Global Sportswear Market Expected to See Widespread Growth
New York, United States, November 30, 2021 (GLOBE NEWSWIRE) – A new report on the global sportswear market was added by Research Dive to its repository. According to the report, the global market is expected to reach $ 267,576.3 million by 2028, amounting to a 4.8% CAGR from 2021 to 2028. This report is an in-depth study offering a meticulous overview of the current status and 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 emerging market players, investors, dominant players, stakeholders, shareholders, etc.
Factors Affecting Market Growth:
The growing awareness of health and fitness among the people all over the world is the major factor fueling the growth of the global market. In addition, the availability of different types of sportswear, such as tracksuits, t-shirts, hoodies and others, designed to facilitate comfort, as well as a stylish look and support when running. high intensity training should bring lucrative growth. opportunities for the market during the forecast period. However, the growing presence of counterfeit products in the market is expected to hamper the growth of the sportswear industry.
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Impact of the COVID-19 pandemic on the market:
The sharp rise of the COVID-19 pandemic in 2020 has negatively impacted the growth of the global sportswear market. The implementation of lockdown restrictions during the pandemic put an end to the normal functioning of fitness centers and gyms. In addition, the shortage of raw materials and restrictions on import and export trade have hampered the production and sale of sportswear, hampering the growth of the market in times of pandemic.
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The report segments the global sportswear market into end user, distribution channel, and region.
The men’s sportswear sub-segment will occupy the first place
The men’s sportswear sub-segment of the end-user segment is expected to lead the market by exceeding $ 128,300.3 million in the estimated time frame. This growth is mainly due to the increasing adoption of sportswear by men, as these clothes provide great comfort, fashionable look, prevent injuries and increase performance when performing exercises.
Discount store sub-segment to dominate the market
The discount stores sub-segment of the distribution channel segment is expected to dominate the market and reach $ 84,981.6 million on schedule. This growth is mainly due to the fact that discount stores offer original products which are purchased directly from manufacturers.
The Asia-Pacific region will occupy a leading position in the market
The report assesses the global sportswear market across numerous regions including Asia-Pacific, North America, Europe, and LAMEA. Of these, the Asia-Pacific region market is expected to grow rapidly and bring in $ 96,724.4 million within the estimated time frame. The growth of this regional market is mainly due to the increasing demand for sportswear due to the increase in disposable income and changes in consumer preferences to maintain a healthy lifestyle.
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Major market players
Some of the major players operating in the global sportswear market are
- Nike, Inc.
- Columbia Sportswear Company
- PUMA SE
- New balance
- Lululemon Athletica Inc.
- Adidas AG
- Under Armor, Inc.
- Ralph Lauren Corporation, and others.
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 March 2020, Virender Sehwag, a former Indian cricketer, launched his own line of sportswear as well as sports equipment under the ‘VS’ brand.
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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