DUBAI, United Arab Emirates, April 02, 2023 (GLOBE NEWSWIRE) -- The global triathlon clothing market is assessed to trail at a CAGR of 9% from 2023 to 2033. The global market is anticipated to reach a valuation of US$ 2,081.90 million by 2023 and further surpass an estimation of around US$ 4,928.61 million by 2033. According to historical analysis, the global triathlon clothing market is revenue at US$ 1,910 million in 2022.
The industry is being rapidly favoured by the establishment of numerous organizations to promote gender equality in sports. Furthermore, women and girls across diverse sports, including triathlon, are seeking equal responsibilities, rights, and opportunities. Measures are being taken to bridge the gender gap in triathlon by empowering and supporting women spanning all sectors of the triathlon workforce. These include women in coaching, club administration, athletes, and officiating.
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Since triathlon is gradually gaining worldwide recognition, the triathlon clothing market is, as a consequence, expected to generate significant revenue in the coming years. This is also supported by the upsurge in people taking up sports. Furthermore, increase in events arranged by triathlon governing authorities of diverse regions. Rapid commercialization and evolving lifestyle trends, especially in emerging economies
Compelling Market Trends
Significant increases in the population particularly in triathlons and other sports, such as running, cycling, and swimming are expected to bode well for the overall market. Growing emphasis of top manufacturers on technological upgradations of triathlon clothing.
Expanding awareness associated with sports among women and millennials is predicted to fuel market growth over the projection period. Moreover, triathlon clothing is now being designated to efficiently protect from UV radiation and facilitate professional athletes to give superior performance.
The effective deployment of marketing strategies along with brand positioning and creative advertising is likely to invigorate interest in triathlon and associated apparel throughout the evaluation period.
Growth Drivers
The tri shorts segment is anticipated to surge by 8% over the proceeding years. The propelling interest of people in sports activities such as cycling, swimming, etc. is pushing the sales of tri shorts.
The increasing demand for comfortable yet stylish tri shorts has surged consumer inclination towards triathlon clothing. To cater to the surging consumer demand, manufacturers of triathlon apparel are releasing new products in a range of designs for every body shape and age group with the option for customization.
Various government initiatives have been taken to build sports infrastructure in different countries is likely to facilitate industry growth. In June 2019, the State General Sports Administration of China, MIIT, and nine departments together proceeded with an action plan to develop sports infrastructure on a domestic level. Plans like these are crucial in disseminating consumer awareness regarding domestic sports activities.
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Restraints
Market growth is anticipated to be restricted by the strong pricing pressure among manufacturers. Furthermore, high prices associated with the production of premium-quality triathlon apparel are anticipated to hamper the market growth.
The widespread availability of alternatives in the market along with a feeble supply chain and the absence of a vigorous distribution channel might hinder the scope of the market.
Competitive Landscape
The competitive landscape of the triathlon clothing industry is likely to get marked by several key players. Top companies in the market are employing expansion tactics like partnerships, mergers, and acquisitions, and releasing novel products to gain a competitive edge over other players.
Key Developments
In April 2022, Zone3 Ltd. introduced a breaststroke wetsuit. The launch of this product was in response to the widening population base seeking something they can swim breaststroke and front crawl with. The product is predicted to become necessary sportswear for open-water swimmers. Zone3 Ltd., Zoot Sports, De Soto Clothing Company, Inc, Louis Garneau Sports, Fanatics Inc., 2XU, Pearl Izumi, Orca, Kiwami Triathlon, TYR SPORT. INC.
Triathlon Clothing Market by Category
By Type, the Triathlon Clothing Industry is segmented as:
- Tri Tops
- Tri Shorts
- Tri Suits
By Application, the Triathlon Clothing Industry is categorized as:
- Men
- Women
By Distribution Channel, the Triathlon Clothing Industry is bifurcated as:
- Online
- Offline
By Region, the Industry of Triathlon Clothing is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Valuable Insights into the Triathlon Clothing Market
The North American region is likely to dominate the global triathlon clothing market over the forecast period. The United States clothing industry is estimated to account for a prominent share of the market over the assessment period.
The growth of the region is attributed to the high density of national and international level competitions in the country. Competitions like Sprint Triathlon Championship takes place in the country on an annual basis. In addition to this, eight Ironman races are also observed that involve an average of 16,000 Ironmen and women.
The triathlon clothing industry in the United Kingdom is predicted to witness a healthy growth rate over the coming years. As per the ‘European health and fitness market report 2020’, published by Europe Active, the number of people who go to fitness and health clubs crossed 65 million in the year 2019.
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Table of Content
1. Executive Summary | Triathlon Clothing Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
Read More TOC…
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