The market research recently published by Fact.MR highlights the current trends that are expected to influence the dynamics of the sportswear market in the coming years. The report introspects the supply chain, cost structure, and recent developments regarding the Sportswear market in the report and the impact of COVID-19 on these facets of the market. In addition, the micro and macroeconomic factors that may impact on the growth of the sportswear market are carefully studied in the market research presented.
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New study from Fact.MR reveals that the global sportswear market is expected to grow at an impressive CAGR of 5.6% between 2017 and 2022, to exceed a valuation of $ 204,500 million. Rising health awareness and changing lifestyle of consumers are expected to play an important role in the growth of the market in the coming years. The increased focus on fitness and a healthy lifestyle continues to drive individuals to participate in sports, which simultaneously affects the global demand for sportswear. At the same time, this creates opportunities for manufacturers to introduce a wider range of clothing that is more specific to the needs of the users.
Consumers are turning to clothes that offer great comfort and are fashionable. Most professional athletes and amateur sportspeople are unwilling to compromise on the style and design of clothing. In addition, clothing has a significant impact on the overall performance of athletes during matches and even during training sessions. The aforementioned factors are expected to influence the global sportswear market over the next two years.
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Promotional campaigns and innovative advertising activities are also expected to help increase the popularity of sportswear. In addition, manufacturers are actively focusing on improving the quality and functionality of sportswear by using premium raw materials to attract consumers and make their products more attractive. In the modern world, sport has become one of the most exciting entities, which continues to become more and more extravagant. The growing media coverage of various sporting events is also helping to popularize the new styles of fashionable sportswear worn by teams and athletes. However, brands typically keep clothing prices considerably high, which continues to hamper their sales in markets with a higher ratio of cost-sensitive consumers. In addition, the influx of counterfeit products remains a major issue for brands.
Global Sportswear Market – Key Insights
- Based on product type, the tops and t-shirts segment is expected to maintain its leading position in 2022. This segment currently accounts for over 21% of market revenue. Towards the end of the valuation period, the segment is expected to exceed a market valuation of US $ 45,400 million, reflecting a healthy CAGR.
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- In terms of end use, the mens sportswear segment is expected to remain an area throughout the forecast period. Currently, the segment represents almost two quarters of the global market in terms of revenue. In addition, the men’s sportswear segment is expected to reach a market valuation of over US $ 97,380 million by the end of 2022, reflecting a stable CAGR. Meanwhile, the women’s sportswear segment is expected to take second place in terms of revenue.
- By sales channels, the modern retail segment is expected to remain very attractive in 2017 and beyond. This segment currently holds nearly 21% of the market share in terms of revenue and is expected to reach over US $ 42,500 million in 2022, expanding at a solid CAGR.
- Among the regions, the North America sportswear market is expected to remain very lucrative during the forecast period. The region’s market is expected to experience significant growth during 2022. In addition, sportswear sales will continue to grow significantly in regions such as Europe and Asia-Pacific excluding Japan (APEJ ) during the same period.
Some of the major companies operating in the global sportswear market include Adidas AG, Under Armor, Inc., ASICS Corporation, Columbia Sportswear Company, Yonex Co., Ltd., NIKE, Inc., PUMA SE, SKECHERS USA, Inc. , Fila Korea Co Ltd. and Lululemon Athletica, Inc. The majority of these market players are focused on improving the design and quality of their products in order to expand their presence in the global market.
Read more trend reports and the like from Fact.MR – https://www.globenewswire.com/en/news-release/2019/06/11/1866892/0/en/Growing-Sportfishing-and-Angling- Popularity-Likely -to-Drive-Global-Fishing-Rods-Sales-to-Over-12-Million-by-2020-finds-Fact-MR-Study.html
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