(MENAFN- GlobeNewsWire - Nasdaq) An increased inclination towards sports activities and adventurous sports, eventually driving the growth of the activewear market. The Asia Pacific region is showing the fastest growth rate as sports influence countries like China, India, Bangladesh, and Australia in the region.Newark, Sept. 06, 2024 (GLOBE NEWSWIRE) -- The global sports apparel market has been growing rapidly, driven by increasing health consciousness and a surge in participation in physical activities like running, hiking, and yoga.The global sports apparel market, valued at USD 209.56 billion in 2023, is expected to grow at a CAGR of 5.2% from 2024 to 2033, reaching USD 347.91 billion by 2033
Get a Free Sample Research Report:
The sports apparel market is marked by significant technological advancements and product innovations. For instance, Nike has launched a web3 platform called "SWOOSH" to create virtual apparel and footwear for avatars. Lululemon has also expanded its online presence, launching a flagship store on Lazmall in the Asia-Pacific region. These moves indicate a trend towards digital integration and expanding e-commerce capabilities
Key Findings
The amateur sport segment dominated the market, with a market share of around 82.11% in 2023.
The sport segment is divided into amateur sport and professional athletics. The amateur sport segment dominated the market, with a market share of around 82.11% in 2023. Sports apparel are also becoming popular style statements and faster becoming a trend.
The men segment dominated the market, with a market share of around 49.54% in 2023.
The end user segment is divided into children, men and women. The men segment dominated the market, with a market share of around 49.54% in 2023. This market share is attributed to a larger percentage of men's participation in sports activities. Men are found to be more interested in playing sports than women.
The discount stores segment dominated the market, with a market share of around 29.67% in 2023.
The Distribution Channel segment is divided into e-commerce, super/hypermarket, brand outlet and discount stores. The discount stores segment dominated the market, with a market share of around 29.67% in 2023. It is attributed to many favourable advantages like discounts, trials before buying the product, and a sense of gratification.
Browse Detailed Summary of Research Report with TOC:
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 5.2% |
| Market Size in 2033 | USD 347.91 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 235 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Sport, End User and Distribution Channel |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Sports Apparel Market Growth Drivers | Growing health awareness |
Market Drivers:
Key drivers of the sports apparel market include the increasing consumer demand for premium, high-performance products. Technological innovations in fabric and design, such as moisture management and advanced comfort features, also contribute to the market's growth. Additionally, the rise of athleisure-a blend of athletic and leisure wear-has further spurred demand, driven by the influence of social media and celebrity endorsements
Key Players:
. Ralph Lauren Corporation
. Iconix International
. Lululemon Athletica Inc
. Under Armour, Inc.
. Puma SE
. New Balance Athletics, Inc.
. Adidas AG
. Columbia Sportswear Company
. Fila Holdings Corp.
. Nike, Inc.
Market Restraints:
Challenges in the market include the volatility of raw material prices, which impacts production costs and pricing strategies. Furthermore, the high initial cost of premium sports apparel may limit its adoption in certain consumer segments, particularly in developing regions
Market Opportunities:
The increasing participation of women in sports and fitness activities presents a significant growth opportunity. Companies are launching specialized apparel lines targeting women, catering to both professional athletes and casual fitness enthusiasts. Additionally, the growing popularity of sports in emerging markets like India and China offers further opportunities for expansion
Regional Segmentation Analysis:
. North America: The largest market due to the high participation in sports like basketball and football. The presence of major brands and their extensive retail networks also bolster growth.
. Asia-Pacific: Expected to lead the market during the forecast period, driven by a young population, increasing sports participation, and rising health awareness in countries like China and India.
. Europe: Significant growth fueled by outdoor recreational activities and a rising trend in health and fitness
Ask for Customization:
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: ...
Web:
MENAFN06092024004107003653ID1108644323
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.