New York, USA, July 06, 2021 (GLOBE NEWSWIRE) -- A latest report on the global sports apparel market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $267,576.3 million and rise with a remarkable CAGR of 4.8% from 2021 to 2028. The report offers an all-inclusive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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COVID-19 Impact on the Market Growth:
The rise of the COVID-19 pandemic in 2020 made an adverse impact on the growth of the market. During the pandemic, the government bodies of several regions have executed strict lockdown for preventing the spread of the virus. This has led to disruptions in supply chain and hindrances in the production of sports apparels during the lockdown period. In addition, restrictions on import-export trade have increased order cancellations from foreign clients, thus resulting in stock piling of products. All these factors are obstructing the market growth in the pandemic period.
Factors Impacting the Market Growth:
A considerable surge in the adoption of healthy lifestyle owing to the growing awareness about health and fitness among people is boosting the growth of the global sports apparel market. Also, for avoiding the risk of chronic ailments like type 2 diabetes, obesity, and others many people have started indulging in physical activities and fitness training. Furthermore, as sports apparels offer various benefits such as enhanced comfort, trendy look, and support while performing high intensity exercises like cycling, running, gym workouts, and others, their demand is mounting. This factor is anticipated to unlock profitable opportunities for the market growth during the forecast period. However, availability of forged products with cheap prices in the market is expected to impede the market growth.
The report segments the global sports apparel market into end user, distribution channel, and region.
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Men Sports Apparel Sub-Segment to Grab Leading Market Share
The men sports apparel sub-segment of the end user segment is expected to grab leading share of the market by gathering $128,300.3 million in the forecast period. This growth is mostly attributed to the mounting popularity of sportswear in men owing to their stylish appearance, and good comfort, and potential to prevent injury and increase the performance during workout.
Discount Stores Sub-Segment to Dominate the Market
The discount stores sub-segment of the distribution channel segment is projected to dominate the market by surpassing $84,981.6 million in the forecast period. The growth of this sub-segment is mostly attributed to the growing popularity of discount stores as they offer products from international brands including Adidas, Nike, and others.
Asia-Pacific Region to Lead the Market
The report analyzes the global sports apparel market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to lead the market and surpass $96,724.4 million in the estimated period. The growth of this region market is mostly owing to the increasing demand for sports apparel because of the rising disposable income as well as people’s shift towards healthy lifestyle in this region.
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Major Players in the Market:
The report lists some of the leading players functioning in the global sports apparel industry including
- Nike, Inc., Fila
- Lululemon Athletica Inc.
- New Balance
- Under Armour, Inc.
- Columbia Sportswear Company
- PUMA SE
- Adidas AG
- Umbro
- Ralph Lauren Corporation
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in May 2021, Wilson Sporting Goods, an American sports equipment manufacturer based in Chicago, Illinois, announced to launch a new line of finest athletic clothing called Wilson Sports Wear. The new products will be available in the U.S. and China, with new products being launched once every two weeks.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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