Sportswear Market Size, Share, Analysis, Segmentation,
Due to COVID-19 pandemic, the global sportswear market size is estimated at USD 276050 million in 2022 and is projected to reach a readjusted size of USD 365720 million by 2028 at a CAGR of 4.8% at during the period considered. Major drivers of the sportswear market include growing awareness of the benefits of sports and fitness activities. The growing participation of men and women in several sporting events will fuel the growth of the sportswear market over the forecast period.
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Trends influencing the global sportswear market
Growing interest in a fit lifestyle
Consumer disposable income is increasing due to rapid economic growth. People are interested in many sports related activities due to the need to maintain a fit lifestyle. Any type of physical activity has grown in importance as governments and educational institutions encourage students to increase their participation in sports. There are several sports activities that match the tastes and temperaments of different people and are directly related to their identity and cultural preferences. People want to be beautiful, athletic and healthy. These factors will drive the growth of the sportswear market over the forecast period.
Active participation of men and women
Both boys and girls are very interested in sports. Women who are involved with dedication in several professional and national sporting events are expected to have high levels of confidence and self-esteem. With a positive body image and higher levels of psychological well-being, they are more likely to actively contribute to society. Casual joggers to professional athletes invest in mainstream sportswear for performance-enhancing properties like moisture wicking and temperature control, to eliminate discomfort and potential injury. Additionally, essential life skills such as team building, goal setting, and the pursuit of performance excellence are necessary to survive in a competitive work environment. Sport teaches the importance of results-oriented behaviors. These factors will propel the demand for sportswear market in the coming years.
The emergence of fashionable sportswear
The cross between sport and fashion is a trendy and versatile thing. It is practical and can be worn for various occasions. Athleisure is here to stay. Women regularly wear leggings, crop tops, and sports bras while men don sweatpants, hoodies, and the like. Consumers are adding these garments to their regular wardrobe and pairing items with denim, formal wear or dresses. Older people and young people are turning to fitness and major retailers are taking advantage of this by introducing innovative products that match the style, function and technicalities of consumer needs. This, in turn, will drive the growth of the sportswear market over the forecast period.
The booming sports industry
The global sports market is skyrocketing at a rapid pace. Interest in live sporting events is huge, with professional leagues and college sporting events returning to normal. Fitness brands collaborate with sports stars to advertise their products and clothing lines. These professional athletes are highly admired by fans for their incredible achievements. Their road to success inspires a group of young people. From collecting autographs to wearing the same brand of clothing advertised by them, consumers are ready to invest in high-quality sportswear. Additionally, with the advent of digitalization and social media, mega-event engagement levels have increased dramatically. Many referrals are pouring in from various sources and betting platforms have grown in popularity. AR and VR technologies are revolutionizing the entire viewing experience. These factors will drive the growth of the sportswear market in the coming years.
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Sportswear market share
By type, the shirt segment is expected to dominate the sportswear market share with a penetration of 37%.
Based on the application, the professional sports segment will retain the lead in the sportswear market share during the forecast period.
On the basis of region, Asia-Pacific will witness the highest growth in sportswear market share owing to presence of emerging economies like China and India and huge base of population. The gradual transition to a healthy and fit lifestyle.
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