Global Activewear Market Expected to Reach $546,802 Million,Globally, by 2024

According to a new report published by Allied Market Research titled, Activewear Market by Product and Fabric: Global Opportunity Analysis and Industry Forecast, 20172024," the global activewear market was valued at $ 351,164 million in 2017, and is expected to reach $ 546,802 million by 2024, registering a CAGR of 6.5 % from 2018 to 2024. North America dominated the global activewear market in 2017, accounting for 42.3% of the total revenue.

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Increase in disposable income and rise in fitness consciousness customers fuel the growth of the global activewear market. In addition, upsurge in participation of the youth and old population in physical activities propels the demand for the sports-related products, thereby driving the market growth. However, rise in number of counterfeit products is leading to safety & quality issues for consumers and brand damage for key market players. For instance, In January 2018, Nike identified counterfeit activewear products worth more than $ 50,000 at Dulles International Airport in Virginia. These issues are leading to declining sales of the key activewear market players, which is adversely affecting the overall growth of the market.

Moreover, volatile cost of raw materials and high cost of designing lead to high cost of the final product. Thus, high cost of activewear is resulting into declining sales among price-sensitive consumers. On the contrary, many organizations such as women’s sports foundation, Boxgirls, Feminist Majority Foundation, and others are taking women empowerment initiatives and running campaigns to promote sports participation, which is anticipated to provide growth opportunities for the activewear market. Moreover, increase in use of green textile and manufacturing of activewear using sustainable methods is expected to drive the growth of the market in the near future.

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The report segments the global activewear industry on the basis of product, fabric, and geography. Based on product, the market is categorized into ready to wear; fashion outer, pants, & t-shirts; rash guard, wet suit, & swim wear; shoes (sports shoes, aqua shoes, aqua socks); and fashion brand. By fabric, it is classified into polyester, nylon, neoprene, polypropylene, spandex, cotton, and others (rayon and lyocell). Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

North America dominates the global activewear industry, owing to rise in trend of athleisure wear as office and casual wear. The European activewear market is growing exponentially, owing to high popularity of sports events, which lead to increased participation and high demand for fashion outer t-shirts and other activewear by the fan base. Asia-Pacific is expected to witness the highest growth rate from 2018 to 2024, due to increase in concerns towards health & wellness and rise in participation of youth population in sports activities. Improvement in living standards and rise in disposable income are expected to boost the growth of activewear market in LAMEA region.

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The fashion outer, pants, & t-shirts segment generated the maximum revenue in 2017, due to high requirement of activewear to engage in fitness or sports activities. However, the ready to wear is expected to grow exponentially, owing to increase in trend of athleisure as a casual wear among the youth population across the world.

Key Findings 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 highest CAGR of 6.3% in terms of value.
• Asia-Pacific is projected to show exponential growth in demand throughout 2024, growing at a CAGR 8.0%, in terms of value.
• Polyester segment is anticipated to dominate global activewear market registering CAGR of 7.2%.
• China and rest of Asia-Pacific collectively accounted for more than half of the total Asia-Pacific activewear market in 2017.
• In the global activewear market, India is expected to grow at a CAGR of 13.9 %, in terms of value.

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