The increase in physical activities owing to the minimizing risk of various diseases is fueling the demand for sportswear in the global market.
According to the latest Arizton's market research report, the global sportswear market size to reach around USD 544 billion by 2026, growing at a CAGR of over 7% during the forecast period.
Global Sportswear Market Growth
The increase in physical activities owing to the minimizing risk of various diseases is fueling the demand for sportswear in the global market. Recreational activities are becoming increasingly popular among college going students as many youngsters plan for trekking, hiking, and other outdoor activities. More women are coming forward and the percentage of women participation in various sports events is rising continuously. The demand for sustainable sportswear is likely to see a huge growth YoY, which is expected to increase the revenue of the global sportswear market. Lululemon is the first company to come up with the concept of athleisure wear. In 2020, athleisure sales saw a jump of around 70%-80%. The women's activewear segment is witnessing significant growth due to the changing lifestyle and rising participation in sportswear activity.
What’s trending in the market?
- In 2021, Nike acquired a New York based data integration platform “Datalogue” to help its customers with digital transformation.
- PUMA is strengthening its position through collaboration with various athletes across the globe.
- To encourage more women participation women-only gyms are introduced so that they get influenced and indulge in fitness activities.
- Nike launched sportswear hijab for the Muslim community as it makes it comfortable for women to carry them during fitness activities or while playing any sports.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, end-user, distribution channel, activity type, and geography
- Competitive Landscape – 10 Key Company Profiles and 29 Other Prominent Vendors
Global Sportswear Market – Geographical Analysis
North America is the leading sportswear market compare to other regions. Some of the leading sportswear brands such as Nike, Lululemon, Columbia, and others are situated in this region. More than 55% of the American exercise regularly thereby, creating lucrative growth opportunities in the sportswear market. With high internet penetration in the US, customers prefer to shop online, resulting in a higher percentage of online sportswear sales in North America.
In India, the rising tech-savvy population is driving the demand for the sportswear market. Maharashtra, Gujarat, Rajasthan, and Tamil Nadu are the major states involved in the production of sportswear. International players are expected to invest in the region as APAC providing opportunities, the scope for innovations, and lower manufacturing costs in the sportswear market.
Strategies Adopted by the Players in the Global Sportswear Market
Players are expanding their presence in other countries through licensing. The competition among the key vendors is intense at the global level. Many online retailers are launching their own sportswear products under private label brands in the global sportswear market. For instance, Amazon launched sportswear brands such as Rebel Canyon, Peak Velocity, and Good Sport. Majority of players source from contract manufacturers located in countries such as Vietnam and China because these countries are rich in terms of availability of raw materials and have cheap labor. Some brands are trying to gain an advantage over other players by making 100% sustainable sportswear. The acceptance of mergers and acquisitions helping the players to develop new products as well as expand their market presence in the sportswear market.
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