PORTLAND, Oregon, November 12, 2018 /PRNewswire/ --
Growing health consciousness among consumers and increasing use of green textile for manufacturing active wear are expected to boost the growth of the global activewear market
Allied Market Research published a report, titled, "Women's Activewear Market by Product (Top, Bottom, Outerwear, Innerwear & Swimwear, and Others), Fabric (Polyester, Nylon, Neoprene, Polypropylene, Spandex, Cotton, and Others), Distribution Channel (Online and Offline), and Price Range (Below $20, $20-$40, $40-$60, and $60 & above): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report offers in-depth analyses of the industry by closely monitoring the industry trends, drivers & opportunities, key growth strategies, top investment pockets, and competitive landscape. According to the report, the global activewear market was pegged at $119.08 billion in 2017 and is expected to garner $216.87 billion by 2025, registering a CAGR of 7.7% during 2018-2025.
Rise in health consciousness among consumers and surge in sports & fitness enthusiasm among female consumers have propelled the growth of the market. In addition, advantages offered by activewear, such as breathability, static, thermal, and chemical resistance, and quick drying, have supplemented the growth of the global activewear market. However, fluctuating cost of raw materials and high cost of designing, which result in inflated cost of the final product, hamper the market growth. On the contrary, development of green textile and its use in formulation of activewear are expected to create lucrative opportunities for the market players in future.
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Bottom wear product type governs the market
In 2017, the bottom wear segment garnered about one-third of the market and is expected to continue its dominance throughout the study period, owing to remarkable stretchability and enhanced comfort. However, the outerwear segment is expected to manifest the fastest CAGR of 9.1% through 2025, owing to ease of availability in all sizes alongside featuring trending graphics and designs. The other segments analyzed in the report include top, innerwear & swimwear, and others.
Spandex segment would portray fastest growth
The spandex segment is estimated to manifest the fastest CAGR of 8.9% during the forecast period as it is dye-friendly and is resistant to abrasion and toxic effects of body oils. However, the polyester segment held about 40% of the total share in 2017, owing to its quick drying and easily washable characteristics coupled with its ability to resist wrinkles, abrasion, and various chemicals. The report analyzes several other fabric types including nylon, neoprene, polyprolylene, cotton, and others.
Major distribution channels
The report analyzes the two major distribution channels namely online and offline. In 2017, the offline segment contributed the largest share, accounting for about 60% of the total market revenue, owing to the growing consumer preference for experiencing the texture, design, or look of the apparel before buying. However, the online segment is expected to witness the fastest CAGR of 8.8% during the study period, owing to facilities such as home delivery, ease of payment, and accessibility of numerous brands from online distribution channels.
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$40-$60 price range holds the largest market share
The $40-$60 price range segment held the largest share in the global activewear market in 2017, contributing about one-third of the total market revenue. This results is due to the rise in demand for activewear with high comfort along with increased spending capacity of consumers. However, the $20-$40 price range segment is expected to witness the fastest CAGR of 8.8% during the study period, owing to surge in middle-class population. The other price ranges taken into consideration are below $20 and $60 & above.
North America to become largest contributor
North America dominated the global activewear market in 2017 and is expected to maintain its lead throughout the forecast period, owing to the ongoing trends of pursuing a fit body and maintaining a healthy lifestyle among American youth. In 2017, North America contributed about 42% share of the global market, owing to the increased interest in sports and fitness activities among the younger population in the region. However, the Asia-Pacific region is estimated to register the fastest CAGR of 9.6% during the study period, due to upsurge in disposable income, change in lifestyles, and increase in urbanization in various countries of this region. The other regions analyzed in the report are Latin America, Middle East, and Africa.
Torchbearers of the market
The major market players analyzed in the global activewear market include Hanesbrands Inc., Adidas AG, Columbia Sportswear Company, V.F. Corporation, Under Armour, Inc., Mizuno Corporation, ASICS Corporation, NIKE, Inc., PUMA SE, and Gap, Inc. These market leaders have adopted various market strategies such as product launch, collaborations, merger & acquisitions, and partnerships to maintain their stronghold in the market.
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