New York, USA, Nov. 30, 2021 (GLOBE NEWSWIRE) -- A new report on the global sports apparel market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $267,576.3 million by 2028, rising at a CAGR of 4.8% from 2021 to 2028. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Market Growth:
Growing awareness about health and fitness among people worldwide is the main factor fueling the growth of the global market. Additionally, the availability of different kinds of sports apparel, such as tracksuits, t-shirts, hoodies, and others, that are designed to facilitate comfort, as well as stylish look and support while performing high intensity workout is projected to bring in lucrative growth opportunities for the market in the forecast period. However, growing presence of counterfeit products in the market is projected to hamper the growth of the sports apparel industry.
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Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global sports apparel market. The implementation of lockdown restrictions during the pandemic has ceased the normal functioning of fitness centres and gyms. In addition, dearth in the supply of raw materials and restrictions on import and export trade have hampered the production and sales of sports apparel, which is hindering the growth of the market in the pandemic period.
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The report segments the global sports apparel market into end user, distribution channel, and region.
Men Sports Apparel Sub-Segment to be at the Foremost Position
The men sports apparel sub-segment of the end user segment is expected to lead the market by surpassing $128,300.3 million in the estimated timeframe. This growth is primarily owed to the rising adoption of sports apparels by men as such apparels offer great comfort, fashionable look, avoid injury, and increase the performance while performing exercises.
Discount Stores Sub-Segment to Dominate the Market
The discount stores sub-segment of the distribution channel segment is projected to lead the market and hit $84,981.6 million in the projected timeframe. This growth is primarily because discount stores provide original products that are procured directly from the manufacturers.
Asia-Pacific Region to Hold a Leading Market Position
The report evaluates the global sports apparel market across numerous regions including Asia Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific region market is projected to grow rapidly and garner $96,724.4 million in the estimated timeframe. The growth of this region market is mainly due to the rising demand for sports apparels owing to the growing disposable income and changes in the preferences of consumers for maintaining healthy lifestyle.
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Major Players of the Market
Some of the prime players functioning in the global sports apparel market are
- Fila
- Nike, Inc.
- Columbia Sportswear Company
- PUMA SE
- New Balance
- Lululemon Athletica Inc.
- Adidas AG
- Umbro
- Under Armour, Inc.
- Ralph Lauren Corporation, and others.
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 March 2020, Virender Sehwag, a former Indian cricketer, launched his own range of sportswear as well as sports equipment under the brand name 'VS'.
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
Related Article Links:
- Global Sports Apparel Market Experiencing a Drastic Downfall due to the Coronavirus Pandemic
- How Rapid Adoptions and Innovations in Women’s Active Wear Have Transformed the Entire Sports Apparel Market?
