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Swimwear Market to Witness Exponential Growth by 2031 - TMR Study
The market is estimated to expand at a CAGR of 6.2% during the forecast period from 2018 to 2026. In terms of volume, the market stood at around 731.3 Million Units in 2017. Europe dominated the swimwear market in terms of value in 2017, acquiring approximately 31% of market share.
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The swimwear market is influenced by market dynamics with the prime driving factor being increasing health awareness. Swimming is considered healthy and a low-impact sports activity, which offers various physical and mental benefits. It provides a full body workout, as it uses all muscles of the body. Thus, increase in health awareness globally through swimming is boosting the swimwear market. Increasing trend of family vacations besides beaches, resorts, and theme parks etc. is anticipated to drive the swimwear market. Furthermore, penetration of e-commerce sites globally is adding to the growth of the swimwear market. Wide product availability coupled with affordable prices through e-commerce sites compared to the offline mode is also helping to proliferate the swimwear market.
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Based on product type, the non-athletic segment dominated the market in 2017 and was valued at US$ 13,068.4 Mn with a CAGR of 6.3% due to its widespread application across the globe. Based on fabric type, nylon acquired major market share due to its lightweight property and smooth fit. Nylon fabrics are more comfortable due to their elasticity and are good for regular and day to day use. According to end-user, the women's segment acquired major market share of approximately 70% in 2017. According to distribution channel, online channel is anticipated to expand at a faster rate of approximately 6.8% due to availability of wide product portfolios at a reasonable rate.
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Some of the key players in the swimwear market include LVMH Moët Hennessy Louis Vuitton SE, Phillips-Van Heusen Corporation, L Brands, Inc., Perry Ellis International. Inc., Pentland Group plc., Arena Italia S.p.A., ASICS America Corporation, Swimwear Anywhere Inc., Wacoal Holdings Corporation, and Hosa International Limited. Key players adopt numerous strategies to sustain in the market. Product development and acquisition and partnership are some of the main strategies adopted by key players to gain a competitive edge.
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