Newark, Dec. 21, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Sports Apparel market is expected to grow from USD 199.58 Billion in 2022 to USD 308.47 Billion by 2032, at a CAGR of 4.45% during the forecast period 2023-2032.
This market growth is attributed to the surge in the population's healthier lifestyles and increased participation in fitness and sports activities. Also, there is a presence of many types of sports apparel in the market, which are designed to offer comfort and support while doing high-intensity workouts. It also provides a stylish look. All these factors are driving the market to grow.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 199.58 Billion |
| Market Size in 2032 | USD 308.47 Billion |
| CAGR | 4.45% |
| No. of Pages in Report | 238 |
| Segments Covered | Sport, End User and Distribution Channel |
| Drivers | Growing health awareness |
| Opportunities | Surge in Urbanization |
| Restraints | Fluctuation in the price of raw materials |
Competitive Strategy
To enhance their market position in the global Sports Apparel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In June 2022: Puma, a leading sports brand, launched a smartphone shopping app in India and used its brand ambassador, Virat Kohli, with a short digital feature film. India became the first market to access the app. It is planned to cater for the growing population of fashion-forward online shoppers and a surge in the preference for direct-to-consumer channels. These strategies help organizations grow in the market.
Market Growth & Trends
Sports apparel are designed using a breathable material, which helps evaporate sweat quickly and helps the person who wears it feel fresh for a longer time. Some common fabrics for producing sports apparel clothing are microfiber, polyester, calico, and spandex. Athletes generally used this apparel, and with time, it has become very common with regular gym-goers and other non-athletes, like people going jogging, etc. Also, it has been observed that sports apparel is common in mature regions like the US, Canada and Germany and emerging economies like China, India and Brazil; this trend is growing fast. Also, there are many product launches happening with increased participation in sports activities in countries such as the US, India, etc. Also, there is an increase in the preference for outdoor recreational activities, especially among the young population, which has increased sports apparel sales. Moreover, people are becoming health-conscious, and there is an increased inclination towards sports activities and adventurous sports, eventually driving the growth of the sports apparel market. Also, high-profile celebrities and athletes endorse the sports apparel brands, influencing consumer preference. The consumer often follows the styles of their favourite athletes, and the demand for the endorsed products will grow. Also, major sports events such as the Cricket World Cup, FIFA World Cup, Olympics and Marathons often trigger interest in fitness and sports, which eventually help in buying sports apparel.
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Key Findings
• In 2022, the amateur sport segment dominated the market with the largest market share of 82.11% and market revenue of USD 163.88 Billion.
The sport segment is divided into amateur sport and professional athletics. In 2022, the amateur sport segment dominated the market with the largest market share of 82.11% and market revenue of USD 163.88 Billion. Sports apparel are also becoming popular style statements and faster becoming a trend.
• In 2022, the men segment dominated the market with the largest market share of 49.54% and market revenue of USD 98.87 Billion.
The end user segment is divided into children, men and women. In 2022, the men segment dominated the market with the largest market share of 49.54% and market revenue of USD 98.87 Billion. This market share is attributed to a larger percentage of men's participation in sports activities. Men are found to be more interested in playing sports than women.
• In 2022, the discount stores segment dominated the market with the largest market share of 29.67% and market revenue of USD 59.22 Billion.
The Distribution Channel segment is divided into e-commerce, super/hypermarket, brand outlet and discount stores. In 2022, the discount stores segment dominated the market with the largest market share of 29.67% and market revenue of USD 59.22 Billion. It is attributed to many favourable advantages like discounts, trials before buying the product, and a sense of gratification.
Regional Segment Analysis of the Sports Apparel Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Sports Apparel industry, with a market share of 30.11% and a market value of around USD 60.09 Billion in 2022. This lion's share is attributed to the growing number of people participating in sports like rugby and basketball in the region. Marathon races like Chicago, New York City, and Boston marathons are also popular in this region. The US is also popular for other sports like racket sports, hockey, basketball, racing, lacrosse and football.
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Key players operating in the global Sports Apparel market are:
• Ralph Lauren Corporation
• Iconix International
• lululemon athletica inc
• Under Armour, Inc.
• Puma SE
• New Balance Athletics, Inc.
• Adidas AG
• Columbia Sportswear Company
• Fila Holdings Corp.
• Nike, Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Sports Apparel market based on below mentioned segments:
Global Sports Apparel Market by Sport:
• Amateur Sport
• Professional Athletics
Global Sports Apparel Market by End User:
• Children
• Men
• Women
Global Sports Apparel Market by Distribution Channel:
• E-Commerce
• Super/Hypermarket
• Brand Outlet
• Discount Stores
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About the report:
The global Sports Apparel market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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