Sports Apparel Market - Predicted to Expand at a CAGR of 5.6% during Forecast Period || Industry Players - NIKE Inc., Adidas AG, PUMA SE, Under Armour Inc., SKECHERS USA Inc., ASICS Corporation, Fila Korea Co Ltd
Sports apparel market is significantly influenced by rising consciousness among modern consumers regarding their physical fitness & appearance. As consumers get motivated to take up various physical activities such as swimming, aerobics, yoga and running among others. sports apparel sales are expected to spur significantly. Meanwhile, desires to maintain a sporty look and follow the latest fashion trends is further driving developments in the sports apparel market. This is further creating opportunities for sports apparel brands to introduce stylish and attractive sports apparels that complement the wearer’s physical attributes, giving him/her a more dynamic overall look. In recent years, players in sports apparel market have started paying greater attention to innovation in design of apparels owing to their increasing role in improving the athletes’ overall performance level. Factors as such are reflecting favorably on the growth of the sports apparel market.
As per the latest report published by Fact.MR, the global sports apparel market is projected to reflect an above-average CAGR during the forecast period (2017-2022), to reach a valuation in excess of US$ 204,500 Mn. Sports apparel market report further opines that products that are created by infusing leading-edge fashion, and sports technology are more appealing to the consumers, as they are not only comfortable to wear but highly durable as well.
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Participants in the sports apparel market are impelled to relentlessly update and improve their market strategies despite the growing popularity of sport apparels, owing to the growing competition in the sports apparel market. It is important for the sports apparel market players to compete in all fronts in order to achieve sustainability. Endorsements and kit sponsorships are a major part of marketing strategies implemented by most companies. For instant, Nike, Inc. – a leading sports apparel company pays some of the top athletes in the world for endorsing its brand and promoting its various sports products including apparels. In addition, the company sponsors kit uniform for a wide range of sports clubs and teams worldwide. In 2016, Nike secured a lucrative kit sponsorship deal with Chelsea FC – a top European Football club based in London, England. The deal will allow Nike to leverage the massive fan base of the football club that is spread across the globe. Such strategies provide an impetus on the brand's image while improving its market presence.
North America is expected to remain a lucrative region for growth of the sports apparel market strong throughout the forecast period (2017-2022). In terms of revenue, the region is expected account for a significant share of the global sports apparel market in 2017 and beyond. The sports apparel market in North America is projected soar at an Impressive CAGR of 5.5% between 2017 and 2022. In addition, region’s sports apparel market is estimated to surpass a valuation of to US$ 64,880 Mn in by 2022-end.
Tops & T-Shirts - Highest Selling Sports Apparel
Tops & t-Shirts will continue to outsell other types of sports apparel during the forecast period. Global sales of top & t-shirts currently represent close to one-fourth share of the global sports apparel market in terms of revenue. Towards the end of the forecast period, more than US$ 45,400 Mn worth sports apparel are estimated to be sold globally.
Fact.MR’s report offers comprehensive information on top companies that are likely to contribute to the expansion of global sport apparel market through 2022, which include NIKE, Inc., Adidas AG, PUMA SE, Under Armour, Inc., SKECHERS USA, Inc, ASICS Corporation, Fila Korea Co Ltd., Columbia Sportswear Company, Lululemon Athletica, Inc., and Yonex Co., Ltd.
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