WESTFORD, USA: Global sportswear market sales will cross $268.65 billion by 2028, with the Asia-Pacific being the primary growth driver, a new study indicates.
According to market research firm SkyQuest, the Asia Pacific will take the lead in global sportswear market share in 2028, followed by North America and Europe. Combined sales in Asia-Pacific and Latin America are expected to increase by 20% and 30% respectively in the period under review. The main drivers for this growth are rising incomes and changing lifestyles in these regions, as well as an increased demand for sports and fitness apparel.
This growth is fueled in part by the increased popularity of sports such as golf, tennis, football, cricket, and cycling. Additionally, the growing popularity of CrossFit and other high-intensity workouts has also helped to drive demand for sportwear.
There are several factors that contribute to the growing demand for sportswear market. One factor is the trend of individuals wanting to look good while participating in physical activity. Another factor is that companies are trying to make their products more accessible by creating more affordable options. Additionally, companies are focusing on creating clothing that can be worn both inside and outside of the gym setting.
Global sportswear market outlook positive
The demand for high-quality sportswear will continue to increase. As athletes strive for better performance, they are looking for clothing that offers better breathability and cooling abilities so they can train extensively without feeling overheated or sickly. As a result, sports brands such as Nike and adidas have developed targeted lines specifically for sporting events such as Wimbledon and the Olympics where athletes demand state-of-the-art production values.
Regional Outlook
While most of the market’s growth will be achieved through Europe and North America, key players in newly emerging markets such as China and India are set to reap benefits from increasing consumer spending on sporting goods. Focusing on four key areas—innovative fabrics and construction, expanding color palettes, incorporating fashion elements into sportswear designs, and catering to diverse body types—the report offers detailed recommendations on how companies can capitalize on these trends.
Growth of the North America sportswear market is majorly influenced by another key factor favoring the demand for sportswear is massive consumer adoption of wearable technologies such as smartwatches and fitness trackers. These devices not only allow users to monitor their personal health data but also act as social media platforms to connect with friends or family members while they are working out or playing a game. As consumers become more comfortable using wearable technology in everyday life, it is likely that even more businesses will adopt similar strategies in order to engage their customers through interactive experiences.
China Contributed $51.9 Billion to Global Sportswear market
The global sportswear market is expected to grow at a CAGR of 6.6% annually. The Chinese sportswear retail sales are forecast to have generated a revenue of $51.9 billion in 2021, representing 29% of the global market. China’s growing middle class and urban population are key contributors to the country’s strong growth in sportswear retail sales. However, despite this impressive growth trajectory, there are some challenges that Chinese sportswear retailers will need to contend with in the future. One such challenge is counterfeit goods, which are increasingly entering the Chinese sportswear market due to rampant counterfeiting activities in countries such as Vietnam and Indonesia.
China’s recent economic development has both benefitted and challenged the retail sportswear market. On one hand, it has led to increased demand for sporting goods and apparel among Chinese consumers. On the other hand, competition from foreign brands has intensified, which may have caused some Chinese retailers to experience challenges expanding into new markets or augmenting their existing operations.
Nonetheless, China’s sportswear retail industry is still forecast to grow at a high CAGR over the next years.
Major Players in Global Sportswear Market
Nike Inc.
adidas
Puma SE
Lululemon Athletica Inc
Under Amour
Asics
Hanes
Jockey
VF Corporation
Anta Sports
Li Ning Group
Ralph Lauren Corporation
Umbro
Columbia Sportswear Company
New Balance
Enerskin
Obermeyer
Volcom
Patagonia
Elite Sportswear
Decathlon
Alo
Gymshark
JD Sports
Castore
Contra
HRX
Varley
For sample copy of this report, click here…
