New York, USA, May 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global sports apparel market is envisioned to generate a revenue of $267,576.3 million and grow at a noteworthy CAGR of 4.8% during the forecast timeframe from 2021-2028.
Covid-19 Impact on the Sports Apparel Market
Likewise, in several other industries, the wake of the Covid-19 pandemic has had a negative impact on the sports apparel market. To control the rapid transmission of the deadly virus, the governments of many countries have imposed a complete lockdown. This led to the disruption in supply chain networks and the shutdown of many apparel manufacturing companies for a prolonged time period. In addition, the import-export restrictions have caused an increase in the cancellation of orders from foreign clients and resulted in piling up of apparel stocks.
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Furthermore, the closure of gyms and fitness centers for a long time has badly affected the demand for sports and workout apparel. To this, the cancellation and postponement of many international sports events such as the 2020 Summer Olympics, Wimbledon Tennis Championship, Formula One, and many others, were the factors for the downfall of the market during the period of crisis. Moreover, the closure of the supermarkets, brand outlets, and discount stores has caused revenue losses and the increasing consumer preferences towards cost saving along with the reduced spending on the purchase of non-essential goods has also negatively impacted the demand for sports apparel.
However, the rising technological advancements, the launch of considerable products, and innovative initiatives taken by the leading companies have created opportunities to drive the growth of the sports apparel market post-pandemic. For instance, Adidas launched an online challenge named #HOMETEAMHERO to contribute $1 for every tracked activity per hour to the COVID-19 Solidarity Response Fund for the World Health Organization.
Segments of the Sports Apparel Market
The report has been divided the sports apparel market into segments based on end-user, distribution channel, and region.
End-User: Men Sports Apparel Sub-Segment to be Most Lucrative
Based on end-user, the sports apparel market has divided into several sub-segments namely men, women, and children sports apparel. Among these, the men's sports apparel sub-segment is expected to be most lucrative and is expected to generate a revenue of $128,300.3 million over the forecast period and accounted for $90,914.3 million in 2020. This is mainly because of the increasing popularity of sports apparel among men, due to its trendy look, excellent comfort, improve performance and prevent injury. Furthermore, the increasing outdoor sports participation such as swimming, cricket, football is expected to foster the growth of the sports apparel market sub-segment during the analysis period.
On the other hand, the women's sports apparel sub-segment is expected to garner $105,447.0 million during the estimated timeframe. This is mainly because of the growing participation of women in sports and fitness activities such as swimming, jogging, aerobics, gym, and many more. Moreover, the presence of trendy, stylish, and comfortable athleisure brands such as Nike, Wolven, Glyder, and many other products is expected to uplift the growth of the sports apparel market sub-segment over the forecast period.
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Distribution Channel: Discount Stores Sub-Segment to be Most Productive
Based on distribution channels, the sports apparel market is has divided into various sub-segments namely, e-commerce, supermarket/hypermarket, brand outlets, and discount stores. Among all these, the discount stores sub-segment is expected to be most productive and is projected to generate a revenue of $84,981.6 million during the analysis period, growing from $59,574.9 million in 2020. This is mainly because these stores provide products from international brands such as Adidas, Nike, and others. Furthermore, as these stores provide authentic products which are directly purchased from manufacturers and give attractive discounts on the purchase of branded sports apparel are the factors expected to amplify the growth of the sports apparel market sub-segment during the analysis period.
On the other hand, the e-commerce sub-segment is expected to generate a revenue of $53,901.7 million throughout the forecast period and increase from $35,055.0 million in 2020. This is mainly because of the changing consumer preferences to avoid physical stores obeying the Covid-19 protocols. In addition, the availability of huge products at a discounted price, and an increase in the number of smartphones, mobile banking, and internet accessibility are the major factors expected to upsurge the growth of the sports apparel market sub-segment throughout the estimated timeframe.
Region: Asia-Pacific Region to Hold the Maximum Share of the Sports Apparel Market
The Asia-Pacific region of sports apparel market is predicted to generate a revenue of $96,724.4 million during the analysis period. This is mainly because of the rising disposable income among millennials and changing consumer preferences towards healthy lifestyles. Moreover, the increasing pervasiveness of the young population actively participating in several physical activities and sports is predicted to drive the regional growth of the market during the analysis period.
Dynamics of the Sports Apparel Market
With the increasing number of fitness-conscious individuals all across the globe to avoid chronic diseases such as obesity, diabetes, and many more, the market is expected to witness striking growth during the analysis period. Besides, using appropriate sportswear can improve the performance during the workout and recovery, which is the factor expected to boost the growth of the sports apparel market over the forecast period. Moreover, the numerous benefits delivered by various sports apparel such as t-shirts, tracksuits, and hoodies to provide comfort during performing high-intensity exercises such as running, cycling, or workout at the gym, are expected to boost the growth of the market during the forecast period. However, various counterfeit products may hinder the growth of the market over the analysis period.
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Key players of the Sports Apparel Market
The major players of the sports apparel market include
- Lululemon Athletica Inc.
- Nike, Inc.
- PUMA SE
- New Balance
- Ralph Lauren Corporation
- New Balance
- Under Armour, Inc.
- Adidas AG Fila
- Umbro
- Columbia Sportswear Company, and many more.
These players are widely working on the development of new business strategies to obtain leading positions in the global industry.
For instance, in November 2021, Sports Inc., the leading United States-based sporting goods retailer, has announced its collaboration with Eastbay, a renowned American supplier of athletic footwear, apparel, and sports equipment. With this collaboration, the companies are aiming to deliver a featured combination of performance and lifestyle products to better serve the athlete, all across the globe.
Further, the report also presents other important aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments.
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- The Global Sports Apparel Market is Anticipated To Generate A Revenue Of $267,576.3 Million, Growing At A CAGR Of 4.8% From 2021 To 2028
