Sportswear Market Key Companies and Key Trends Analysis by 2029
Global Sportswear Market: Overview
Sportswear is clothing that is worn during strenuous physical activities such as playing sports or during workouts. These garments are made in such a way as to provide both agility and comfort while performing any physical movement. It is generally designed according to the certain requirements of the sport. Sportswear also includes clothing used for outdoor sports activities.
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Growing health awareness and ever changing fashion trends are likely to propel the growth of the global sportswear market over the duration of the assessment. The varied tastes of consumers have led people to choose clothing that is comfortable but durable. This change in consumption trend is expected to increase the demand for sportswear in the years to come.
Innovation in marketing activities as well as creative brand positioning and advertising bode well for the overall development of the global sportswear market in the near future. The superior quality and increased functionality of sportswear is expected to support the growth of the global sportswear market. In addition, the increased media coverage of various sporting events is expected to boost the demand for sportswear in the years to come.
The global sportswear market has been segmented on the basis of distribution channel, end user and region. The primary objective of providing such a comprehensive report is to provide an in-depth overview of the market.
Global Sportswear Market: Notable Developments
The global sportswear market has seen some developments in recent years. One of these developments in the markets is mentioned below:
- In August 2019, Nike Inc. announced that it had acquired Celect, Inc, a Boston-based predictive analytics company. With this latest acquisition, Nike is strengthening its direct-to-consumer sales strategy. With the integration of Celect’s technology into Nike’s apps and website, the giant sportswear and footwear brand will be able to better predict the styles of clothing and sneakers that customers want. The company will also be able to predict where it wants it and when it wants it. This acquisition is expected to boost sales of sportswear by Nike in the near future.
Some of the major players in the global sportswear market are
- Gap inc.
- Under Armor, Inc
- Adidas AG
- Nike, Inc.
- Billabong International Limited
- Blacks Leisure Group Plc
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Global Sportswear Market: Drivers of Growth
Increased health awareness to fuel market growth
It is estimated that increased levels of disposable income, especially in developing countries, along with increased health awareness, will positively influence the global sportswear market. Development research to bring new fabrics with better properties as well as integrated garments with increased functionality is expected to provide immense growth opportunities for industry participants. There is a large scope for market growth in the untapped markets of the women’s and senior’s sportswear segment.
With the increased interest in sports activities, the sales volume of sportswear is likely to increase. Racket sports, ball sports, baseball are some of the sports activities that are experiencing an increase in the number of tournaments. This should stimulate the demand for sportswear. An increase in the number of sports tournaments is expected to strengthen the development of the global sportswear market during the projection years.
However, the high cost of sportswear due to massive investments in research and development activities is likely to hamper the growth of the global sportswear market. In addition, increasing availability of several counterfeit products is believed to pose a challenge for market growth during the projection period.
Global Sportswear Market: Regional Outlook
North America is likely to exert dominance in the global sportswear market during the expected time frame. The presence of several large sportswear companies such as Nike Inc., Under Armor Inc. is expected to amplify regional market growth. Another factor that is likely to further boost the regional market during the forecast period is increased health awareness.
Asia-Pacific is expected to become another promising country in the global sportswear market. The rapid growth of the market in the region is attributed to the increase in disposable income of the population as well as health consciousness. In addition, the emergence of various sporting events such as IPL, Asian Badminton Championships is expected to drive the growth of the regional market.
The global sportswear market is segmented as follows:
- Supermarket / Hypermarkets
- Points of sale
- Discount stores
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