New York, USA, May 04, 2022 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global sportswear market is intended to generate a revenues of $267,576.3 million and grow to a Remarkable CAGR of 4.8% during the forecast period from 2021-2028.
Impact of Covid-19 on the sportswear market
Likewise, in several other industries, the wake of the Covid-19 pandemic has negatively impacted the sportswear market. To control the rapid transmission of the deadly virus, governments in many countries have imposed complete lockdowns. This has led to the disruption of supply chain networks and the closure of many garment manufacturing companies for an extended period. In addition, import and export restrictions have caused an increase in cancellations of orders from overseas customers and led to an accumulation of clothing inventories.
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Moreover, the closure of gyms and fitness centers for a long time has severely affected the demand for sports and workout clothes. To this, the cancellation and postponement of many international sporting events such as 2020 Summer Olympics, Wimbledon Tennis Championship, Formula 1 and many others, have been the downside factors in the market during the period of crisis. In addition, the closure of supermarkets, branded stores and discount stores has led to revenue losses and the growing consumer preference for cost savings as well as reduced spending on purchasing non-essential goods has also had an impact. negative impact on the demand for sportswear.
However, increasing technological advancements, considerable product launches and innovative initiatives taken by leading companies have created opportunities to drive the growth of the sportswear market post-pandemic. For example, Adidas launched an online challenge named #HOMETEAMHERO to contribute $1 for every activity tracked per hour to the COVID-19 Solidarity Response Fund for the World Health Organization.
Sportswear market segments
The report has divided the sportswear market into segments based on end-user, distribution channel, and region.
End User: The Men’s Sportswear Sub-Segment Will Be the Most Lucrative
On the basis of end-user, the sportswear market has divided into several sub-segments namely sportswear for men, women and children. Among these, the men’s sportswear sub-segment is expected to be the most lucrative and is expected to generate a revenue of $128,300.3 million during the forecast period and account for $90,914.3 million. dollars in 2020. This is mainly due to the growing popularity of sportswear among men, thanks to its trendy look, excellent comfort, improve performance and prevent injuries. In addition, increasing participation in outdoor sports such as swimming, cricket, and football is expected to aid the growth of the sportswear market sub-segment over the analysis period.
On the other hand, the women’s sportswear sub-segment is expected to bring in $105,447.0 million over the estimated period. This is mainly due to the increasing participation of women in sports and fitness activities such as swimming, jogging, aerobics, gym and many more. Moreover, the presence of fashionable, stylish and comfortable athletics brands such as Nike, Wolven, Glyder and many other products is expected to boost the growth of the sportswear market sub-segment during the forecast period. .
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Distribution channel: the discount stores sub-segment will be the most productive
On the basis of distribution channels, the sportswear market is divided into different sub-segments, namely e-commerce, supermarket/hypermarket, branded outlets and discount stores. Among all these, the discount store sub-segment is expected to be the most productive and is expected to generate $84,981.6 million in revenue over the analysis period, rising from $59,574.9 million of dollars in 2020. This is mainly due to the fact that these stores carry products from international brands such as Adidas, Nike and others. Moreover, as these stores offer genuine products purchased directly from the manufacturers and offer attractive discounts on the purchase of branded sportswear, the factors are expected to amplify the growth of the sportswear market sub-segment over the course of the period of analysis.
On the other hand, the e-commerce sub-segment is expected to generate revenue of $53,901.7 million throughout the forecast period and grow from $35,055.0 million in 2020. This is mainly due to changing consumer preferences to avoid physical stores obeying the Covid-19 protocols. Additionally, availability of huge products at a discounted price and an increase in the number of smartphones, mobile banking and internet accessibility are the major factors expected to drive the growth of the sportswear market sub-segment throughout the estimated period.
Region: Asia-Pacific to hold the maximum share of the sportswear market
The Asia-Pacific region of the sportswear market is expected to generate revenue of $96,724.4 million during the analysis period. This is mainly due to the increase in disposable income among millennials and changing consumer preferences towards healthy lifestyles. Moreover, growing ubiquity of young population actively participating in several physical activities and sports is expected to drive the regional growth of the market over the analysis period.
Dynamics of the sportswear market
With the growing number of fitness conscious people across the globe to avoid chronic diseases such as obesity, diabetes, and many others, the market is expected to witness dramatic growth over the analysis period. Also, the use of appropriate sportswear can improve performance during training and recovery, which is expected to drive the growth of the sportswear market over the forecast period. In addition, the many benefits offered by various sportswear such as t-shirts, tracksuits and hoodies to provide comfort when performing high intensity exercises such as running, cycling or gym workout, are expected to drive the growth of the market. during the forecast period. However, various counterfeit products may hamper the growth of the market over the analysis period.
Key players in the Sportswear market
Major players in the sportswear market include
- Lululemon Athletica Inc.
- Nike, Inc.
- PUMA SE
- New Balance
- Ralph Lauren Company
- New Balance
- Under Armour, Inc.
- Adidas AG Fila
- Columbia Sportswear Company, and many more.
These players are extensively working on developing new business strategies to secure leading positions in the global industry.
For example, in November 2021, Sports Inc., the leading US-based sporting goods retailer, announced its collaboration with Eastbay, a renowned US supplier of athletic footwear, apparel and equipment. With this collaboration, the companies aim to offer a combination of performance and lifestyle products to better serve the athlete, everywhere.
Besides, the report also presents other important aspects including product portfolio, financial performance of key players, SWOT analysis and latest strategic developments.
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