Product ID: SQMIG25K2054
Global Triathlon Clothing Market Size, Share, Growth Analysis, By Type(Tri Tops, Tri Shorts and Tri Suits), By Application(Men and Women), By Distribution Channel(Offline and Online) - Industry Forecast 2024-2031
Report ID:
SQMIG25K2054 |
Region:
Global |
Published Date: February, 2024
Pages:
275
|
Tables:
85 |
Figures:
77
Global Triathlon Clothing Market Insights
Global Triathlon Clothing Market size was valued at USD 1.7 billion in 2021 and is poised to grow from USD 1.9 billion in 2022 to USD 3.6 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).
The increase in participation in triathlons and other sports like swimming, cycling, and running as well as the number of events being held by triathlon regulatory bodies of various regions are also credited with the growth. In 2020, the COVID-19 epidemic had a significant effect on the worldwide triathlon apparel market, with most companies reporting decreased sales. The majority of triathlon clothing buyers are concentrated in North America and Europe, two areas that have been severely impacted by the epidemic. Sales of triathlon apparel are significantly harmed by this.
Retailers have suffered significant losses during this time. The lockout caused major losses for many companies, including Nike, Triathlon LAB, Road Runners Sports, and other department stores that closed. The majority of places in the world now consider sporting goods to be non-essential services, which has resulted in a significant decline in sales of these products. The abrupt termination of the sport's competitions as well as other sports events like swimming and cycling competitions had a significant negative influence on the sales of triathlon apparel.
The main factors driving the expansion of the triathlon gear industry are increased commercialization and shifting lifestyle preferences, particularly in developing nations. The triathlon gear market will experience profitable growth due to rising obesity rates and increased public awareness of the benefits of cycling and swimming. The growing number of triathletes and major manufacturers' increased attention to technical developments are two additional important factors fostering the growth of the triathlon apparel market. Additionally, the market is boosted by the expanding type selection of triathlon apparel, the popularity of triathlon contests and championships, as well as the growing interest in sports among millennials and women.
The business was encouraged by government initiatives in several nations to build sports infrastructure. For instance, the State General Sports Administration of China, the Ministry of Industry and Information Technology of China, and nine departments released a collaborative action plan in June 2020 to improve the domestic sports industry's infrastructure. This strategy is anticipated to play a significant part in raising consumer awareness of domestic sporting events, which will increase demand for sportswear in the nation.
Global Triathlon Clothing Market Report Snapshots
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