Global sportswear market was valued at USD 172.94 billion in 2021 and it is expected to reach at USD 268.65 billion by 2028, with CAGR of 6.6% over the forecast period (2022-2028).
Westford, USA, Nov. 23, 2022 (GLOBE NEWSWIRE) — According to market research firm SkyQuest, global sportswear market sales will reach $268.65 billion by 2028. This growth is fueled in part by the increased popularity of sports such as golf, tennis, football, cricket, and cycling. Additionally, the growing popularity of CrossFit and other high-intensity workouts has also helped to drive demand for sportwear. Webinars hosted by industry leaders such as Nike and Adidas have also played a role in increasing demand for sportswear. These webinars provide practical advice on how to market and sell sportswear products.
There are several factors that contribute to the growing demand for sportswear market. One factor is the trend of individuals wanting to look good while participating in physical activity. Another factor is that companies are trying to make their products more accessible by creating more affordable options. Additionally, companies are focusing on creating clothing that can be worn both inside and outside of the gym setting.
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SkyQuest’s Outlook of Global Sportswear Market Looks Positive
The growth inhibition of the North American and European markets is among the primary factors behind this projection. Nonetheless, SkyQuest predicts that Asia Pacific will take the lead in global sportswear market share in 2028, followed by North America and Europe.
The demand for high-quality sportswear will also continue to increase. As athletes strive for better performance, they are looking for clothing that offers better breathability and cooling abilities so they can train extensively without feeling overheated or sickly. As a result, sports brands such as Nike (NKE) and Adidas (ADBE) have developed targeted lines specifically for sporting events such as Wimbledon and the Olympics where athletes demand state-of-the-art production values.
With mobile devices increasingly becoming the go-to device for accessing sporting content, brands that target sportswear market segment will be able to stay ahead of the curve with innovative design concepts that cater to users’ varied needs. By taking advantage of big data analysis capabilities now available in ASICs (application specific integrated circuit) x86 processors, manufacturers can gain insights into how their customers interact with their products online and build features into future iterations of their products specifically tailored for that audience.
Regional Outlook: Asia Pacific and Latin America to Witness Over 20% and 30% Growth in Global Sportswear Market
Global sportswear market to surpass valuation $268.65 billion. Wherein, a Considerable growth is seen in Asia-Pacific and Latin America, where combined sales are expected to increase by 20% and 30%, respectively in the years to come. The main drivers for this growth are rising incomes and changing lifestyles in these regions, as well as an increased demand for sports and fitness apparel.
While most of the market’s growth will be achieved through Europe and North America, key players in newly emerging markets such as China and India are set to reap benefits from increasing consumer spending on sporting goods. Focusing on four key areas—innovative fabrics and construction, expanding color palettes, incorporating fashion elements into sportswear designs, and catering to diverse body types—the report offers detailed recommendations on how companies can capitalize on these trends.
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Growth of the North America sportswear market is majorly influenced by another key factor favoring the demand for sportswear is massive consumer adoption of wearable technologies such as smartwatches and fitness trackers. These devices not only allow users to monitor their personal health data but also act as social media platforms to connect with friends or family members while they are working out or playing a game. As consumers become more comfortable using wearable technology in everyday life, it is likely that even more businesses will adopt similar strategies in order to engage their customers through interactive experiences.
China Contributed $51.9 Billion to Global Sportswear market
The global sportswear market is expected to grow at a CAGR of 6.6% annually. The Chinese sportswear retail sales are forecast to generate a revenue of $51.9 billion in 2021, representing 29% of the global market. China’s growing middle class and urban population are key contributors to the country’s strong growth in sportswear retail sales. In addition, the expansion of buy-one-get-one (BOGO) offers in regions such as Greater China and Southeast Asia” is also bolstering demand for sports gear. However, despite this impressive growth trajectory, there are some challenges that Chinese sportswear retailers will need to contend with in the future. One such challenge is counterfeit goods, which are increasingly entering the Chinese sportswear market due to rampant counterfeiting activities in other countries such as Vietnam and Indonesia. In order to tackle this issue, SkyQuest recommends that Chinese sportswear retailers adopt both intellectual property rights (IPR) licensing as well as cooperative efforts with law enforcement agencies.
This forecast is based on SkyQuest’s current market analysis and has not been subject to any official confirmation from Chinese authorities. Nevertheless, it provides insights into current trends and likely future development in China’s sportswear retail market.
China’s recent economic development has both benefitted and challenged the retail sportswear market. On one hand, it has led to increased demand for sporting goods and apparel among Chinese consumers. On the other hand, competition from foreign brands has intensified, which may have caused some Chinese retailers to experience challenges expanding into new markets or augmenting their existing operations.
Nonetheless, China’s sportswear retail industry is still forecast to grow at a high CAGR over the next years. Therefore, foreign brands that want to enter or expand their operations in China should do so anticipated this rising tide of growth and prepare themselves for increased competition from local players.
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Major Players in Global Sportswear Market
- Nike Inc.
- Puma SE
- Lululemon Athletica Inc
- Under Amour
- VF Corporation
- Anta Sports
- Li Ning Group
- Ralph Lauren Corporation
- Columbia Sportswear Company
- New Balance
- Elite Sportswear
- JD Sports
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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