Sportswear Market:
Growth opportunities in the sportswear market look promising over the next six years. This is mainly due to the increasing use of electronic devices in day-to-day life and expanding awareness about a healthy lifestyle along with the health benefits of fitness activities, such as swimming and yoga, and high demand from professional athletes.
Sportswear Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The robust demand for professional athletes resulting in increasing adoption of sportswear is one of the prominent drivers accelerating the growth of the global sportswear market. Smart clothing, an emerging part of sportswear, uses data analytics tools like machine learning, statistical methodologies, and pattern recognition to provide effective scheduling of training and workout, safety from injury at the time of heavy-load sessions, which impacts on players performance. The increasing use of electronic devices for day-to-day life will further strengthen the sportswear market share. For example, as per Avent, the largest distributor of electronic devices throughout the world, sportswear is considered as the big market move for IoT. Thus, the ongoing adoption of IoT by this sector will promote market growth.
Moreover, the augmenting consciousness related to a healthy lifestyle along with health benefits of fitness activities like swimming, running, yoga, and aerobics will stimulate the market growth. The growing popularity of sports events, including the Olympic games, the cricket world cup, and the football league, is further expected to propel the sportswear market size.
However, in accordance with the sportswear market analysis, the varying prices of raw materials used to manufacture such clothing and the easy accessibility of counterfeit products may curb the market growth.
Product Segment Drivers
Based on the product, footwear is projected to lead the market over the forecast. Sportswear consists of tennis, football, basketball, and other sports shoes and casual shoes persuaded by sports shoes. Companies such as Nike use high-end technology to produce such footwear, as the application of foam-blown polyurethane, which provides softness to the shoes, and has raised the market growth.
Regional Drivers
On the basis of regional coverage, North America is predicted to witness a higher CAGR over the forecast period. This is attributed to the presence of leading companies in the U.S., including Nike, Under Armour, Fila, etc., which has augmented the market growth. The increasing penetration of the sportswear market in the US stems from the rising participation of the population in activities like yoga or running, which also adds to the market growth.
Sportswear Market’s leading Manufacturers:
- Umbro
- RALPH LAUREN
- Lululemon athletica
- Fila
- Adidas
- Under Armour
- PUMA SE
- New Balance
- Columbia Sportswear Company
- Nike, Inc.
Sportswear Market Segmentation:
Segmentation by Fibre:
- Polyester
- Polypropylene
- Nylon
- Cotton
- Viscose Rayon
Segmentation by Product:
- Apparel
- Footwear
- Wearable Patches
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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