Sportswear Market - Global Outlook & Forecast 2023-2028

Sportswear Market - Global Outlook & Forecast 2023-2028

The global sportswear market is expected to grow at a CAGR of 6.93% from 2022 to 2028.

RISK FACTORS IN THE MARKET

Foreign exchange policy is the biggest risk factor the sportswear market faces and will continue to face. These policies can include actions taken by a government to control its currency exchange rate, such as imposing capital controls, implementing currency controls, or introducing restrictions on foreign currency transactions. Changes in foreign exchange policies can lead to increased volatility in currency exchange rates. This is happening because of increased demand and restricted supply.

MARKET TRENDS & OPPORTUNITIES

Rising Popularity of Athleisure Wear

The surging popularity of athleisure wear among Gen Z and millennials can be attributed to the increased focus on fitness and wellness, the convenience of remote work, celebrity endorsements, high-quality standards, versatility for various occasions, and the potential for innovation and sustainability. Rising demand for athleisure products among athletes, celebrities, health-conscious people, gyms, etc. Polyester, cotton, etc., is the fabric used to absorb sweat-wicking. Comfortable to wear during exercise also creates demand in the global sportswear market. Women's participation also raises the need for this athleisure.

Government Initiatives Supporting Demand for Sportswear

The government organizes various sports programs within their respective countries to promote sports engagement. For instance, programs such as the National Football League, the National Hockey League, Major League Baseball, and the National Basketball Association showcase the government's commitment to sports in the United States. Similarly, in India, programs like Khelo India, Fit India Movement, and Special Area Game Scheme have been introduced to encourage youth participation in sports. These initiatives are pivotal in motivating individuals to engage in physical activities, as they recognize the importance of sports for overall health and well-being.

INDUSTRY RESTRAINTS

Raw Material Price Fluctuation

Price fluctuation depends on the demand and supply of the market. The organization buys raw materials such as textiles and handlooms to manufacture the product. The price of the raw material affects various things, such as production cost, price for the consumer, profitability, etc. Sportswear companies buy cotton and polyester material in huge quantities due to manufacturing apparel and footwear.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCTS

The apparel products segment dominated the global sportswear market share in 2022. There is a high demand for sportswear apparel such as t-shirts, tops & shirts, and shorts. People increasingly wear sportswear for workouts and everyday casual wear, which has led to a surge in demand for stylish and versatile sportswear options. Advances in fabric technology have led to the development of performance-enhancing materials. These fabrics are designed to offer features like moisture-wicking, breathability, UV protection, and even muscle support, making sportswear more functional and appealing to consumers.

Segmentation by Product

• Apparel
• Footwear and Accessories

INSIGHTS BY ACTIVITY TYPE

The global sportswear market by activity type has been broadly classified into sports, training & activewear, swimming, and others. In terms of revenue, the sports segment dominated the activity-type market, generating over USD 232 billion in 2022. The sports segment experienced significant growth, emerging as the leading segment during the forecast period. This rise in industry share can be attributed to the increasing involvement of individuals in various sports activities, including baseball, basketball, soccer, and many other sports. The growing interest and participation in these sports have fueled the demand for related products and services, consequently driving the market's expansion.

Segmentation by Activity Type

• Sports
• Training and Activewear
• Swimming
• Others

INSIGHTS BY END-USER

The global sportswear market by end-users has been broadly classified into male, female, and children. The male segment has dominated the industry. The demand for sportswear has been higher among males due to factors like participation in sports activities, gym workouts, and outdoor pursuits. Other factors influencing sportswear demand in the male segment are high disposable income, health consciousness, carer opportunity, athleisure wear, emerging trends, premium products, etc. Many sportswear companies target the men's segment and offer various products, such as Nike, which offers sports shoes, T-shirts, Shorts, tracksuits, jackets, hoodies, etc. Furthermore, the U.S. is the leader in the men’s sportswear (apparel and footwear) market. Men aged 21–38 are the major contributors to sportswear sales, followed by 39–54 years.

Segmentation by End-Users

• Male
• Female
• Children

INSIGHTS BY DISTRIBUTION CHANNEL

The global sportswear market has numerous products under the offline segment. Most vendors prefer to do brick-and-mortar forms of business with a business outlet with either one or more than one physical location. At present, many customers prefer to opt for these stores rather than online sales channels. Furthermore, the demand for sportswear through online channels is increasing due to the rising internet penetration worldwide. Moreover, the number of smartphone users is rapidly growing, contributing to the success of online sportswear sales. Various vendors are expanding their presence in other countries by collaborating with e-commerce players or through their proprietary websites.

Segmentation by Distribution Channel

• Online
• Offline

GEOGRAPHICAL ANALYSIS

North America accounted for the highest share of the global sportswear market, accounting for over 37% share in 2022. North America dominates the demand for sportswear in the global market owing to the huge potential of innovative products as well as the high disposable income of consumers. Moreover, since most of the population in North America lives in urban areas and holds good education, awareness of fitness and wellness is also high in the region. With the rise in disposable income, the personal spending of an individual also increases. This has mainly driven the demand for sportswear products in the country. The region is the largest market for sportswear due to the kind of lifestyle that the population in this region enjoys and the kind of culture they have.

Segmentation by Geography

• North America
• The U.S.
• Canada
• APAC
• China
• India
• Japan
• Australia
• South Korea
• Europe
• Germany
• The U.K.
• France
• Italy
• Spain
• Netherlands
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• South Africa
• Egypt
• Nigeria

COMPETITIVE LANDSCAPE

The global sportswear market is highly fragmented, with many local and international players. Some key leading vendors in the global sportswear market are Nike, adidas, ANTA Sports Goods, ASICS Corporation, Lululemon Athletica, Puma, Under Armour and V.F. Corporation, and others. The competition among these players is intense. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in sportswear. The present scenario forces vendors to refine their unique value proposition to achieve a strong industry presence.

Key Company Profiles

• adidas
• Nike
• PUMA
• ASICS Corporation
• ANTA Sports Goods
• Page Industries
• lululemon athletica
• HANESBRANDS
• Under Armour
• V.F. Corporation

Other Prominent Vendors

• Columbia Sportswear Company
• BROOKS BROTHERS GROUP
• Decathlon
• Kappa
• New Balance
• Life is Good
• Saucony
• Castore
• Mizuno Corporation
• Outdoor Voices
• THE GAP
• Pentland Group
• GEOX s.p.a
• DECKERS BRANDS
• RALPH LAUREN MEDIA LLC
• Iconix International
• Authentic Brands Group LLC
• Recreational Equipment
• Foot Locker
• P.E NATION INTERNATIONAL
• New Era Cap
• Oakley
• Fruit of the Loom
• Everlast Worldwide
• Academy Sports + Outdoors
• Li-Ning Company Limited
• DICK’S Sporting Goods

KEY QUESTIONS ANSWERED:

1. How big is the global sportswear market?

2. What is the growth rate of the global sportswear market?

3. Which region dominates the global sportswear market share?

4. What are the significant trends in the sportswear market?

5. Who are the key players in the global sportswear market?