New York, USA, Oct. 19, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global sports apparel market is expected to garner a revenue of $267,576.3 million by 2028, growing exponentially at a CAGR of 4.8% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Increasing prevalence of chronic diseases like diabetes, obesity, arthritis, etc. has enabled more and more people around the globe to engage in various fitness activities like cycling, running, walking, hiking, and many more. In addition, fitness activities help to reduce work-related stress along with enhancing overall health and immunity of an individual. These factors are expected to drive the growth of the sports apparel market during the forecast period.
Restraints: Extensive availability of counterfeit sports apparel products are expected to impede the growth of the sports apparel market during the forecast period.
Opportunities: Availability of a variety of sport apparels like hoodie, shorts, tights, socks, t-shirts, track pants, shoes, etc. for specific sports like athletics, swimming, cycling, and so are expected to create tremendous opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the sports apparel market into various segments based on end-user, distribution channel, and region.
End-User: Men Sports Apparel Sub-segment to be Most Profitable
The men sports apparel sub-segment is expected to generate a revenue of $128,300.3 million during the forecast period. Wearing sports apparel enhances athletic performance, reduces injury, and gives a trendy look. In addition, persistent participation in various outdoor activities among men like football, cricket, badminton, etc. are further expected to bolster the growth of the sub-segment during the forecast period.
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Distribution Channel: Discount Stores Sub-segment to be Most Lucrative
The discount stores sub-segment is expected to generate a revenue of $84,981.6 million during the forecast period. A variety of products offered by these stores along with their amazing customer service are expected to drive the growth of the sub-segment during the forecast period. In addition, fresh stocks and captivating discounts offered by these stores are further expected to accelerate the sub-segment’s growth by 2028.
Region: Asia Pacific Region to Dominate the Market
The Asia Pacific region is expected to generate a revenue of $96,724.4 million during the forecast period. Increasing standard of living and rapid inclination towards healthy lifestyle among people living in this region are expected to drive the growth of the regional market. Furthermore, the rising prevalence of millennials engaging in numerous fitness activities in the Asia Pacific region is expected to augment the sports apparel market growth.
Impact of COVID-19 on the Market
The outbreak of coronavirus has had an adverse impact on the global sports apparel market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns led to the closure of various factories worldwide in order to curb the spread of the virus during the pandemic which subsequently disrupted the manufacturing and distribution processes. Gyms and fitness centers were also closed, considering the safety protocols during the pandemic. This consequently decreased the demand for sports apparels. Thus, the pandemic has had a negative impact on the growth of the sports apparel market.
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Key Players of the Market
The prominent players of the market include
- Adidas AG
- New Balance
- Umbro
- Nike
- PUMA SE
- Columbia Sportswear Company
- Ralph Lauren Corporation
- Under Armour, Inc.
- Lululemon Athletica, Inc.
- Fila, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in September 2020, Fanatics, a Florida-based sports apparel company, acquired Top of the World, a leading US college sports headwear manufacturer in order to maximize Fanatics’ presence in the headwear business.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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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