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Luxury Activewear Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033
Luxury Activewear Market Overview
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According to The Business Research Company's, The luxury activewear market size has grown strongly in recent years. It will grow from $5.88 billion in 2023 to $6.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to growth in health consciousness consumers, increase in fitness awareness among consumers, rising participation rates in sports and fitness activities, increase in disposable incomes, increase in demand for eco-friendly and sustainable luxury activewear, expand in distribution channels, and increase in e-commerce and specialty stores.
The luxury activewear market size is expected to see strong growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing influence of celebrity endorsements and social media on consumer preferences, innovative marketing strategies by luxury activewear brands, increasing focus on inclusive sizing and customization options, growing popularity of high-intensity interval training (HIIT) and boutique fitness studios, and increasing interest in outdoor activities and adventure sports. Major trends in the forecast period include advancements in eco-friendly materials, innovation in activewear production processes, adoption of fabrics with advanced moisture-wicking, odor control, and temperature regulation properties, advancements in personalized activewear options.
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Market Drivers and Trends:
The rising participation rates in sports and fitness activities are expected to propel the growth of the luxury activewear market going forward. The rising participation rates in sports and fitness activities are due to increasing health awareness, popular fitness trends, advancements in fitness technology, influence from social media, and government initiatives promoting physical activity. Luxury activewear enhances sports and fitness activities by combining high-performance fabrics, ergonomic designs, and stylish aesthetics, ensuring athletes' comfort, support, durability, and motivation. For instance, in June 2023, according to the Outdoor Participation Trends report by the Outdoor Industry Association (OIA), a US-based non-profit organization, the number of outdoor recreation participants increased by 2.3% in 2022, reaching a record 168.1 million compared to 164.2 million in 2021, representing 55% of the U.S. population aged six and older. Therefore, the rising participation rates in sports and fitness activities drive the luxury activewear market.
Major companies in the luxury activewear market are developing premium casual athletic clothing to offer high-performance features. Premium casual athletic clothing helps by providing stylish designs that enhance comfort, functionality, and versatility for athletic activities and everyday wear. For instance, in May 2024, Jennifer Sey, former global brand president at Levi Strauss & Co., a US-based clothing company, launched XX-XY Athletics, a premium casual athletic clothing. XX-XY Athletics aims to create high-quality athletic apparel for both women and men while taking a stand to preserve the integrity of women's sports. The performance-focused collections are designed to meet the needs of active consumers while also making a statement through their empowering messaging.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Nike Inc., Adidas AG, Gap Inc., PVH Corp., Puma SE, Lululemon athletica inc., Skechers USA Inc., Under Armour Inc., ASICS Corporation, Columbia Sportswear Company, Patagonia Inc., Reebok International Limited, Tory Burch LLC, Fabletics LLC, Mammut Sports Group AG, Sweaty Betty Limited, Outdoor Voices Inc., Norrona Sport AS, Carbon 38 Inc., PE Nation, Splits59, The Upside, Vaara, Live The Process
Luxury Activewear Market 2024 Key Insights:
• The luxury activewear market size is expected to see strong growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Participation in Sports and Fitness Activities Drives Growth in the Luxury Activewear Market
• Innovative Launch in Luxury Activewear
• North America was the largest region in the luxury activewear market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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