Sportswear Market Analysis and Business Opportunities by 2026
Sportswear market expected to reach $248.1 billion by 2026
PORTLAND, OR, USA, Sept. 8, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Sports Apparel Market by End User and Distribution Channel: Opportunity Analysis and Industry Forecast, 2018-2026” , the Sportswear Market size was valued at USD 167.7 Billion in 2018 and is projected to reach USD 248.1 Billion by 2026, registering a CAGR of 5.1% from 2019 to 2026. In 2018, the male end-user segment accounted for more than half of the total activewear market share and is expected to grow at a CAGR of 4.6% throughout the forecast period. major market regions which accounted for a major share of the total market in 2018. Sportswear is primarily worn during workouts or while playing sports and is designed to provide comfort and agility while performing physical movements s. Sportswear is made from breathable fabrics that allow sweat to evaporate faster, helping the wearer to stay cooler longer. Polyester, microfiber, calico, and spandex are some of the most common fabrics used in the production of these garments. Initially, sportswear was primarily worn by athletes, but over time it has become quite common among regular athletes and other non-athletes.
The sportswear market has witnessed significant growth over the years and is expected to grow at a steady pace over the forecast period. Factors driving the growth of the sportswear market include growing health awareness and increasing adoption of fitness activities such as aerobics, swimming, running, and yoga among people. consumers. Moreover, the increase in women’s participation in sports and fitness activities as well as the endorsement of celebrities has paved the way for sportswear. Additionally, increasing disposable income and improving living standards in emerging countries such as China and India, as well as increasing consumer affinity in emerging economies towards health and fitness physical, are further driving the demand for fitness apparel. However, the availability of poor quality and counterfeit products and fluctuating prices of raw materials used to manufacture these garments are hampering the growth of the market. On the contrary, growing demand for fashionable and fashionable sportswear and increasing popularity of sportswear among children are expected to provide lucrative growth opportunities for the sportswear industry.
The report segments the global sportswear market on the basis of end-user, distribution channel, and region. On the basis of end-user, the market is bifurcated into children, men and women. Based on distribution channel, it is segmented into e-commerce, supermarket/hypermarket, brand outlets and discount stores. Based on region, the market is studied North America, Europe, Asia-Pacific, and LAMEA.
According to the analysis of the sportswear market in 2018, the male end-user segment generated the highest revenue in 2018 and is expected to remain dominant throughout the forecast period. This can be attributed to greater male participation in sports. However, the female end-user segment is expected to grow at the highest CAGR throughout the forecast period. This is due to the increasing participation of women in sports coupled with an increased frequency of product launches, which directly addresses the demand for women’s clothing.
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In 2018, discount stores were the largest segment, accounting for maximum share of the global sportswear market. This can be attributed to beneficial options such as discounts and try-before-purchase as well as the benefit of instant gratification. However, the e-commerce segment is expected to witness the highest growth, owing to the increase in internet penetration and online shopping.
Based on the sportswear market forecast, the United States accounted for the maximum share of the global market in 2018 and is expected to remain dominant during the forecast period. This can be attributed to higher consumer spending on fitness apparel as it is considered a style statement. Additionally, the developed retail structure and celebrity brand endorsements help boost sales in this region. However, China is expected to grow with the highest CAGR throughout the forecast period owing to the rapid improvement in infrastructure and changes in the shopping behavior of people in this region due to the increase disposable income.
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Key Findings of the Sportswear Market:
Sportswear Market was valued at USD 167.7 Billion in 2018 and is projected to reach USD 248.1 Billion by 2026, growing at a CAGR of 5.1% during the forecast period.
On the basis of end-user, the female segment would witness the fastest growth, registering a CAGR of 5.6% during the forecast period.
In 2018, based on end-user, the men’s segment held the highest share, accounting for more than half of the global market share.
In 2018, China was the largest market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
North America was the dominant region in 2018, accounting for more than a third of the global sportswear market share.
Key players profiled in this global sportswear market are Adidas AG, Nike, Inc., Puma SE, Under Armour, Inc., Ralph Lauren Corporation, Umbro Ltd., Fila, Inc., Lululemon Athletica Incorporation, New Balance Athletic Shoe, Inc., and Columbia Sportswear Company.
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