Dublin, July 26, 2022 (GLOBE NEWSWIRE) -- The "Global Sports Apparel Market: Analysis By Product Type, By End User, By Distribution Channel, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
The global sports apparel market in 2021 was valued at US$178.73 billion, and is likely to reach US$248.99 billion by 2026. Sports apparel has grown in popularity over the last few years. With prominent players promoting and wearing top brands, sports apparel can be found practically anywhere.
There is a fundamental shift towards retail and online sales. Consumers' propensity to order sporting goods online has been boosted by the pandemic and this habit is here to stay.
Moreover, in recent years, there has been an increase in the number of people who are interested in health and fitness, as well as an increase in the number of people going to gyms, where young consumers want to not only be fit but also look good. This factor has been and continue to increase the demand for sports apparel, globally. The sports apparel market is projected to grow at a CAGR of 6.10% during the forecast period of 2022-2026.
Key Players
- PUMA SE
- NIKE, Inc.
- Adidas AG
- Under Armour, Inc.
- Lululemon Athletica Inc.
- Columbia Sportswear Company
- Li Ning Company Ltd.
- Fila Holdings Corp. and Subsidiaries
- ASICS Corporation
- VF Corporation
- Yonex Co., Ltd.
- New Balance Athletics Inc.
- Umbro
Market Segmentation Analysis:
By Product: The report splits the global sports apparel market into four different segments based on the type of product: pants & tights, tops & t-shirts, surf & swimwear, and sweaters & hoodies. The pants & tights segment held around 40.4% share in global sports apparel market in 2021, owing to convenience and comfort of using sports pants & tights.
By End User: The market report has segmented the global sports apparel market into three segments on the basis of end user: men, women, and children. Men segment held around 50% of the share in sports apparel market in 2021, owing to increasing number of men involved in various outdoor activities. Women segment is expected to grow at a CAGR of 6.6% for the period 2022-2026, driven by the rising number of sports designed specifically for women.
By Distribution Channel: The market report has segmented the global sports apparel market into four segments on the basis of distribution channel: brand outlets, e-commerce, supermarkets/hypermarkets, and discount stores. The e-commerce segment is the fastest growing segment with a CAGR of around 12.4% during forecast period, as e-commerce helped sports apparel and sports companies to contact new customers and manage their product catalogues more effectively. Nike and adidas have been working to significantly increase both retail and e-commerce as a percent of total sales in recent years by limiting their wholesale exposure to only key strategic partners and investing heavily in their digital capabilities.
By Region: According to this report, the global market can be divided into five major regions: North America (The US, Canada, and Mexico), Europe (Germany, UK, France, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Latin America, and the Middle East and Africa. North America enjoyed the major share of 34% of the global market share in 2021, primarily owing to the increasing urban population, rising participation in different physical activities like cycling, hiking, yoga, gym, etc.
Asia Pacific sports apparel industry is expected to grow at significant rate due to presence of larger number of young population, and brands carrying out localized promotion strategy to shift consumers from unbranded to branded products. Within Asia Pacific, China has been one of the fastest growing markets in the sports apparel industry.
Market Dynamics
Growth Drivers
- Increase in Gen Z Income
- Increasing Influence of Social Media
- Growing Penetration of E-Commerce
- Rapid Urbanization
- Increasing Health Consciousness Among People
- Growing Popularity of Athleisure
Challenges
- Competition from Counterfeit Stores
- Degree of Competition
Market Trends
- Rise in Usage of Blockchain Solutions
- Artificial Intelligence (AI) in Designing Apparels
- Sustainability
- Growing Demand for Fashionable Sports Apparel
- Surging Women Participation
- Celebrity Brand Ambassadors for Sports Apparel
- Blurring the Line Between Fashion and Yoga Apparel
- Technology for Personalization and Smart Clothing
- More Size Inclusivity
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/s4bu1w
