SPORTS APPAREL MARKET EXPECTED TO REACH $248.1 BILLION BY 2026
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The sports apparel market has witnessed significant growth over the years and is expected to grow at a steady pace during the forecasted period. The factors that drive the sports apparel market growth include growth in health awareness and increase in adoption of fitness activities such as aerobics, swimming, running, and yoga among consumers. Moreover, rise in participation of women in sports and fitness activities along with celebrity endorsement has paved the way for sports apparel. Additionally, increase in disposable income and improvement in living standards in the emerging countries such as China and India along with rise in affinity of consumers in emerging economies toward health and fitness further boost the demand for fitness apparel. However, availability of low quality and counterfeit products and fluctuations in the prices of raw materials used to make these apparels restrain the market growth. On the contrary, growth in demand for trendy and fashionable sports apparel and increase in popularity of sports apparel among children are anticipated to provide lucrative growth opportunities for the sports apparel industry.
The report segments the global sports apparel market on the basis of end user, distribution channel, and region. On the basis of end user, the market is divided into children, men, and women. Based on distribution channel, it is segmented into E-commerce, supermarket/hypermarket, brand outlets, and discount stores. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
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According to the sports apparel market analysis in 2018, the men end user segment generated the highest revenue in 2018 and is expected to remain dominant throughout the forecast period. This can be attributed to higher participation of men in sports. However, the women end user segment is expected to grow at the highest CAGR throughout the forecast period. This is due to growing participation of women in sports coupled with increased frequency of product launch, which directly caters the demand for women's apparel.
In 2018, discount store was the most prominent segment accounting for maximum share in the global sports apparel market. This can be attributed to the beneficial options such as discounts and trial before purchase as well as the benefit of immediate gratification. However, the e-commerce segment is expected to witness the highest growth, owing to increase in penetration of internet and online shopping.
Based on the sports apparel market forecast, U.S. accounted for the maximum share in the global market in 2018 and is expected to remain dominant during the forecast period. This can be attributed to higher expenditure of the consumers on fitness apparel due to it being considered a style statement. Moreover, developed retail structure and celebrity brand endorsements help push sales in this region. However, China is expected to grow with the highest CAGR throughout the forecast period, owing to rapidly improving infrastructure and changes in the buying behavior of people in this region due to increasing disposable income.
Key Findings of the Sports Apparel Market :
The sports apparel market was valued at 167.7 billion in 2018 and is estimated to reach $248.1 billion by 2026, growing at a CAGR of 5.1% through the forecast period.
Based on end user, the women segment would witness the fastest growth, registering a CAGR of 5.6% during the forecast period.
In 2018, based on end user, the men segment held the highest share, accounting for more than half of the global market share.
In 2018, China was the most prominent market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
North America was the dominant region in 2018, accounting for more the one third of the global sports apparel market share.
The key players profiled in this global sports apparel market include Adidas AG, Nike, Inc., Puma SE, Under Armour, Inc., Ralph Lauren Corporation, Umbro Ltd., Fila, Inc, Lululemon Athletica Incorporation, New Balance Athletic Shoe, Inc., and Columbia Sportswear Company.
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