USD 170.94 billion
Report ID: SQSG25K2007 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 89 | Figures: 76
Global Sportswear Market size was valued at USD 170.94 billion in 2021 and is poised to grow from USD 182.22 billion in 2022 to USD 323.9 billion by 2030, growing at a CAGR of 6.6% in the forecast period (2023-2030).
The sportswear market is likely to be driven by rising awareness about living a healthy lifestyle and the health advantages of fitness activities such as swimming, yoga, running, and aerobics. The growing popularity of sporting events such as the Soccer World Cup, Olympic Games, and Cricket World Cup is also propelling this sector forward. Rising incidences of work-related health conditions, such as stress and obesity, are encouraging more people to participate in sports and fitness activities, which is driving up demand for fashionable and comfortable sportswear. Furthermore, the growing popularity of multinational sportswear brands is increasing product demand. Rising disposable income levels, increased living conditions, and low manufacturing costs are the primary reasons driving these countries' market growth. Furthermore, India has a significant proportion of the textile industry, which is projected to drive market expansion.
US Sportswear Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 170.94 billion
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Global sportswear market is segmented based on product type, end user, distribution channel, and region. Based on product type, sportswear market is segmented into footwear, apparel, wearable. Based on end user, sportswear market is segmented into men, women, children. Based on distribution channel, sportswear market is segmented into e-commerce stores, retail stores. Based on region, sportswear market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa.
Sportswear Market Analysis by Product Type:
In 2021, the footwear product sector held the greatest sportswear market share and is expected to grow further due to rising product demand. Tennis, football, basketball, and other sports footwear, as well as casual shoes influenced by sports footwear, are examples of sports footwear. Companies like as Nike use cutting-edge technology in the creation of such footwear, such as foam blown polyurethane, which provides more cushioning to the shoes.
The clothes segment is predicted to grow at the fastest rate, with a CAGR of 10.7 percent. The primary reasons propelling the market are technological improvements such as fast-drying fabrics and t-shirts that can measure heart rate. Nike's new tights, for example, are constructed of fabric that regulates body temperature and increases circulation.
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Based on region global sportswear market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa. Asia-Pacific is the fastest-growing region in the global sports apparel market, owing to the increased percentage of young people in countries such as China and India. The growing taste for global brands, rising disposable income, and a desire to live a healthier lifestyle are projected to boost demand for sports apparel in the region. China, aided by government programs to encourage active engagement in sports, leads the region and has the potential to overtake the United States as the world's leading sportswear market in the future.
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Sportswear Market Drivers
Sportswear Market Restraint
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The global sportswear market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key sportswear market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective and customized solutions
Top Players in the Global Sportswear Market
Sportswear Market Recent Developments
Growing Popularity of Smart Sportswear
Growing popularity of smart sportswear, which is designed to improve workout routines, monitor performance, and provide real-time feedback, represents a sportswear market growth opportunity. In January 2021, for example, a British start-up named Impulse announced the release of its riding shorts, which use Al technology to shape and stimulate riders' muscles by monitoring and sending feedback.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global sportswear market analysis, as health awareness, a desire to live an active lifestyle, and increased discretionary income grow, consumers are increasingly incorporating sports and fitness activities into their daily routine. Market dynamics have evolved as a result of greater participation, resulting in higher demand for sports apparel. Moreover, the increased interest in sports among men and women is likely to drive the growth of the sports apparel market. Athletic clothes can help you avoid sports injuries. Furthermore, the growing demand for attractive sports gear is likely to drive the sports apparel industry forward.
|Market size value in 2021||USD 170.94 billion|
|Market size value in 2030||USD 182.22 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Sportswear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sportswear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Sportswear Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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