Sportswear Market Worth $270.25 Billion by 2028 – Exclusive Report by Introspective Market Research
the sportswear market was valued at USD 190.15 billion in 2021 and is expected to reach USD 270.25 billion by 2028, growing at a CAGR of 5.15%.
Clothing and sportswear are worn during physical or sporting activities. People who enjoy sports, the gym and other activities want clothing that provides comfort, safety and energy to help them perform better. Sportswear is generally flexible and light to ensure the comfort of the user when doing sports. Athletes and non-athletes alike are drawn to sportswear retailers and manufacturers. There is a high demand for new items and equipment, which requires continuous innovation in design as well as a suitable marketing strategy. Nike, Adidas and Reebok, for example, have offices all over the world which are used to increase revenue streams.
According to Statista, as manufacturers vie for more of the activewear industry, competition is set to intensify. Nike and Adidas were the most profitable sportswear companies in the world in 2020, with combined revenues of more than $60 billion. Newcomers like Under Armor and lululemon, created in 1996 and 1998 respectively, challenge more established brands. Lululemon’s growth has been particularly impressive: net revenue exceeded $4.4 billion in 2020, up about 10% from the prior year.
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Top Key Players of Vegan Cheese Market:
- Adidas S.A.
- Nike, Inc.
- Puma SE
- Billabong International Limited
- Everlast Worldwide Inc.
- GAP inc.
- Fila, Inc.
- Constitution of Lululemon Athletica
- New Balance, Inc. Athletic Shoe
- Amer Sports Corporation
- Under Armour, Inc.
- Ralph Lauren Company
- Umbro Ltd.
- International Jockey
- Lotto Sports
- Columbia sportswear company
Market Dynamics and Drivers:
Consumer trends have benefited the activewear and activewear industry in recent years. Increased participation in physical activity stems from a growing interest in health and well-being. Men and women with busy lives are also looking for clothes that are both fashionable and comfortable. According to a survey of 2021 US customers, comfort and quality were the two most important concerns when purchasing leisure items, especially sportswear. Customers are also increasingly eco-conscious, demanding greater transparency about how their garments are made and the sustainable clothing trends that are emerging. Users can sort products by their preferred sustainability credentials on certain apparel websites.
A factor limiting the market is the variation in the prices of raw materials used in the manufacture of counterfeit sportswear and items.
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Sportswear Market Report Highlights:
By product type, tops and t-shirts dominate the market by holding the maximum market share in the overall sportswear market share.
By distribution channel, the discount store segment is expected to hold a major market share during the forecast period. Due to the variety of discount sportswear and try-before-you-buy benefits, this segment dominates the sportswear market.
Due to countries like China and India having a higher number of young people, Asia-Pacific is the fastest growing region in the global sportswear industry.
Industry key development:
In February 2022, Nordstrom announced a partnership with Brady, a next-generation sportswear brand founded by American football player Tom Brady, as the brand’s only physical store. Brady brings two decades of experience to deliver pro-level innovation and engineering apparel that is both technical and wearable.
DICK’S Sporting Goods, the largest omnichannel sporting goods store in the United States, announced the launch of VRST, a men’s activewear brand designed for the modern active man who lives on the go, in March 2021. VRST is now only accessible at VRST.com and dicks.com, but will soon be available at over 400 DICK’S stores nationwide.
Sportswear Market Segmentation:
By product type
- Hoodies & Sweatshirts
- Tops and t-shirts
- Jackets and vests
- Surfing and swimwear
- Pants and tights
By type of distribution channel
- Online stores
- Retail stores
- Brand outlets
- Discount stores
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For this report, Introspective Market Research has segmented the sportswear market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
The report encompasses all of the market size analysis in previous years for major segments and countries, along with future estimates. The study on the sportswear market takes an in-depth look at the competitive landscape of the global market. The study also provides the names of the major market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics, and drivers, as well as market analysis techniques such as PESTEL analysis, PORTER’s five forces analysis, value chain analysis, SWOT analysis, BCG matrix and Ansoff matrix.
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