Sports Apparel Market will reach to USD 304.9 billion by 2029, at a CAGR of 6.9% till 2029 : GreyViews
Sports Apparel Market Size by Product Type (Apparels, Footwears, and Wearables), By Distribution Channel (E-commerce stores, Retail stores, Department & discount stores), By End-User (Children, Men, and Women), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 01, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East, and Africa. These are the key regions where the Sports Apparel market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Sports Apparel market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, route of administration, facility of use, and others. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Sports Apparel market are Adidas AG, Amer Sports, Callaway Golf Co., Sumitomo Rubber Industries Limited, Nike, Inc., Puma SE, Mizuno Corporation, Sports Direct International PLC, Under Armour, Yonex Co., Ltd, among others. To achieve a substantial market share in the worldwide Sports Apparel market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Galderma is one of the most significant manufacturers and distributors present in the global Sports Apparel market.
Sports apparel is any kind of dress, footwear, or wearables worn while playing any kind of sports, such as running, jogging, etc. These help prevent sweat and the breathability of the body from enhancing physical activity. Sports apparel also help protect the body from extreme weather condition, improves blood circulation, prevent the body from any kind of injuries, and reduces their intensity. The rising urban population also increases the demand for sports apparel as people are becoming more continuous about their bodies and are involved in sports to keep themself healthy and fit. Women, children, and men from all age groups often go for walks, and they use sports shoes to keep a particular pace. The increasing adoption of smart sportswear, which is being used to enhance the workout routine, propels the market’s growth.
The growing participation of people in sports and recreational activities drives the market’s growth. Furthermore, the factors such as the openness to constantly changing trends, swift adoption of modern technologies, growing stress management, rising health awareness, and sedentary lifestyles of the younger generation impacts the market growth. In addition, rising disposal income, improving living standards, and rapid urbanizations across several regions are expected to provide lucrative growth opportunities to the sports Apparel market during the forecast period.
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Scope of Sports Apparel Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Product type, distribution channel, and end-user|
|Regions Covered||North America, Europe, Asia-Pacific, South America and Middle-East and Africa|
|Major Players||Adidas AG, Amer Sports, Callaway Golf Co., Sumitomo Rubber Industries Limited, Nike, Inc., Puma SE, Mizuno Corporation, Sports Direct International PLC, Under Armour, Yonex Co., Ltd. among others|
Apparel segment is expected to be the fastest growing segment in 2021.
The product type segment includes apparel, footwear, and wearables. The apparel segment is expected to witness the highest growth rate during the forecast period. The increasing demand for apparel while playing any kind of sports drives the segment’s growth. Furthermore, the increasing popularity of sports apparel to look good and feel comfortable supplements the segment’s growth.
The E-commerce stores segment is expected to be the fastest growing segment in 2021.
The distribution Channel segment includes online e-commerce stores, retail stores, and department & discount stores. The E-commerce stores segment is expected to witness the highest CAGR during the forecast period. E-commerce stores offer a wide range of sports Apparel from various brands, which drives the segment’s growth. Moreover, there are also various options available for sizes, and the return and exchange policy is also flexible, supplementing the growth of this segment.
The Men segment is expected to be the fastest growing segment in 2021.
The end-user segment includes men, women, and children. The men segment is expected to witness the highest CAGR during the forecast period. Men are increasingly taking part in outdoor physical activities such as swimming, hiking, trekking, etc. which propels the growth of the segment. Furthermore, men prefer wearing sports apparel on normal days as well because of the comfort they provide, supplementing the growth of this segment.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for Sports Apparel include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
Asia Pacific region witnessed a major share. This is mainly attributed to the presence of a large population in the region along with the rising preference for playing sports and leading a healthy lifestyle by engaging in some kind of sports activity. However, North America is expected to witness a considerable growth rate during the forecast period. Growing demand from emerging markets with an increasing number of international sports held in the North American region has driven the growth of the North America Sports Apparel market.
Germany’s Sports Apparel market size was valued at USD 3.3 billion in 2021 and is expected to reach USD 5.1 billion by 2029, at a CAGR of 5.8% from 2022 to 2029. Germany is one of the leading nations in the Europe Sports apparel market. The factors such as increased funding by the government to encourage the inactive elderly population to engage in some physical activity, and the increasing focus of youngsters on health and wellness among the population is fueling the growth of the German sports apparel market.
China’s Sports Apparel market was valued at USD 2.05 billion in 2021 and is expected to reach USD 3.8 billion by 2029, at a CAGR of 8.1% from 2022 to 2029. China is one of the largest sports apparel markets. This is mainly attributed to the rising income, growing level of sports specialization, diversity of urban fitness options, and increased health awareness aimed at boosting the sports industry. For instance, in August 2021, the government of China announced its ambitious plan to make a 5 trillion yuan sports industry by 2025. This size of the sports industry is about 69.5% higher than the size in 2019. Such government funding and policy assistance are expected to fuel the growth of the overall Sports Apparel industry in the country.
India’s Sports Apparel market size was valued at USD 4.3 billion in 2021 and is expected to reach USD 7.8 billion by 2029, at a CAGR of 7.8% from 2022 to 2029. India is one of the strongest growing economies in Asia. In addition, an increasing health awareness amongst Indian consumers and the adoption of several fitness activities such as swimming, gymnasium, aerobics, running, jogging, etc. increases the need for sports apparel. A shift in the lifestyle of the younger generation also propels the market’s growth in the region.
Covid-19 had a major impact on almost all the industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the healthcare sector have seen increased revenue due to significant changes in consumer preferences toward healthcare services. In addition, the pandemic has led to significant healthcare spending growth across developing and developed countries.
Furthermore, The increasing awareness regarding a healthy lifestyle and the importance of playing sports drives the growth of the market.
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