Sportswear Market to reach USD 365,720 Million by 2028 at a CAGR of 4.8%
BANGALORE, India, February 25, 2022 /PRNewswire/ — The sportswear market is segmented by Type (Skirts, Shirts, Coats, Pants), by Application (Professional Athletics, Amateur Sports): Industry Opportunity Analysis and Forecast, 2023-2028. It is published in Appreciate the reports under the Sports clothing Category.
Due to the COVID-19 pandemic, the global sportswear market size is estimated at US$276,050 million in 2022 and should have a readjusted size of US$365,720 million by 2028 with a CAGR of 4.8% over the review period.
Major Factors Driving the Growth of Sportswear Industry:
Consumers are increasingly incorporating sports and fitness activities into their daily routines as health awareness, the desire to live an active lifestyle and increased disposable income increase. Due to the increased participation, the dynamics of the market have changed leading to an increased demand for sportswear.
In addition, the growing interest in sports among men and women is expected to drive the growth of the sportswear market. The right sportswear can help you avoid sports injuries.
Additionally, the growing demand for fashionable sportswear is expected to fuel the growth of the sportswear market.
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TRENDS INFLUENCING THE GROWTH OF THE SPORTS APPAREL MARKET
The growth of the sportswear market is expected to be driven by rising disposable income and growing consumer interest in fitness and health activities. Additionally, the government and educational institutions are encouraging students to participate in sports activities, which is fueling the growth of the sportswear market.
During the forecast period, the sportswear market is expected to be driven by the increasing participation of women in professional and domestic sports and fitness activities. The growing intersection between sports and fashion has led to an increase in the availability of fashionable sportswear, which is expected to pique the interest of women.
Consumers have shown a willingness to pay more for athletic apparel with improved properties such as moisture management, temperature control, and other performance-enhancing features that prevent discomfort and potential injury.
Fashionable sportswear is becoming more and more popular because it is versatile, practical, trendy and can be worn for various occasions. Major players in the sportswear market have taken advantage of this increased emphasis on style by introducing innovative and technically advanced products that are both comfortable and practical to meet this demand, resulting in increased profitability.
The growth of the sportswear market is fueled by an increase in sports sponsorships. The sports media industry spends a lot of money on advertising and famous brand ambassadors, which has a big impact on encouraging people to exercise. Moreover, the collaboration of athletes with sportswear brands persuades consumers to buy sportswear. Accordingly, innovative marketing and business strategies are expected to drive the market growth.
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SPORTSWEAR MARKET SHARE ANALYSIS
According to type, the shirt segment is expected to hold the largest market share of around 37% in 2017.
Based on the applications, the Professional Athletic segment is expected to be the most lucrative segment during the forecast period.
During the forecast period, Asia Pacific expected to be the fastest growing region in the market, with China and India being the main countries with the highest percentage of young people.
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- under protection
- Columbia Sportswear
- Lululemon Athletica
- American sports
- Ralph Lauren
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