Power Sports Apparel Market Size to be Worth $94.98Bn Globally by 2030 – Exclusive Report by The Insight Partners
The global power sports apparel market is anticipated to grow at a CAGR of 7.1% from 2022 to 2030.
Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Power Sports Apparel Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Sport Type, End User, Distribution Channel, and Geography,” the power sports apparel market is expected to grow from $55 billion in 2022 to $94.98 billion by 2030; it is estimated to grow at a CAGR of 7.1% from 2022 to 2030.
Competitive Landscape and Key Companies:
Fila Holdings Corp., Columbia Sportswear Company, Lululemon Athletica Inc., Under Armour, Inc., Adidas AG, Iconix International, Ralph Lauren Corporation, Puma SE, New Balance Athletics, Inc., and Nike, Inc. are a few leading players operating in the power sports apparel market. These players focus on developing innovative and attractive products in the power sports apparel market to meet the changing requirements of consumers.
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The power sports apparel market encloses sportswear such as weightlifting, gymnastics, motorsports, motocross, football, baseball, drag racing, enduro, supermoto, sprint, dual sport, sports car racing, rowing, rally raid, and other power sports apparel. Each of these sports has its unique requirements in terms of apparel, emphasizing functionality, comfort, and style. In recent years, there has been a significant surge in the demand for specialized sports apparel as athletes and enthusiasts recognize the importance of high-quality clothing in enhancing performance and ensuring safety.
Growing Consumers’ Interest in Outdoor Recreational Sports Propels Power Sports Apparel Market Growth
Advancing consumer’s interest in outdoor recreational sports and adventures has been a significant growth driver for the power sports apparel industry. Worldwide, individuals are pursuing thrilling experiences, outdoor recreation, and entertainment, expanding the demand for power sports apparel vehicles. Moreover, sports technology and equipment advancements have made these activities more accessible and enjoyable for enthusiasts. For instance, introducing lightweight, breathable, and moisture-wicking fabric in power sports apparel enhances comfort and performance, encouraging more individuals to participate in outdoor sports. Additionally, integrating smart textiles and wearable technology in sports apparel has further attracted technology-seeking consumers, as these innovations provide real-time data and feedback on their athletic performance, motivating them to push their boundaries and excel in their chosen sports.
In the context of weightlifting, gymnastics, motorsports, football, and basketball, the demand for sport-specific apparel has risen considerably. Athletes and enthusiasts seek apparel that offers comfort and flexibility and aligns with their chosen sport’s unique requirements. For instance, weightlifters require supportive yet flexible clothing for a wide range of motion. At the same time, motorsports enthusiasts look for protective gear that enhances safety without compromising style. This sport-specific demand has fueled the growth of the global power sports apparel market, prompting manufacturers to innovate and cater to the diverse needs of consumers engaged in outdoor recreational sports. As consumer interest grows, the power sports apparel market is poised for further expansion, driven by evolving trends, technological advancements, and the enduring appeal of outdoor sports and recreation. Hence, all the above-mentioned factors collectively contributed to the growth of the power sports apparel market.
Power Sports Apparel Market: Segmental Overview
Based on product type, the power sports apparel market is segmented into topwear, bottomwear, and accessories. The topwear segment is influenced by diverse factors. For weightlifting, the demand is driven by the need for fitting, moisture-wicking fabrics that provide flexibility and support during intense workouts. In gymnastics, lightweight materials with superior stretch and durability are paramount, ensuring athletes can move freely while maintaining durability for rigorous routines. Hence, all the above factors fuel the topwear segment’s growth worldwide in the power sports apparel market.
Based on sport type, the power sports apparel market is segmented into weightlifting, gymnastics, motorsports, football, baseball, and others. The passion of football fans worldwide fuels demand for team jerseys, scarves, and other fan merchandise. Sponsorships and endorsements from famous players and teams influence fans’ purchasing decisions. Moreover, technological advancements in fabric, design, and performance features attract athletes and enthusiasts.
Based on end users, the power sports apparel market is segmented into men, women, kids, and unisex. The men segment often held a significant share in the power sports market. This is influenced by factors such as a more significant historical interest in power sports among men, cultural norms, and marketing strategies targeted at male consumers. Factors contributing to the men’s segments’ dominance included various products tailored to men’s preferences, including robust and high-performance vehicles, rugged designs, and aggressive marketing campaigns.
Based on distribution channels, the power sports apparel market is segmented into supermarkets and hypermarkets, specialty sports, and online retail. Supermarkets and hypermarkets are large retail establishments offering a broad range product in power sports apparel market, such as jackets, topwear, bottomwear, and other power sports accessories. Products from different brands are available at reasonable prices in these stores, allowing shoppers to find the right product quickly. Moreover, these supermarkets and hypermarket stores offer discounts, multiple payment options, and a pleasant customer experience. Supermarkets and hypermarkets focus on maximizing product sales to increase their profit. Hence, all the above-mentioned factors drive the demand for apparel for sport, propelling the growth of the power sports apparel market.
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Impact of COVID-19 Pandemic on Power Sports Apparel Market
The COVID-19 outburst has immensely impacted various industries, including the power sports apparel, sports apparel, and sports equipment. COVID-19 led to disruptions in global supply chains, affecting the production and distribution of power sports apparel and other sports accessories and gear. Different manufacturing units were temporarily shut down or operated at reduced capacity, causing product availability and delivery delays worldwide. Lockdowns, business shutdowns, and travel banns in leading countries in continents such as North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the consumer goods such as sports apparel, sports equipment & gears. The shutdown of manufacturing plants disturbed global supply chains, manufacturing activities, delivery schedules, and sales of essential and nonessential products, including sports vehicles, equipment, and apparel. Worldwide companies announced delays in product deliveries and a slump in future product sales in 2020.
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