Asia-Pacific Athletic Sportswear and Footwear Market Growing At A CAGR Of 4.3% from 2021-2027 | COVID-19 Impact Analysis
The Asia pacific athletic sportswear and footwear market size was valued at $89.6 billion in 2019 and is projected to reach $110.6 billion by 2027, registering a CAGR of 4.3% from 2021-2027.
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The Covid-19 pandemic has a vital impact on the growth of the Asia-Pacific Athletic Sportswear and Footwear market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the Asia-Pacific Athletic Sportswear and Footwear market.
Athletic sportswear and footwear are worn during workout sessions or while performing sporting and recreational activities. Initially, sports apparels were mostly worn by athletes but, with time, they have become common with regular gym-goers and other non-athletes, which acts as a key growth driver of the overall market. In addition, the expansion of distribution channels such as online stores, specialty stores, supermarkets, and hypermarkets, in Asia-Pacific has made these athletic sportswear and footwear easily accessible to users, which, in turn, contributes toward the market growth.
Furthermore, presently fashionable athletic sportswear and footwear with vibrant colors is one of the increasing Asia-Pacific athletic sportswear and footwear market trends among the users. In addition to this, the rising interest of consumers in sports and recreational activities is expected to offer immense Asia-Pacific athletic sports sportswear and footwear market opportunity during the forecast period.
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By product type, it is classified into sports shoes, running & walking shoes, hiking & backpacking shoes, aerobic & gym wear shoes, tracksuits & jerseys, t-shirts & shorts, and others. On the basis of sports, it is divided into football, cricket, basketball, tennis, adventure sports, cycling, yoga & gymnastics, running, boxing and others. Depending on user, it is differentiated into men, women, and kids. Country wise, it is studied across China, Hong Kong, Taiwan, India, Indonesia, Thailand, Philippines, Vietnam, Malaysia, Singapore, South Korea, Japan, Australia, New Zealand, South Africa, UAE and rest of Asia-Pacific.
Depending on user, the kid segment is anticipated to grow at a higher CAGR during the Asia-Pacific athletic sportswear and footwear market forecast period, due to the fact that children nowadays are not restricting themselves to only studies but are also focusing on extra curriculum activities to learn and explore. Thus, active participation of kids in recreational and sporting activities such as football, cricket, basketball, running, boxing, and yoga is expected to bolster the growth of the Asia-Pacific athletic sportswear and footwear market in the near future.
The Asia-Pacific athletic sportswear and footwear market segments are categorized into product type, sports, and users. By product type, it is classified into sports shoes, running, and walking shoes, hiking and backpacking shoes, aerobic and gym wear shoes, tracksuits and jerseys, t shirts and shorts, and others. By sports, it is divided into football, cricket, basketball, tennis, adventure sports, cycling, yoga and gymnastics, running, boxing and others. By users, the Asia-Pacific athletic sportswear and footwear market is classified into men, women, and kids.4
Key Market Players Profiled In The Report:
• Adidas AG
• Asics Corporation
• Brooks Running Company
• Fila Holding Corporation
• Li Ning Company Limited
• New Balance Inc.
• Nike Inc.
• Puma Se
• Skechers USA Inc
• Under Armour Inc.
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Key findings of the study
○ By product type, the running and walking shoes segment accounted for the highest market share in 2019, growing at a CAGR of 3.8% from 2021 to 2027.
○ By sports, the running segment accounted for the highest market share in 2019, growing at a CAGR of 4.4% from 2021 to 2027.
○ By users, the men segment accounted for the highest market share in 2019, growing at a CAGR of 3.6% from 2021 to 2027.
○ Country wise, China occupied maximum share in the Asia-Pacific athletic sportswear and footwear market in 2019 and is expected to dominate the market during the forecast period.
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