Press release
Triathlon Clothing Market is Estimated to Stand at US$ 4,928.61 Million by 2033 | Report By FMI
Triathlon Clothing Market
The industry is being rapidly favoured by the establishment of numerous organizations to promote gender equality in sports. Furthermore, women and girls across diverse sports, including triathlon, are seeking equal responsibilities, rights, and opportunities. Measures are being taken to bridge the gender gap in triathlon by empowering and supporting women spanning all sectors of the triathlon workforce. These include women in coaching, club administration, athletes, and officiating.
Since triathlon is gradually gaining worldwide recognition, the triathlon clothing market is, as a consequence, expected to generate significant revenue in the coming years. This is also supported by the upsurge in people taking up sports. Furthermore, increase in events arranged by triathlon governing authorities of diverse regions. Rapid commercialization and evolving lifestyle trends, especially in emerging economies.
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Compelling Market Trends
Significant increases in the population particularly in triathlons and other sports, such as running, cycling, and swimming are expected to bode well for the overall market. Growing emphasis of top manufacturers on technological upgradations of triathlon clothing.
Expanding awareness associated with sports among women and millennials is predicted to fuel market growth over the projection period. Moreover, triathlon clothing is now being designated to efficiently protect from UV radiation and facilitate professional athletes to give superior performance.
The effective deployment of marketing strategies along with brand positioning and creative advertising is likely to invigorate interest in triathlon and associated apparel throughout the evaluation period.
Growth Drivers
The tri shorts segment is anticipated to surge by 8% over the proceeding years. The propelling interest of people in sports activities such as cycling, swimming, etc. is pushing the sales of tri shorts.
The increasing demand for comfortable yet stylish tri shorts has surged consumer inclination towards triathlon clothing. To cater to the surging consumer demand, manufacturers of triathlon apparel are releasing new products in a range of designs for every body shape and age group with the option for customization.
Various government initiatives have been taken to build sports infrastructure in different countries is likely to facilitate industry growth. In June 2019, the State General Sports Administration of China, MIIT, and nine departments together proceeded with an action plan to develop sports infrastructure on a domestic level. Plans like these are crucial in disseminating consumer awareness regarding domestic sports activities.
Restraints
Market growth is anticipated to be restricted by the strong pricing pressure among manufacturers. Furthermore, high prices associated with the production of premium-quality triathlon apparel are anticipated to hamper the market growth.
The widespread availability of alternatives in the market along with a feeble supply chain and the absence of a vigorous distribution channel might hinder the scope of the market.
Competitive Landscape
The competitive landscape of the triathlon clothing industry is likely to get marked by several key players. Top companies in the market are employing expansion tactics like partnerships, mergers, and acquisitions, and releasing novel products to gain a competitive edge over other players.
Key Developments
In April 2022, Zone3 Ltd. introduced a breaststroke wetsuit. The launch of this product was in response to the widening population base seeking something they can swim breaststroke and front crawl with. The product is predicted to become necessary sportswear for open-water swimmers. Zone3 Ltd., Zoot Sports, De Soto Clothing Company, Inc, Louis Garneau Sports, Fanatics Inc., 2XU, Pearl Izumi, Orca, Kiwami Triathlon, TYR SPORT. INC.
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Triathlon Clothing Market by Category
By Type, the Triathlon Clothing Industry is segmented as:
Tri Tops
Tri Shorts
Tri Suits
By Application, the Triathlon Clothing Industry is categorized as:
Men
Women
By Distribution Channel, the Triathlon Clothing Industry is bifurcated as:
Online
Offline
By Region, the Industry of Triathlon Clothing is segmented as:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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