Rockville, Jan. 11, 2023 (GLOBE NEWSWIRE) — The sports apparel market reached a valuation of US$ 200 Billion in 2023. Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a 6.9% CAGR, reaching US$ 400 Billion. Rising health and self-consciousness, as well as a desire to live an active lifestyle and seem fit, are all pushing consumers to include sports and fitness activities into their daily routines. Over the projected period, the increased engagement of women in professional and domestic sports and fitness activities is likely to boost the market.
For illustration, as reported by the Bureau of Labor Statistics, 19.6% of women participated in sports, exercise, and leisure activities every day in 2021, an increase from 17.2% in 2018. The rising crossover between sports and fashion, which has led to a rise in the appearance of trendy sports clothing, is projected to stimulate women’s enthusiasm even further.
The availability of sports apparel with enhanced properties such as moisture management, temperature control, and other performance-enhancing features that prevent discomfort and potential injury has piqued the interest of consumers, who have been recognized to be willing to pay more for such added benefits. Because of the expansion of the wealthy market in emerging nations, there has been a surge in demand for sports apparel.
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Key Takeaways from the Market Study
- As of 2023, Fact.MR expects the sports apparel industry to be valued at US$ 207 Billion
- From 2023 to 2033, the sports apparel industry is poised to flourish at a 6.9% CAGR
- By 2033, the sports apparel landscape is slated to reach a valuation of US$ 400 Billion
- By end-user, the men segment is expected to dominate the market during the forecast period.
- As per Fact.MR’s projections, the market for Sports Appareling the UK will likely expand at a 6.3% CAGR
- China is poised to yield a CAGR of 6.5% with respect to Sports Appareling 2033
“Fashionable sports gear is in great demand since it is versatile, convenient, fashionable, and can be used in a variety of situations. This growing emphasis on style has been capitalized on by major players in the market studied, who have created unique, technologically complex things that are both comfortable and useful in order to match this demand, hence improving their profitability,” comments an analyst at Fact.MR
Key Segments Covered in the Sports Apparel Industry Survey
- By Product Type :
- Tops & T-Shirts
- Hoodies & Sweatshirts
- Jackets & Vests
- Surf & Swimwear
- Pants & Tights
- By End Use :
- Men Sports Apparel
- Women Sports Apparel
- Children Sports Apparel
- By Sales Channel :
- Online Sales Channel
- Company Owned Websites
- E-Commerce Websites
- Offline Sales Channel
- Modern Trade Channels
- Independent Sports Outlet
- Franchised Sports Outlet
- Specialty Stores
- Other Sales Channel
- Online Sales Channel
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The sports apparel market is highly fragmented, with numerous major worldwide and regional companies. Some of the market’s significant participants include. Companies are boosting their efforts in R&D and marketing, as well as expanding their distribution networks, in order to maintain their market position. Furthermore, they are pursuing competitive tactics by spending more in the development of new goods and technology for sports apparel production.
Key market players in the global sports apparel market are:
- Nike Inc.
- Adidas AG
- Under Armour
- Puma SE
- Sketchers USA
- Fila Korea
- In August 2022, Adidas released a new sportswear capsule collection. The new capsule collection contains flexible items with simple aesthetics that are snug and can be worn all day, and some are produced largely from recycled materials. Some of the items include a women’s rib dress, a men’s classic tee combined with woven trousers and a coach jacket, and a women’s oversized hoodie with a rib crop top and biker shorts, among others.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Equestrian Equipment market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis product type (tops & t-shirts, hoodies & sweatshirts, jackets & vests, shorts, socks, surf & swimwear, pants & tights and others) by end use (men sports apparel, women sports apparel and children sports apparel), by sales channel (online sales channel (company owned websites and e-commerce websites) and offline sales channel (modern trade channels, independent sports outlet, franchised sports outlet, specialty stores and other sales channel) across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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