Global Sports Apparel Market Poised For Remarkable Growth, Projected To Reach US$208.47 Billion In 2023 With A CAGR Of 6.10%

2023-10-19 06:46:55

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "Global Sports Apparel Market (by Product Type, End User, Distribution Channel, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets's offering.

The global sports apparel market is on track to achieve significant growth, with projections indicating it will reach a substantial value of US$208.47 billion by 2023, driven by a strong CAGR of 6.10% during the forecast period. The surge in popularity of sports apparel, the shift towards fashion-forward activewear, and the increasing adoption of online shopping are key drivers behind this market expansion.

Key Market Segments

By Product: The report identifies four product segments in the global sports apparel market: pants & tights, tops & t-shirts, surf & swimwear, and sweaters & hoodies. The pants & tights segment currently holds the largest market share due to the comfort and convenience of these products.
By End User: The market is segmented into three end-user categories: men, women, and children. Men's sports apparel holds the maximum share in the market, driven by increasing male participation in various outdoor activities. The women's segment is expected to witness significant growth during the forecast period, supported by a rising number of sports tailored specifically for women.
By Distribution Channel: The distribution channels for sports apparel include brand outlets, e-commerce, supermarkets/hypermarkets, and discount stores. The e-commerce segment is the fastest-growing, offering brands the ability to reach new customers and manage product catalogs effectively. Industry giants like Nike and Adidas have increased their focus on e-commerce, limiting wholesale exposure and investing heavily in digital capabilities.

Geographic Coverage

The global sports apparel market is divided into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, including the US, Canada, and Mexico, currently enjoys the largest market share, primarily driven by the increasing urban population, growing participation in physical activities, and high adoption of sports apparel.

The Asia Pacific sports apparel industry is expected to grow significantly due to its young population and brands implementing localized promotion strategies. China, in particular, is one of the fastest-growing markets in the sports apparel industry.

Top Impacting Factors

Growth Drivers

Increase in Gen Z Income

Growing Penetration of E-Commerce

Increasing Health Consciousness Among People

Growing Popularity of Athleisure

Challenges

Competition from Counterfeit Stores

Degree of Competition

Trends

Rise in Usage of Blockchain Solutions

Artificial Intelligence (AI) in Designing Apparels

Celebrity Brand Ambassadors for Sports Apparel

Technology for Personalization and Smart Clothing

Driver: Increase in Gen Z Income

Generation Z, also known as centennials, has become increasingly fashion-conscious, driving growth in the global apparel industry. This demographic is highly interested in trendy, comfortable, and versatile clothing. Generation Z's inclination towards sports apparel is driven not only by performance but also fashion. Their rising income further fuels the demand for sports apparel, as this demographic is health-conscious and actively involved in physical activities.

Challenge: Competition from Counterfeit Stores

Counterfeit products have improved in quality as technological capabilities in textile production countries increase. Commercial brands face stiff competition from counterfeit stores, especially in price-sensitive developing regions. Counterfeit products bypass royalty fees and franchise fees, making them a cost-effective alternative for consumers. Brands not only lose market share in emerging economies but also miss out on franchise fees, posing a significant threat to the market.

Trend: Celebrity Brand Ambassadors for Sports Apparel

Investments in advertising, promotion, and celebrity brand ambassadors are rapidly influencing consumers to engage in sports and fitness activities. Collaborations between sports personalities and sports apparel companies encourage consumers to purchase sports apparel. Innovative marketing and business strategies, along with celebrity endorsements, are expected to drive market growth.

The COVID-19 Analysis

The COVID-19 pandemic disrupted the global sports apparel market, resulting in supply chain disruptions, reduced orders, material shortages, financial challenges for companies, and other adverse effects. However, several positive shifts in consumer behavior have emerged, such as increased interest in athleisure, community-based physical activities, sustainability, influencer marketing, and localization, which are expected to have a significant impact on the market in the post-COVID era.

Companies Mentioned

Adidas AG
ASICS Corporation
Columbia Sportswear Company
FILA Holding Corporation
Li Ning Company Ltd.
Lululemon Athletica Inc.
New Balance Athletics Inc.
NIKE, Inc.
PUMA SE
Umbro
Under Armour, Inc.
VF Corporation
Yonex Co., Ltd.

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