Functional Apparel Market Size Hit Around US$ 550 Bn by 2027

LOS ANGELES, June 19, 2020 /PRNewswire/ -- The global functional apparel market size is expected to hit of around US$ 550 Bn by 2027 and growing at a CAGR of 7.4% over forecast period 2020 to 2027.

COVID-19 Impacts on the Market

The stock shortage of Chinese manufacturer's raw materials has contributed to a significant demand deficit. Furthermore, manufacturers are expected to be put on raw material orders due to the substantial effect of the logistics industry because of the lock down amid COVID-19. Nonetheless, it is expected that suppliers will shift away from China with the intention of reducing potential market costs and growing the cluster in a given country so as to ease supply chain.

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Market Drivers and Challenges

Increased awareness of healthy lifestyle led to a rise in demand for sportwear, which in turn will allow the global market to expand. Moreover, the growth of the target market is driven by an growing number of sports and other recreational events, including trekking, cycling etc. The increasing demand for convenient apparel and accessories, as well as the rising youth participation in various fields of sport, are two of the main factors for the growth of the target market. Another element which is expected to boost demand for medical wearing laboratory apparel is increased R&D activities in medical laboratories in order to propel growth of the world market. Increasing mobile and Internet penetration boosts demand for many functional wear products like activewear, wear safety etc. which, on the other hand, are projected to drive growth of the global market for functional wear over the anticipated period. Nonetheless, a second aspect projected to impede growth of the target market is the emergence of replication goods at a lower rate.

Supermarket/Hypermarket held key market share in sales channel segment

The supermarket/hypermarket segment is expected to be experiencing considerable growth owing to-customer demand for the purchasing of practical goods in supermarkets, as the content is preferred to see, understand and be perfectly suited. The consumers can select a wide variety of items through easy and comprehensive accessibility of handy clothing goods in the supermarkets / hypermarkets.

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Furthermore, functioning apparel items are bought from retail stores close to the consumer. Also, with numerous e-commerce stores being launched into the industry, the online sector is expected to grow considerably. Firms such as Myntra, Jabong, Ebay, etc. provide their clients with new internet offerings. The hope is that these trends will open up new opportunities and raise worldwide demand.

North America Govern the Global Market

North America represented, biggest market share led by US due to the increasing need for luxury sports equipment. Furthermore, the high affordability of young people's wages and willingness to pay more for designer clothes are some significant factors that fuel the development of the region's target market.

The Asia Pacific functional clothing market is expected to expand significantly because of the increase in understanding of the healthier lifestyle. Furthermore, the growing participation of young people in various sports such as marathons, trekking, sailing, and more is boosting the demand for sportswear, which is anticipated in turn to encourage regional market growth. The strong presence of a supply base, raw material quality and low cost labor would create lucrative prospects for growth of the region's target market.

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About the Market

Functional apparel is clothing which has many functions apart from their esthetics and simple wearer protection. There are various types of practical clothing available on the market, including fitness clothing, sporting and technical apparel, medical and other apparel. Most buyers find athletic wear easy and durable due to the type of material they use in making these clothing or accessories. Synthetic fabrics, including polyester and nylon, are the fabrics most widely used in such sporting clothes, which together appear to give the strongest mix of the properties needed.

Key Players & Strategies

Participants include major global players such Adidas, Calvin Klein, Asics Corporation, HanesBrands Inc., Icebreaker, Head, Jockey International, Nike Inc., MIZUNO Corporation, and Others.

In order to gain a greater market share, businesses are designing new goods according to the current customer expectations for fashion and health.

Market Segmentation

Market By Type

• Active wear
• Sportswear
• Protective Clothing

Market By Application

• Outdoor Clothing
• Sports Industry
• Healthcar

Market By Sales Channel

• Online
• Convenience store
• Supermarkets/Hypermarkets

Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Mexico
• Brazil
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of MEA

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