Sportswear Market Growth, Share, Vlaue, Analysis 2024-2032

IMARC Group, a leading market research company, has recently releases report titled “Sportswear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” offers a comprehensive analysis of the industry, which comprises insights on the sportswearmarket growth. The global market size reached US$ 190.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 272.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.96% during 2024-2032.

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Factors Affecting the Growth of the Sportswear Industry:

• Smart Sportswear:

Innovation in sportswear, such as the integration of sensors and technology, to track various performance metrics like heart rate, steps taken, calories burned, and distance traveled is strengthening the market growth. It helps athletes and fitness enthusiasts to monitor their progress and training routines for better performance. It also gives real-time feedback and guidance during workouts, which helps sportspeople to prevent injuries and achieve better goals.

• Health and Fitness Awareness:

The rising emphasis on maintaining active lifestyles among individuals, including regular exercise and physical activities, for maintaining overall health and well-being. Apart from this, gym workouts, running, yoga, and CrossFit have gained popularity due to their positive impact on physical fitness and mental health. Rising awareness of health benefits by participating in sports activities helps in reducing the risk of chronic diseases, improved mood, and increased energy levels. As a result, the above aspects will contribute to the growth of the market.

• Omni-channel Retailing:

Integration of online and offline channels through omni-channel retailing provides lucrative opportunities for sportswear market players to reach people in several ways. It can offer seamless shopping experiences, click-and-collect services, and personalized recommendations across multiple channels and can enhance customer engagement, experience, and loyalty. Additionally, it will assist sportswear brands to cross-sell and upsell products across channels.

Leading Companies Operating in the Global Sportswear Industry:

• Adidas AG
• Anta Sports Products Limited
• ASICS Corporation
• Columbia Sportswear Company
• Fila Inc.
• Lululemon Athletica Inc.
• New Balance Athletics Inc.
• Nike Inc.
• Patagonia Inc.
• Puma SE and Under Armour Inc.

Sportswear Market Report Segmentation:

By Product:

• Shoes
• Clothes

Shoes represent the largest market share due to their functionality for providing support, comfort, and protection during physical activities.

By Distribution Channel:

• Online Stores
• Retail Stores

Retail accounts for the largest market share owing to a broad variety of products and brands providing a hands-on shopping experience.

By End User:

• Men
• Women
• Kids

Men account for the majority of the market, which can be attributed to rising participation in various sports and fitness activities, such as weightlifting and outdoor recreation.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia-Pacific dominates the sportswear market on account of inflating disposable incomes of people in several countries, leading the purchasing power to afford sportswear items.

Global Sportswear Market Trends:

Rapid urbanization and westernization change the habits and lifestyles of people, which increases the participation in sports and fitness activities. The people will seek comfortable and stylish sportswear for exercise. Additionally, urbanization leads to economic growth and higher disposable incomes, which raises the investment of consumers in premium sportswear brands and products that offer superior quality, performance, and style.

Additionally, collaborations and endorsements with celebrities, sportsperson, or athlete influence the purchasing decisions and preferences of the consumers. Besides this, it can generate buzz and engagement on social media platforms. It also creates brand visibility and credibility, driving demand for endorsed sportswear products around the world.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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