Sports Apparel Market Share Growing at 6% CAGR to Hit USD 410.8 Billion by 2032

The sports apparel market size was valued at $230.60 billion in 2022, and is estimated to reach $410.8 billion by 2032, growing at a CAGR of 6% from 2023 to 2032. 

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Prime determinants of growth

The sports apparel market has witnessed robust growth, driven by several factors. The increasing global interest in fitness and active lifestyles, coupled with a growing awareness of health benefits, has spurred demand for sports apparel. Furthermore, the rise of athleisure wear, which seamlessly blends style and comfort, has extended the market's appeal beyond athletic activities. Industry trends indicate a shift towards sustainable and eco-friendly materials, responding to consumer preferences for environmentally-conscious choices. Technological advancements have led to innovative fabrics with moisture-wicking, anti-microbial, and temperature-regulating properties, enhancing both performance and comfort.

Major Key Players: 

The major players operating in the Sports Apparel Market Trends focus on key market strategies, such as mergers, product launch, acquisitions, collaborations, and partnerships. Further, they have been focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the sports apparel market report include Adidas AG, Nike, Inc., Puma SE, Under Armour, Inc., Ralph Lauren Corporation, Umbro Ltd., Fila, Inc, Lululemon Athletica Incorporation, New Balance Athletic Shoe, Inc., and Columbia Sportswear Company. 

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Market Segmentation: 

The Men segment to maintain its leadership status throughout the forecast period

Based on end user, the Men segment held the highest market share in 2023, accounting for more than half of the global Sports Apparel Market revenue, and is estimated to maintain its leadership status throughout the forecast period. The men's segment is witnessing strong market demand due to increasing participation in sports and fitness activities by men across different age groups and demographics. However, the children segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032. There is a growing emphasis on youth sports and physical activities, with parents and educators recognizing the importance of an active lifestyle for children's health and development.

The Discount Stores segment to maintain its leadership status throughout the forecast period.

Based on the distribution channel, the discount stores segment held the highest market share in 2022, accounting for nearly one-third of the global Sports Apparel Market revenue, and is estimated to maintain its leadership status throughout the forecast period. Customers visiting supermarkets and hypermarkets for groceries or household items may come across sports apparel sections and make impulse or convenience-driven purchases. Additionally, the E-Commerce segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around one-third of the global Sports Apparel Market revenue. In addition, the same region is also expected to witness the fastest CAGR of 6.7% from 2023 to 2032 and is likely to dominate the market during the forecast period. The Asia-Pacific market has a huge growth potential due to the increase in purchasing power of consumers and the rise in the middle-class segment. The rise in marketing initiatives such as heavy marketing campaigns and celebrity endorsements also fuels the growth of the outdoor sports apparel market in the region.

KEY FINDINGS OF THE STUDY      

By End User, the Men segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period. 
By Distribution Channel, the discount stores segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period. 
By Region, the Asia-Pacific region was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period. 
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