Sports Apparel Market to Reach USD 365720 Million by 2028 at a CAGR of 4.8% | Valuates Reports
BANGALORE, India, Feb. 25, 2022 /PRNewswire/ -- The Sportswear Market is Segmented by Type (Skirts, Shirt, Coat, Pants), by Application (Professional Athletic, Amateur Sport): Opportunity Analysis and Industry Forecast, 2023–2028. It is published in Valuates Reports under the Athletic Apparel Category.
Due to the COVID-19 pandemic, the global Sports Apparel market size is estimated to be worth USD 276050 Million in 2022 and is forecast to be a readjusted size of USD 365720 Million by 2028 with a CAGR of 4.8% during the review period.
Major Factors Driving the Growth of the Sportswear Industry:
Consumers are increasingly incorporating sports and fitness activities into their daily routine as health awareness, a desire to live an active lifestyle, and increased disposable income grow. As a result of the increased participation, market dynamics have changed, resulting in increased demand for sports apparel.
Furthermore, the growing interest in sports among both men and women is expected to boost the sports apparel market growth. The right athletic clothing can help you avoid sports injuries.
Furthermore, the growing demand for fashionable sports apparel is expected to fuel the growth of the sports apparel market.
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TRENDS INFLUENCING THE GROWTH OF THE SPORTS APPAREL MARKET
The sports apparel market growth is expected to be aided by rising disposable income and consumers' increasing interest in fitness and health activities. Furthermore, the government and educational institutions are encouraging students to participate in sports activities, which is fueling the sports apparel market's growth.
During the forecast period, the sports apparel market is expected to be driven by rising female participation in professional and domestic sports and fitness activities. The growing crossover between sports and fashion has resulted in an increase in the availability of fashionable sports apparel, which is expected to pique women's interest.
Consumers have shown a willingness to pay more for sports apparel with enhanced properties such as moisture management, temperature control, and other performance-enhancing characteristics that prevent discomfort and potential injury.
Fashionable sports apparel is becoming more popular because it is versatile, convenient, trendy, and can be worn for a variety of occasions. Key players in the sports apparel market have taken advantage of this increased emphasis on style by introducing innovative, technically advanced products that are both comfortable and practical to meet this demand, resulting in increased profitability.
The growth of the sports apparel market is being fueled by an increase in sports sponsorships. The sports media industry spends a lot of money on advertising and celebrity brand ambassadors, which has a big impact on getting people to exercise. In addition, the collaboration of athletes with sports apparel brands is persuading consumers to purchase activewear. As a result, innovative marketing and business strategies are expected to boost the market growth.
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SPORTS APPAREL MARKET SHARE ANALYSIS
Based on type, the shirt segment is expected to hold the largest market share of about 37% in 2017.
Based on application, the Professional Athletic segment is expected to be the most lucrative segment during the forecast period.
During the forecast period, Asia-Pacific is expected to be the fastest-growing region in the market, with China and India being the major countries with the highest percentage of young people.
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Key Companies
- Nike
- Adidas
- Under Armour
- Puma
- VF
- Anta
- Gap
- Columbia Sports Apparels
- Lululemon Athletica
- LiNing
- Amer Sports
- ASICS
- Hanesbrands
- PEAK
- Ralph Lauren
- 361sport
- Xtep
- Billabong
- Kappa.
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SIMILAR REPORTS:
- The Europe sports equipment & apparel market size was valued at USD 115,709 Million in 2017, and is projected to reach USD 172,315 Million by 2025, growing at a CAGR of 5.5% from 2018 to 2025.
- Asia-Pacific athletic sportswear and footwear market was valued at USD 89,596.3 Million in 2019, and is projected to reach USD 110,586.9 Million by 2027, registering a CAGR of 4.3% from 2021-2027.
- The global outdoor sports apparel market is projected to reach USD 17,154 Million by 2025, registering a CAGR of 4.1% from 2018 to 2025.
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