LONDON: The global athleisure market size will grow by $122.66 billion at a CAGR of nearly 7% between 2019 and 2023, a report released Wednesday predicts.
The report, released by Technavio, segments the market by product (mass athleisure and premium athleisure) and geography (APAC, Europe, MEA, North America, and South America).
The increased preference toward polyester in athleisure wear is expected to drive the growth of the global athleisure market during the forecast period. Polyester fiber is economical and more durable compared to other materials. It absorbs less moisture and dries quickly. Because of this, many athleisure manufacturers are using polyesters and it has become one of the most popular materials used in the industry. For instance, New Balance uses polyester in warm weather wears as well as cold-weather wears.
Increasing adoption of fitness initiatives by corporates
There is a growing popularity of athleisure wear among corporates in countries such as the US and the UK. Many corporate offices are helping their employees to indulge in various fitness activities. This has encouraged employees to wear athleisure wear at work. Also, companies that have incorporated fitness programs in the schedule have reported reduced use of sick leaves. For example, Cisco has a flexible work policy and focuses more on the employee’s physical wellbeing. This increasing focus on fitness among the working population will drive the growth of the global athleisure market during the forecast period
“The North American region is expected to have a healthy growth rate during the forecast period. The rise in celebrity endorsements for athleisure wear is influencing millennials and GenX to adapt to such clothing. The APAC region will grow at a faster rate than the overall market. There is a significant growth in the e-commerce industry in the region, and the presence of adidas, Nike, and other brands will spur the adoption rates. These factors will fuel the market growth,” says an analyst at Technavio.
Many athleisure wear manufacturers are partnering with online retailers such as Myntra and Amazon. Leading vendors such as Under Armor and adidas are increasingly targeting younger population across geographies. These brands are offering athleisure wear at lower prices compared to the products offered by the regional vendors. Similar products are also being offered by Nike across regions. The advancements in strategies among many vendors will increase the growth of global athleisure market.
