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India Sports Apparel Market to Grow with a CAGR of 16.06% until FY2026

05-12-2021 02:12 PM CET | Sports

Press release from: TechSci Research

India Sports Apparel Market to Grow with a CAGR of 16.06% until

Growing health awareness among Indian consumers coupled with increasing disposable income is driving the growth of India sports apparel market in the forecast years.

According to TechSci report on, “India Sports Apparel Market By Product Type (T-shirts, Sweatshirts, Sports Vests, Track Pants & Tights, Others {Swimsuits, Sports Hoodies, Sports Bras}) By End User (Men, Women, Kids) By Distribution Channel (Exclusive Stores, Supermarket/Hypermarket, Multi-branded Stores, Online, Others) By Company By Region, Competition Forecast & Opportunities, FY2026”, India sports apparel market has exhibited extensive growth in the historical years and was valued at USD498.68 million in FY2020. The market is further projected to continue its growth in the forecast years, advancing with a CAGR of 16.06% between FY2021 and FY2026, to reach USD1005.68 million by FY2026. India sports apparel market owes its growth to multiple factors like increasing brand awareness among Indians, rising purchasing power of Indian consumers, growing availability of sports apparels along with improving standards of living of the people in the country. Moreover, female and kid population of the country is getting involved in the sports activities actively thereby creating a demand pit for better and efficient sports apparel which in turn is driving the market growth in the forecast period.

Indian sports sector is also witnessing a massive boost in the recent years attributed to the greater encouragement received in schools and colleges to take part in extra-curricular activities. Moreover, players nowadays are not confined to mainstream sports like cricket, football, and hockey, but are also winning world renowned medals in home games like, wrestling, kabaddi, yoga, etc. thus demand for complete and proper attire for the sportspersons is increasing the market exponentially.

Browse over 20 market data Figures spread through 77 Pages and an in-depth TOC on " India Sports Apparel Market"

https://www.techsciresearch.com/report/india-sports-apparel-market/7333.html

The report on India sports apparel market is segmented based on product type, end user, distribution channels, region and company. Based on distribution channel, the segments are further categorized into exclusive stores, supermarket/hypermarket, multi-branded stores, online, and others. Exclusive stores are brand related stores that only supply the apparels of a particular brand and provide customer satisfaction of original brand products. Whereas multi-branded stores are often sportswear stores that own franchises of the brands thereby providing the customers with a wider selection choice from multiple brands at a time. However, on the wake of the ongoing pandemic, the online channel of sales is projected to witness a noteworthy growth in FY2021. This is because online retail market offers a convenient option for sports apparel companies, due to low operating costs. Moreover, the advent of online retail has allowed consumers to easily checkout wide range of products on a single platform without having to spend a lot of time in stores.

Indian economy was widely affected by the pandemic that set foot in early FY2020 and India sports apparel market was not untouched. Manufacturers of sports apparels have incurred huge financial losses due to the disruption of supply chain network across the country. Due to the lockdown restrictions, interstate travel and logistics were impacted, which are needed in order to maintain an efficient supply chain in the sports apparel industry. Moreover, while observing the lockdown, consumers were not able to visit multiple distribution channels and could only order the products online. However, after observing a setback, sports apparel market has observed a sharp rise in the demand for sports apparels in India in the post lockdown period as the government uplifted the restrictions imposed during the lockdown, following which more and more people have started engaging in physical activities in order to remain fit and active and decrease the possibility of illness. Furthermore, increasing popularity for apparels by Indian icons and preference of the population towards these icons and their suggestions for respective brands, drives the sports apparel market growth as well.

Some of the top players in the India sports apparel market are, Puma Sports India Private Limited, Adidas India Marketing Private Limited, Nike India Private Limited, Under Armour India Trading Private Limited, ASICS India Private Limited, Fila Holdings Corporation, Lotto Sport Italia Spa, Decathlon Sports India Private Limited., Shiv-Naresh Sports Private Limited, Skechers Retail India Private Limited, among others. The companies are involving themselves into research and development for the methods of better quality, and various quality analysis tests to provide better products.

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“Growing middle class population base in Tier II & Tier III cities in the country has the potential to become a major demand generator for sports apparels in India. Various companies have increased their presence in these cities by offering their products either through exclusive retailers or multi-branded retail outlets and online channels. Share of organized retail in these cities is currently low, which creates an opportunity for major organized brands to enhance their presence by offering products either in premium or economy range, to attract the middle class population in these cities. Moreover, India’s Tier II & III cities mainly comprise middle class and lower middle class population. In addition, by FY2025-2026, number of middle class households in the country is expected to double and reach 113 million. This indicates significant opportunities for sportswear companies to address the demand during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Sports Apparel Market By Product Type (T-shirts, Sweatshirts, Sports Vests, Track Pants & Tights, Others {Swimsuits, Sports Hoodies, Sports Bras}) By End User (Men, Women, Kids) By Distribution Channel (Exclusive Stores, Supermarket/Hypermarket, Multi-branded Stores, Online, Others) By Company By Region, Competition Forecast & Opportunities, FY2026”, has evaluated the future growth potential of India sports apparel market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India sports apparel market.

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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