Global Sportswear Market Research Analysis: Growing Demand
The global sportswear market is expected to grow from billions of dollars in 2020 to billions of dollars in 2028 at a CAGR of 10%. Sportswear is clothing worn during intense physical activities, including training sessions or playing any type of sport. They are designed to provide agility and comfort when performing any physical activity and movement. Sportswear is made from a breathable fabric that allows sweat to evaporate quickly, allowing the wearer to stay cooler for longer. Fabrics typically used to make sportswear are spandex, polyester, microfiber, and calico. Sportswear was initially used by athletes, but later became very common among gym goers and other non-athletes. Sportswear has been widely adopted in mature regions like Germany, the United States, and Canada, and developing countries like India, China, and Brazil are also increasing their demand.
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Global Sportswear Drivers and Restrictions:
Over the years, there has been a trend of increasing awareness among modern consumers regarding their physical shape as well as their appearance. As a result, consumers are increasingly motivated to try different types of physical activities including yoga, cycling, Zumba, running, among many others, which are driving the demand for sportswear significantly. . In addition to this, consumers also want to maintain a sporty yet trendy and fashionable look while performing these activities. This further encourages sportswear companies to produce items that will satisfy the demands and desires of their customers. Sportswear brands thus produce attractive and stylish sportswear that complements their physical attributes. In recent years, major players in the sportswear market have been focusing heavily on innovation in apparel design due to their growing role in enhancing the overall performance of the athlete. Hence, the growing demand for fashionable sportswear is driving the market growth significantly.
The major key players in the Sportswear market are constantly trying to improve and update their market strategies despite the growing popularity of Sportswear due to intense competition in the market. To achieve sustainability and retain their leadership position, sportswear companies must compete effectively in all areas. Kit endorsements and sponsorships are a big part of the marketing strategies used by the majority of companies. For example, Nike Inc., one of the largest sportswear companies, pays some of the best athletes in the world such as Cristiano Ronaldo, Neymar, LeBron James and many others for brand endorsement and promotion of their various products and sportswear. Moreover, major companies also sponsor uniform kits for many clubs and sports teams around the world. aggressive advertisements are thus helping to fuel the growth of the sportswear market.
Aggressive advertisements and celebrity endorsements are major factors affecting the growth of the sportswear market. The majority of key players use multiple athletes to endorse their brand. For example, Adidas pays Lionel Messi, James Rodriguez, Paul Pogba and many other star athletes to support their brand. The large fan base of these endorsers significantly boosts the demand for sportswear.
Factors restraining the growth of the global sportswear market include fluctuating raw material prices and easy availability of counterfeit products
• Impact on market size
• Trend, preferences and end-user budget impact
• Regulatory framework/Government policies
• Strategy of the key players to fight against the negative impact
• Window of Opportunity
Global Sportswear Market Segments:
The global sportswear market is further segmented into product type, distribution channel, end user, and geography.
By product type: tops and t-shirts, hoodies and sweatshirts, jackets and vests, shorts, socks, swimsuits and pants and tights
By distribution channel: e-commerce, supermarket/hypermarket, online channel, institutional channel, franchise sports store, independent sports store, modern commerce channel, brand outlets and discount stores
By end user: children, men and women
Key region/countries covered
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific)
• Rest of the world (Middle East, Africa and South America)
North America dominates the global sportswear market, which is attributed to the increasingly improved retail structure as well as an increase in the adoption of sportswear due to the approval and aggressive celebrity brand advertising. In addition to this, increasing consumer spending on sportswear which is considered as a style statement is further fueling the growth of the market in this region. Asia-Pacific is expected to witness the highest growth over the forecast period, owing to rapidly evolving retail infrastructure and increasing consumer disposable income in the Asia-Pacific region. Peaceful. China represents the highest demand due to the increasing population growth in the country. Additionally, changing lifestyles, increasing disposable income, and rising health awareness are contributing to the growth of the sportswear market in the region.
Key Players of Global Sportswear Market:
• Nike, Inc.
• Puma SE
• Under Armour, Inc.
• Ralph Lauren
• Umbro Ltd.
• Lululemon Athletica
• New Balance
• Columbia sportswear company
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Answers to the main questions posed in the report:
• The impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market size and forecast from 2020 to 2028?
• Key players associated with the global sportswear market
• Global sportswear market value chain analysis
• What is the CAGR of the global sportswear market from 2021 to 2028
• Major growth driver, challenges, trends and opportunities in the global market
• Main results of the SWOT analysis
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