Global Sportswear Market Size, Share & Trends Analysis Report, by Product, End User, Distribution Channel, by Sports, By Region Forecasts, 2024 – 2032

Global Sportswear Market Size, Share & Trends Analysis Report, by Product, End User, Distribution Channel, by Sports, By Region Forecasts, 2024 – 2032

Global Sportswear Market was valued at US $ 390 Billion in 2023 and is expected to reach US $ 989.5 billion by 2032 growing at a CAGR of 10.9% during the forecast period 2024 – 2032.

The segment of the garment industry that includes designing, producing, and selling clothes, accessories, and footwear made especially for athletic, fitness, and leisure activities is known as the sportswear market. This market offers a wide variety of goods made to improve athletic performance, offer comfort, and follow changing fashion trends. Specific characteristics include materials that wick away moisture, breathability, and flexibility define sportswear. It serves a wide range of customers, such as fitness enthusiasts, professional athletes, and those looking for cosy, adaptable sportswear for daily use. Global sporting events, wellness and health-related trends, technology advancements, and the fusion of fashion and athletic functionality all have an impact on the industry.

The market for sportswear is expanding thanks in large part to the growing popularity of sporting events. The intense atmosphere of fan interaction these events provide strengthens club loyalties, which in turn fuels demand for team-specific apparel like jerseys and hats. Elite athletes, who are frequently linked to prominent sporting events, have a huge influence on consumer preferences for sportswear through endorsement deals. Major sporting events, such as the Olympics and the FIFA World Cup, have a global audience that expands their commercial reach as people seek out sports products to connect with the thrill of the games. This widespread excitement has led to the emergence of the athleisure trend, which mixes sportswear with regular clothing in a seamless approach. Sportswear brands can also benefit from sponsoring awareness during sporting events, which increases brand familiarity and influences customer behaviour. The desire for sportswear designed for both athletic performance and everyday wear is further fueled by the events' promotion of fitness and wellness.

“Shoes segment, by product, to be dominating market from 2023 to 2030.”

In the sportswear market, shoes are the most popular and fastest-growing product, with a 52.3% market share and a CAGR of 7.5%. The sportswear market's fastest-growing and most dominating subsegment is the shoes category, which is driven by a number of characteristics that appeal to contemporary consumer tastes. A wide range of consumers seeking cutting-edge functionality are drawn to sports footwear due to its ongoing innovation and technological breakthroughs that improve performance and durability.

“Men segment, by end user, to be dominating market from 2023 to 2030.”

In the sportswear market, men are currently the largest end-user sector, making up over 56.5% of all sales worldwide in 2023. In contrast to men's sportswear, which is growing at a CAGR of 5.8%, women's sportswear is expanding at the quickest rate in the market. With a traditional customer base that is firmly immersed in sports culture and a well-established market presence, men's sportswear is the dominant segment in the sportswear market. Significant sponsorships and endorsements geared at male audiences, together with a historical emphasis on male athletes in professional sports, serve to further bolster this supremacy.

“Soccer segment, by sports, to be dominating market from 2023 to 2030.”

At a CAGR of 10.2% and a market share of 45%, football is the sport that is expanding the fastest in the sportswear industry. Due to its unrivalled worldwide appeal and enormous fan base that spans continents, football is the clear market leader and fastest-growing sportswear category. Big soccer clubs and leagues collaborate profitably with sportswear companies, fostering a mutually beneficial connection that increases the demand for soccer-related clothing.

“E-Commerce segment, by distribution channel, to be dominating market from 2023 to 2030.”

The sportswear market's most popular and quickly expanding distribution channel is e-commerce. E-commerce made up 27.3% of sportswear sales worldwide in 2023, and from 2024 to 2032, it is predicted to expand at a CAGR of 14.5%. E-commerce's unmatched accessibility and convenience have propelled it to become the sportswear industry's most popular and fastest-growing distribution channel. Online marketplaces that are open around-the-clock provide a wide range of sportswear options, giving customers plenty of options and the convenience of comparison shopping.

“North America to be largest region in Sportswear market.”

With a 36.44% market share, the North American area presently holds the top spot in the sportswear industry, which is expanding at the highest rate possible (11.56% CAGR). Because of its strong sports culture, greater disposable incomes, and pervasive emphasis on health and wellness, North America (NA) dominates the sportswear business. Athletic clothing is consistently in demand due to the region's well-established professional sports environment and the popularity of sports-related activities. On the other hand, the Asia-Pacific (APAC) area is developing at the quickest rate due to a young population, rapid urbanisation, a growing middle class, and significant economic growth. The APAC region's need for sportswear is further boosted by the adoption of Western fashion trends and a growing emphasis on fitness.

Sportswear Competitive Landscape

The competitive landscape of the Sportswear market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Sportswear technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Sportswear market is highly competitive, with numerous companies vying for market share. Prominent companies in the Sportswear Market include:

Major Players:

Nike, Helly Hansen, Adidas, Arc'teryx, Puma, Anta Sports Products Ltd.; Inc, Lululemon Athletica, Iconix International, VF Corporation, Ralph Lauren Corporation, Under Armour, Champion, ASICS, Kappa, Columbia Sportswear, Fila, Deckers Outdoor Corporation, Lacoste, Li Ning , New Balance Athletic Shoe, Anta Sports, Hanesbrands, Xtep International, Amer Sports, Skechers.

Recent Developments:

Adidas unveiled a brand-new sportswear capsule collection in August 2022 that is distinguished by its comfort, adaptability, and simple style. The line, which includes pieces like a men's basic tee with woven slacks and a women's rib dress, incorporates recycled fabrics.

As a symbol of its intention to expand internationally, Lululemon Athletica opened its first technology center outside of the US in Bengaluru, India, in May 2022. This action improves the brand's infrastructure and capabilities to facilitate global expansion.

To launch the brand in the island nation of the Maldives, Puma partnered with Sonee Sports, a sports and lifestyle marketplace, in May 2022. Through this partnership, Puma will have a greater online and offline retail presence as well as explore new distribution avenues like sports clubs and e-commerce.

In February 2022, Under Armour, Inc. declared that it has approved the immediate repurchase of outstanding class C common shares valued at USD 500 million. With this share buyback program, the company hopes to increase shareholder value and maintain financial flexibility to make further investments in high-growth areas.