE, Inc.; Fila, Inc.; Lululemon Athletica Inc.; Under Armour; Columbia Sportswear Company; and Anta Sports Products Ltd.
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Sportswear Market Segmentation
Grand View Research has segmented the global sportswear market on the basis of product, distribution channel, end user, and region:
Sportswear Product Outlook (Revenue, USD Billion, 2015 – 2025)
Sportswear Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Sportswear End User Outlook (Revenue, USD Billion, 2015 – 2025)
Sportswear Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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