Activewear Market Projected to Expand at a CAGR of 6.5% from 2018 to 2024
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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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.
The fashion outer segment is expected to dominate the activewear market during the forecast period, owing to increase in adoption of athleisure wear as casual clothing and rise in sports participation. However, shoes segment is expected to gain significant attention of athletes and customers engaged in sports and fitness activities.
Polyester segment dominates the activewear market in terms of value. Consumer preference for activewear formulated by using polyester fabric is increasing, owing to its advantages such as high flexibility; quick drying & easy wash; and resistance to shrinkage, wrinkles, abrasion, & most chemicals.
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Key Findings of the Activewear Market :
o In terms of value, the ready to wear segment is expected to grow at a CAGR of 7.4% during the forecast period.
o North America is expected to dominate the market, registering highest CAGR of 6.3% in terms of value.
o Asia-Pacific is projected to show exponential growth in demand throughout 2024, growing at a CAGR 8.0%, in terms of value.
o Polyester segment is anticipated to dominate global activewear market registering CAGR of 7.2%.
o China and rest of Asia-Pacific collectively accounted for more than half of the total Asia-Pacific activewear market in 2017.
o In the global activewear market, India is expected to grow at a CAGR of 13.9 %, in terms of value.
Major players in activewear market include Adidas AG, Asics Corporation, Columbia Sportswear Company, Dick's Sporting Goods, Inc., Gap Inc., Nike, Inc., North Face, Inc., Phillips-Van Heusen Corporation, Puma Se, and Under Armour, Inc.
Other prominent players in the market are 2XU Pty Ltd, 361 Degrees International Limited, Vie Active, LLC, Bike Athletic Company, Everlast Worldwide Incorporated, Sportika SA, Hongxing Erke Sports Goods Co., Ltd. Webb Ellis Ltd., Prince Global Sports, LLC, and Reusch International SPA.
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