New York, USA, Jan. 05, 2023 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global sports apparel market is projected to generate a revenue of $267,576.3 million and grow at a CAGR of 4.8% throughout the analysis timeframe from 2021 to 2028.
As per our analysts, with the increasing number of health and fitness-conscious individuals all across the globe, the sports apparel market is expected to witness progressive growth during the forecast timeframe. Besides, the growing number of individuals of all age groups participating in various physical activities such as running, swimming, playing football, doing yoga, and many more are expected to upsurge the growth of the market over the analysis period. Moreover, various benefits offered by sports apparel such as providing comfort, elegant look, and support during performing high-intensity exercises are expected to create massive growth opportunities throughout the forecast period. However, the availability of various counterfeit products may impede the growth of the market over the analysis timeframe.
Segments of the Market
The report has divided the sports apparel market into segments based on end-user, distribution channel, and region.
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End-User: Men’s Sub-Segment to be Most Lucrative
The men's sports apparel sub-segment is predicted to generate a revenue of $128,300.3 million during the forecast period. The increasing popularity of sports apparel among men as they offer excellent comfort, trendy look, and prevent injury during the workout is expected to foster the growth of the market sub-segment over the estimated timeframe.
Distribution Channel: Discount Stores Sub-Segment to be Most Productive
The discount stores sub-segment is expected to garner a revenue of $84,981.6 million during the analysis period. This is mainly due to the increasing popularity of discount stores as these stores offer products from international brands such as Adidas, Nike, and many more. Moreover, these stores provide authentic products that can be purchased directly from the manufacturer with attractive discounts which are predicted to propel the growth of the market sub-segment over the forecast period.
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Asia-Pacific Region to Have Wide Growth Opportunities
The Asia-Pacific region of the sports apparel market is predicted to generate a revenue of $96,724.4 million throughout the analysis timeframe. This is majorly because of the increasing disposable income and changing consumer preferences towards a healthy lifestyle. Furthermore, the rising prevalence of young individuals in this region involving themselves in various physical activities and sports is expected to thrive the regional growth of the market during the estimated period.
Covid-19 Impact on the Sports Apparel Market
The outbreak of the Covid-19 pandemic has had a negative impact on the sports apparel market. This is mainly due to the complete lockdown across many countries which led to cause supply chain disruptions and hence halted the manufacturing processes worldwide. Moreover, the import-export regulations imposed by the governments have led to increasing order cancellations from foreign clients and caused stockpiling of goods. The closure of gyms and fitness centers due to social distancing norms has further declined the demand for sports apparel during the pandemic period.
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Key Players of the Market
The major players of the sports apparel market include
- Nike Inc.
- Lululemon Athletica Inc.
- New Balance
- PUMA SE
- Ralph Lauren Corporation
- Fila
- Under Armour Inc.
- Columbia Sportswear Company
- Umbro
- Adidas AG
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to procure a leading position in the global industry.
For instance, in May 2021, a German multinational corporation that designs and manufactures athletic and casual footwear, apparel, and accessories, introduced its new product namely NITRO foam, which is specifically engineered for female runners. This product is designed to optimize the performance of female athletes.
In addition, the report also summarizes other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Sports Apparel Market:
- How is Sports Apparel Important for Improving an Athlete’s Performance?
- How Rapid Adoptions and Innovations in Women’s Active Wear Have Transformed the Entire Sports Apparel Market?
- A Sportsman’s Guide to Choose an Ideal Sports Apparel
- Global Sports Apparel Market Experiencing a Drastic Downfall due to the Coronavirus Pandemic
