Pune, India, November 09, 2021 (GLOBE NEWSWIRE) – Sportswear Market:
According to Fortune Business Insights ™, the sportswear market The size is expected to grow to reach $ 267.61 billion by 2028, up from $ 170.94 billion in 2021, while posting a CAGR of 6.6% between 2021 and 2028. The report further explains that the market was worth 160.61 billion USD in 2020.
The growing demand for comfortable yet stylish clothing is driving the growth of the sportswear market. During confinement, consumption increased further. Besides its use during sport and exercise. These comfortable clothes can be worn inside and outside the house. The demand for joggers, hoodies and sneakers has increased in great number and variety among adults and children. So, the market is expected to flourish remarkably during the forecast period
Increased participation of women in the growth of the sports aids market
Women’s sport is ripe for big monetization for sportswear companies. The participation of women in sports such as basketball, football and track and field has increased over the years. Thus, it is expected to drive the growth of the sportswear market in the coming years. For example, data released by Olympics.Org in 2018 showed that women’s participation in the Olympic Winter Games in Pyeongchang, South Korea was 41%, which was higher than during the Olympic Games in South Korea. previous winters. In addition, the increasing number of tournaments for women’s sports, such as the ICC Women’s World Cup, the FIFA Women’s World Cup, the FIH Women’s World Cup of Hockey, is expected to lead to an escalation in consumption of women’s clothing. sport. Thus fueling market growth.
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North America to Remain at the Vanguard Supported by a Booming Recreational Industry
North America is expected to hold the highest global sportswear market share during the forecast period. This is due to the thriving recreational industry in the area. A report from the Bureau of Economic Analysis data mentions that the revenues of the American recreational sector represent 2.2% of its GDP. In addition, the number of students inclined to sport is increasing. Data from the National Federation State of High School Association shows that in 2018-19, approximately 7,937,491 students participated in the high school athletic program. Thus, the increase in the number of people participating in recreational and sports activities will promote the regional market. North America was worth $ 72.82 billion in 2020.
Asia-Pacific is expected to experience significant growth during the forecast period due to increasing government investment to promote sports activity in the region. For example, a report published by the Economic Times in February 2020 reported that the Indian government had allocated $ 401.6 million to its sports budget. That budget was $ 7.103 more than the nation’s sports budget for the previous year.
Market segmentation :
By product type, the sportswear market is divided into footwear, apparel, and apparel.
On the basis of product type, the footwear segment held a market share of 33.27% in 2020. This is attributed to the increase in sports activities around the world and the growing awareness of various fitness programs. .
On the basis of end users, the market is segmented into men, women and children. By distribution, the market is divided into e-commerce, store, and retail stores. Finally, based on region, the sportswear market is categorized as North America, Europe, Asia-Pacific, and South America.
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Key players to focus on acquisitions to strengthen their positions
The sportswear market is consolidated by large companies that strive to maintain their positions by focusing on expansion and facility acquisitions. For example, in August 2019, Nike acquired a Boston-based company named Celect, which is an AI-based predictive analytics company. This acquisition will help Nike bring higher levels of personalization to its products through informed decisions and personalized demands of its consumers in order to generate more sales and remain relevant in the sports and sportswear industry. In addition, other key players are adopting proactive strategies such as new partnerships, mergers and collaborations to drive the market growth in the years to come.
Sports Footwear Market
The Global sports shoes market the size is expected to gain momentum with the increasing use of environmentally friendly materials for manufacturing. According to the research report, the market was worth $ 93.57 billion in 2020. It is expected to grow from $ 97.42 billion in 2021 to $ 134.99 billion in 2028 at a CAGR of 4.8% over the course of the forecast period.
The demand for durable athletic shoes is increasing rapidly due to pollution concerns. In May 2021, for example, Allbirds teamed up with Adidas to launch a new sneaker for the latter’s Futurecraft line. It is made from environmentally friendly materials and is said to generate very less carbon emissions.
Cover of the report
The report involved four notable activities in projecting the current size of the athletic footwear industry. Extensive secondary research was conducted to collect data on the parent market. Our next step included primary research to authenticate these sizes, assumptions, and results with many industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Major players focus on introducing innovative products to intensify competition
The global market contains a large number of companies which are constantly striving to compete with their competitors. To do this, they mainly participate in the launches of new products to attract more customers.
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Below are the two important developments in the industry:
march 2020: Adidas launched its ‘Faster Than’ campaign and developed a new line of footwear that would help runners achieve their goals. The new SL20 design is lightweight and features a unique Lightstrike midsole.
February 2019: Xiaomi has unveiled its latest Mi 2 sports shoes for men in India. They are available online for Rs 2,999 in the colors blue, dark gray and black. These are best suited for jogging, walking, and running.
The men’s segment held more than 50% of the shares in 2020: Fortune Business Insights ™
Based on gender, the market is divided into children, women and men. Of these, the men’s segment generated more than 50% of the athletic footwear market share in 2020. This growth is attributable to the increasing participation of men, compared to the other two genders. The United States Bureau of Labor Statistics reported that men spent about 5.7 hours in sports activities in the country in 2018. But the number was about 4.9 hours for women.
Increase participation in sports and adventure activities to foster growth in North America
Geographically, North America provided $ 38.99 billion in 2020 in terms of revenue. This growth is attributable to the increasing participation of people residing in the region in multiple adventures and sporting activities. In January 2020, for example, the Outdoor Industry Association reported that around 50.5% of people participated in outdoor activities in 2018. On the other hand, Asia-Pacific is estimated to be the region with the fastest growing in the coming years due to the high consumption spending on sports shoes.
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