The global sportswear market is expected to reach $267,576.3
New York, United States, 06 July. 2021 (GLOBE NEWSWIRE) — A latest report on the global sportswear market has been added by Research Dive to its offerings. According to the report, the market is expected to reach $267,576.3 million and rise with a remarkable CAGR of 4.8% from 2021 to 2028. The report offers a comprehensive overview of the current scenario and future scope of the global industry. The report is authored by expert market analysts and ensures that it is a reliable source of comprehensive market data and information for new entrants, investors, existing market players, stakeholders , shareholders, etc.
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Impact of COVID-19 on Market Growth:
The rise of the COVID-19 pandemic in 2020 has had a negative impact on the growth of the market. During the pandemic, government agencies in several regions implemented strict containment to prevent the spread of the virus. This has led to supply chain disruptions and impediments to the production of sportswear during the lockdown period. In addition, restrictions on import-export trade have increased cancellations of orders from foreign customers, resulting in stockpiling of products. All these factors are hampering the growth of the market during pandemic times.
Factors Impacting Market Growth:
Considerable increase in the adoption of healthy lifestyle due to growing awareness of health and fitness among people is driving the growth of the global sportswear market. Also, to avoid the risk of chronic diseases like type 2 diabetes, obesity, and others, many people have started indulging in physical activities and physical training. Moreover, as sportswear provides various benefits such as increased comfort, fashionable look and support when performing high intensity exercises like cycling, running, gym workouts and others, their demand increases. This factor is expected to open up profitable opportunities for market growth over the forecast period. However, the availability of cheap counterfeit products in the market is expected to hamper the growth of the market.
The report segments the global sportswear market into end-user, distribution channel, and region.
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The men’s sportswear sub-segment will take the lead Market To share
The men’s activewear sub-segment of the end-user segment is expected to grab the major market share by harvesting $128,300.3 million during the forecast period. This growth is mainly attributed to the growing popularity of sportswear among men due to its stylish appearance, good comfort and potential to prevent injuries and increase performance during training.
The discount store sub-segment will dominate the market
The discount store sub-segment of the distribution channel segment is expected to lead the market by exceeding $84,981.6 million during the forecast period. The growth of this sub-segment is mainly attributed to the growing popularity of discount stores as they offer products from international brands such as Adidas, Nike and others.
The Asia-Pacific region will dominate the market
The report analyzes the global sportswear market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. Among these, the Asia-Pacific market is expected to dominate the market and exceed $96,724.4 million over the estimated period. The growth of the market in this region is mainly due to the growing demand for sportswear due to the increase in disposable income as well as the shift of people towards a healthy lifestyle in this region.
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Main market players:
The report lists some of the key players operating in the global Sportswear industry including
- Nike, Inc., Fila
- Lululemon Athletica Inc.
- New Balance
- Under Armour, Inc.
- Columbia sportswear company
- PUMA SE
- Adidas S.A.
- Ralph Lauren Company
The report also offers several cutting-edge tactics and approaches such as key strategic moves and developments, product/service mix, business performance, Porter’s Five Forces analysis, and SWOT analysis of major players operating in the global industry. For example, in May 2021, Wilson Sporting Goods, an American sports equipment manufacturer based in Chicago, Illinois, announced the launch of a new line of premium sportswear called Wilson Sports Wear. The new products will be available in the United States and China, with new products launching once every two weeks.
In addition, the report contains information on key business manufacturers, such as SWOT analysis, product portfolio, financial position – Inquire to get access to the detailed report on the development strategy of key companies.
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