Global Sportswear Market Expected To Reach $ 267,576.3
New York, United States, July 6, 2021 (GLOBE NEWSWIRE) – A final report on the global sportswear market has been added by Research Dive to its offerings. According to the report, the market is expected to reach $ 267,576.3 million and rise with a remarkable 4.8% CAGR from 2021 to 2028. The report offers a comprehensive overview of the current scenario and the future scope of the global industry. The report is written by expert market analysts and guarantees to be a reliable source of comprehensive market data and information for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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Impact of COVID-19 on Market Growth:
The rise of the COVID-19 pandemic in 2020 has negatively impacted the growth of the market. During the pandemic, government agencies in several regions have put in place strict containment to prevent the spread of the virus. This led to supply chain disruptions and bottlenecks in the production of sportswear during the lockdown period. In addition, restrictions on import-export trade have increased order cancellations from overseas customers, resulting in stockpiling of products. All these factors are hampering the growth of the market in times of pandemic.
Factors Affecting Market Growth:
A huge increase in the adoption of healthy lifestyle due to the growing awareness of health and fitness among people is driving the growth of the global sportswear market. In addition, to avoid the risk of chronic diseases like type 2 diabetes, obesity and others, many people have started to engage in physical activities and training. In addition, as sportswear offers various benefits such as increased comfort, trendy look and support when performing high intensity exercises like cycling, running, gym workouts and others, their demand is increasing. This factor is expected to open profitable opportunities for the market growth during the forecast period. However, the availability of cheap forged products in the market is expected to hamper the market growth.
The report segments the global sportswear market into end user, distribution channel, and region.
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Top Seize Mens Sportswear Sub-Segment Marlet To share
The men’s sportswear sub-segment of the end-user segment is expected to capture the major market share by gathering $ 128,300.3 million during the forecast period. This growth is mainly attributed to the growing popularity of sportswear among men due to its elegant appearance, good comfort and potential to prevent injuries and increase performance during training.
The discount stores sub-segment to dominate the market
The discount stores sub-segment of the distribution channel segment is expected to lead the market exceeding $ 84,981.6 million during the forecast period. The growth of this sub-segment is mainly attributed to the growing popularity of discount stores, as they carry products of international brands such as Adidas, Nike and others.
Asia-Pacific region leads the market
The report analyzes the global sportswear market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to dominate the market and surpass $ 96,724.4 million during the estimated period. The growth of the market in this region is mainly due to the growing demand for sportswear due to the increase in disposable income as well as people moving towards a healthy lifestyle in this region.
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Main market players:
The report lists some of the major players operating in the global sportswear industry, including
- Nike, Inc., Fila
- Lululemon Athletica Inc.
- New balance
- Under Armor, Inc.
- Columbia Sportswear Company
- PUMA SE
- Adidas AG
- Ralph Lauren Company
The report also offers several cutting edge tactics and approaches such as key strategic moves and developments, product / service range, business performance, Porter’s five forces analysis and SWOT analysis of major players operating in the market. global industry. For example, in May 2021, Wilson Sporting Goods, an American sports equipment manufacturer based in Chicago, Illinois, announced the launch of a new line of the finest sportswear called Wilson Sports Wear. New products will be available in the United States and China, and new products will be launched every two weeks.
Besides, the report contains detailed information of major business manufacturers such as SWOT Analysis, Product Portfolio, Financial Status – Learn to Access the Detailed Top Companies Development Strategy Report.
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