North America and Europe collectively accounted for approximately more than half of the global sportswear market share in 2017
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Nov. 2, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled Activewear Market by Product and Fabric: Global Opportunity Analysis and Industry Forecast, 20172024”, Global Sportswear Market was valued at USD 351,164 Million in 2017 and is projected to reach USD 546,802 Million by 2024, registering a CAGR of 6.5% from 2018 to 2024. North America led the global sportswear market in 2017, accounting for 42.3% of total revenue.
Sportswear is utilitarian clothing that improves physical performance and facilitates body movement, as it improves comfort when performing physical and sporting activities.
The many advantages offered by sportswear such as water resistance, bi-stretch function, antibacterial fabric, moisture wicking function, etc. Additionally, the female activewear customer base is growing, due to the holistic approach of female customers to sports and fitness. Likewise, the increase in the adoption of sportswear as work or street wear is propelling the growth of the overall market. Additionally, increasing disposable income and increasing fitness issues are contributing significantly to the growth of the market.
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Adidas AG, Asics Corporation, Columbia Sportswear Company, Dick’s Sporting Goods, Inc., Gap Inc., Nike, Inc., North Face, Inc., Phillips-Van Heusen Corporation, Puma Se, and Under Armour, Inc. Other Significant Players on market are 2XU Pty Ltd, 361 Degrees International Limited, Vie Active, LLC, Bike Athletic Company, Everlast Worldwide Incorporated, Sportika SA, Hongxing Erke Sports Goods Co., Ltd. Webb Ellis Ltd., Prince Global Sports, LLC, and Reusch International SPA.
Main results of the Activewear market:
In terms of value, the ready-to-wear segment is expected to grow at a CAGR of 7.4% during the forecast period.
North America is expected to dominate the market, registering the highest CAGR of 6.3% in terms of value.
Asia-Pacific is expected to show exponential growth in demand throughout 2024, with a CAGR of 8.0%, in terms of value.
The polyester segment is expected to dominate the global sportswear market with a CAGR of 7.2%.
China and the rest of Asia-Pacific collectively accounted for more than half of the total Asia-Pacific sportswear market in 2017.
In the global sportswear market, India is expected to grow at a CAGR of 13.9%, in terms of value.
North America and Europe collectively accounted for approximately more than half of the global sportswear market share in 2017. Developing lifestyle and increasing consumer disposable income are expected to drive the market growth of Asia-Pacific.
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However, the volatile cost of raw materials and the inflated cost of the design lead to a high cost of the final product. This hampers the sales of the product to the price-sensitive customers, thereby restraining the growth of the market. Additionally, the presence of counterfeit brands leads to safety issues and consumer inconvenience, which hampers the growth of the market. Conversely, the increase in the use of green textiles and the implementation of sustainable production methods is fueling the adoption of activewear by green consumers. In addition, the increase in promotional activities such as physical activity campaigns, empowerment programs and promotion of sportswear by sponsoring celebrities or athletes is expected to provide lucrative opportunities for key players.
The fashion outer segment is expected to dominate the sportswear market over the forecast period, owing to the increase in the adoption of sportswear as casual wear and the increase in sports participation. However, the shoes segment is expected to attract the attention of athletes and customers engaged in sports and fitness activities.
The polyester segment dominates the sportswear market in terms of value. Consumer preference for sportswear formulated using polyester fabric is increasing, due to its benefits such as high flexibility; quick drying and easy washing; and resistance to shrinkage, wrinkles, abrasion and most chemicals.
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