Sportswear market expected to reach $ 248.1 billion by 2026
Sportswear market forecast to reach $ 248.1 billion by 2026, registering a CAGR of 5.1% from 2019 to 2026
PORTLAND, OR, USA, Aug 26, 2021 /EINPresswire.com/ – According to a new report released by Allied Market Research, titled “Sports Apparel Market by End User and Distribution Channel: Opportunity Analysis and Industry Forecast, 2018-2026” , the sportswear market size was valued at $ 167.7 billion in 2018 and is expected to reach $ 248.1 billion by 2026, registering a CAGR of 5.1% from 2019 to 2026. In 2018, The male end-user segment accounted for more than half of the total sportswear market share and is expected to grow at a CAGR of 4.6% throughout the forecast period. The United States is one of the major market regions which accounted for a large share of the total market in 2018. Sportswear is mostly worn during training sessions or while playing sports. They are designed to provide comfort and agility when performing physical movements. Sportswear is made from breathable fabrics that allow sweat to evaporate faster, helping the wearer to stay fresher for longer. Polyester, microfiber, calico, and elastane are some of the most common fabrics used in the production of these garments. Initially, sportswear was primarily worn by athletes, but over time it has become quite common among gym goers and other non-athletes.
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The sportswear market has seen significant growth over the years and is expected to grow at a steady rate during the forecast period. Factors driving the growth of the sportswear market include growing health awareness and increasing adoption of fitness activities such as aerobics, swimming, running and yoga among consumers. In addition, the increase in the participation of women in sports and fitness activities as well as the endorsement of celebrities paved the way for sportswear. In addition, increasing disposable income and improving living standards in emerging countries such as China and India, as well as increasing consumer affinity in emerging economies towards health and fitness , further stimulate the demand for fitness clothing. However, the availability of low-quality and counterfeit products and fluctuations in the prices of the raw materials used to make these garments are holding back the growth of the market. On the contrary, the growing demand for fashionable sportswear and the increase in popularity of sportswear among children are expected to provide lucrative growth opportunities for the sportswear industry.
The report segments the global sportswear market on the basis of end user, distribution channel, and region. On the basis of the end user, the market is divided into children, men and women. Based on the distribution channel, it is segmented into E-commerce, supermarket / hypermarket, points of sale and discount stores. On the basis of region, the market is studied in North America, Europe, Asia-Pacific, and LAMEA.
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According to the analysis of the sportswear market in 2018, the male end-user segment generated the highest revenue in 2018 and is expected to remain dominant throughout the forecast period. This can be attributed to greater participation of men in sports. However, the female end user segment is expected to grow at the highest CAGR throughout the forecast period. This is due to the increasing participation of women in sports coupled with an increased frequency of product launches, which directly responds to the demand for women’s clothing.
In 2018, discount stores were the largest segment accounting for maximum share of the global sportswear market. This can be attributed to the advantageous options such as discounts and pre-purchase trials as well as the benefit of immediate gratuity. However, the e-commerce segment is expected to experience the highest growth, owing to the increase in internet penetration and online shopping.
Based on the sportswear market forecast, the United States accounted for the maximum share of the global market in 2018 and is expected to remain dominant during the forecast period. This can be attributed to the higher consumer spending on fitness clothing as it is considered a style statement. In addition, the developed retail structure and celebrity brands help drive sales in this region. However, China is expected to grow with the highest CAGR throughout the forecast period, owing to the rapid improvement in infrastructure and changes in the purchasing behavior of people in this region due to the increase. disposable income.
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Key Findings of the Sportswear Market:
The sportswear market was valued at $ 167.7 billion in 2018 and is expected to reach $ 248.1 billion by 2026, growing at a CAGR of 5.1% during the forecast period.
On an end-user basis, the female segment would experience the fastest growing, registering a CAGR of 5.6% during the forecast period.
In 2018, on an end-user basis, the male segment held the highest share, accounting for more than half of the global market share.
In 2018, China was the largest market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
North America was the dominant region in 2018, accounting for over a third of the global sportswear market share.
The major players featured in this global sportswear market are Adidas AG, Nike, Inc., Puma SE, Under Armor, Inc., Ralph Lauren Corporation, Umbro Ltd., Fila, Inc, Lululemon Athletica Incorporation, New Balance Athletic Shoe , Inc., and Columbia Sportswear Company.
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