The global sportswear market is expected to grow over the projected period owing to the rising awareness about healthy lifestyles and regular workout activities. Fortune Business Insight™ publish this information in a report entitled, “Sportswear Market, 2021-2028“. According to the report, the sportswear market size was $160.61 billion in 2020. The market is expected to grow from $170.94 billion in 2021 for $267.61 billion by 2028 to a 6.6% CAGR during the period 2021-2028.
Impact of COVID-19:
Restrictions on non-essential goods hampered market growth
The outbreak of the COVID-19 pandemic has hit the apparel industry hard due to disrupted supply chains and restricted manufacturing and production operations. The government has imposed strict restrictions on travel activities which have hampered product shipments. The shutdown of manufacturing and production units has affected the productivity and profitability of market-leading companies. Clothing time falls under non-essential services totally restricted during the initial phase of confinement. These factors have affected the growth of the global sportswear market during the pandemic period.
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Fortune Business Insights™ lists all companies in the sportswear market currently working to reduce the impact of the Covid-19 pandemic on the market:
- Puma SE, Inc (Germany)
- Umbro Ltd (UK)
- Adidas AG (Germany)
- Nike, Inc. (USA)
- Columbia Sportswear Company (USA)
- Under Armor Inc (USA)
- Anta Sports Products Limited (China)
- Lululemon Athletica Inc (Canada)
- Fila Holdings Corp (South Korea)
- Li Ning Company Limited (China)
The report highlights recent market developments and trends along with drivers and restraints affecting the growth of the global market during the projected period. The impact of the COVID-19 pandemic on the development and expansion of the market is discussed further in this report. In addition, the report sheds light on regional insights on segmented market areas and major market players in respective regions.
Drivers and constraints:
Increase in health awareness to support market growth
The market is expected to grow at a substantial CAGR over the forecast period owing to the growing demand for smart sportswear. Also, the participation of women in various outdoor sports activities is expected to boost the market growth. Additionally, the rising health awareness among the population is expected to fuel the growth of the market over the forecast period.
However, the availability of counterfeit products may hamper the growth of the market.
North America dominates the global market owing to its rapid development
North America holds the dominant share in the global sportswear market, where the regional market stood at USD 72.82 billion in 2020. The rapid development of the leisure industry in this region is a growth factor major.
Asia-Pacific holds the second largest market share owing to increased government investment in the sports sector. In addition, the increasing participation of adults and children in various sports activities is expected to drive the growth of the regional market.
The apparel segment will dominate the market owing to the increase in sports activities
By product type, the market is split into footwear, apparel, and apparel. The apparel segment dominates the global market share owing to the increasing conduction of several sports activities.
The male segment will dominate the global market due to its heavy involvement in adventure sports
Based on end-users, the market is bifurcated into men, women, and children. The increasing involvement of men in adventure sports activities reinforces segmental growth.
The retail store segment will hold a leading position during the forecast period
Based on distribution channels, the market is classified into e-commerce and retail stores. Retail stores dominate the global market owing to the growing number of well-known brands in both developed and developing countries.
Finally, by geography, the market share is segmented into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
The introduction of new sportswear allows key companies to improve their product portfolio
The major players in the market are focusing on introducing new product lines to enhance their portfolio and meet customer needs. In addition, companies plan to form strategic alliances, acquisitions, collaborations, mergers and partnerships to strengthen their market position and expand their business reach globally.
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Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- key ideas
- Overview of parent/related markets
- Industry SWOT Analysis
- Supply chain and regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Market analysis and overview (in relation to COVID-19)
- Impact of COVID-19 on the market
- Supply chain challenges due to the pandemic
- Potential opportunities due to COVID-19
- Global Sportswear Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market size estimates and forecasts
- By product type (value)
- Per end user (value)
- By distribution channel (value)
- E-commerce stores
- Retail stores
- By region (value)
- North America
- Asia Pacific
- South America
- Middle East and Africa
Key Industry Developments:
- September 2021: Eastbay and Champs Sports have announced the launch of a new clothing line, Eastbay Performance. The line includes compression products including tops, tanks and tights, t-shirts, jackets and shorts for training, as well as casual wear of fleece pants and hoodies.
- October 2019: Puma SE Inc has announced the launch of its clothing collection thanks to the partnership with Cloud9.
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