Fact.MR’s new study reveals that the global sports apparel market is set to expand at an impressive CAGR of 5.6% between 2017 and 2024, to surpass a valuation of US$ 204,500 Mn. Increasing health awareness and evolving lifestyle of consumers is expected to play an important role in driving the growth of the market in the forthcoming years.
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Greater emphasis on physical fitness and healthy living continue to inspire individuals to get enrolled in sporting activities, which concurrently influencing the global demand for sports apparels. At the same time, this is creating opportunities for manufacturers to introduce a wider-range of apparels that are more specific to wearer’s requirement.
Consumers are inclining towards apparels that offer high comfort and are fashionable. Most professional athletes and amateur sports players are unwilling to compromise on style and design of apparels. Moreover, apparels make a significant impact on the overall performance of athletes during games and even in training sessions. The aforementioned factors are expected to influence the global sport apparel market over the next couple of years.
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Innovative promotional campaigns and advertising activities are also expected to help boost the popularity of sport apparels. In addition, manufacturers are actively focusing on improving the quality and functionality of sports apparels by the using superior raw materials to attract consumers and make their products more appealing. In the modern world, sports has emerged as one of the most exciting entity, which continues to become more extravagant.
Growing media coverage of various sporting events is further helping popularise new and trendy sport apparel designs worn by teams and athletes. However, brands usually keep the prizes of apparel considerably high, which continues to hamper their sales in markets with larger ratio of cost-sensitive consumers. In addition, inflow of counterfeit products remain a major challenge for brands.
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Global Sports Apparel Market – Key Insights
- On the basis of the product type, the tops & t-shirts segment is likely to retain its top position over 2024. This segment currently command for more than 21% revenue share of the market. Towards the end of the assessment period, the segment is expected to surpass a market valuation of US$ 45,400 Mn, reflecting a healthy CAGR.
- By end use, the men sports apparel segment is expected remain domain throughout the forecast period. Currently, the segment represent nearly two-forth share of the global market in terms of revenue. In addition, the men sports apparel segment is estimated to reach a market valuation in excess of US$ 97,380 Mn by 2024-end, reflecting a steady CAGR. Meanwhile, the women sport apparel segment is projected to hold the second spot in terms of revenue.
- By sales channels, the modern trade segment is expected to remain highly attractive in 2017 and beyond. This segment presently commands for close to 21% share of the market in terms of revenue and is projected to reach of over US$ 42,500 Mn in 2024, expanding at sound CAGR.
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- Among regions, the sports apparel market in North America is expected to remain highly lucrative during the forecast period. The region’s market is projected to witness a significant growth over 2024. Also, sales of sport apparels will continue to grow substantially in regions such as Europe and Asia-Pacific excluding Japan (APEJ) during the same period.
Competition Tracking
Some of the leading companies functioning in the global market for sport apparel include, Adidas AG, Under Armour, Inc., ASICS Corporation, Columbia Sportswear Company, Yonex Co., Ltd., NIKE, Inc., PUMA SE, SKECHERS USA, Inc, Fila Korea Co Ltd., and Lululemon Athletica, Inc. A majority of these market players are concentration on improving their product design and quality in order to expand their global market presence.
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