Sportswear Market is projected to expand during forecast period due to rise in participation of people in a wide range of sporting events, such as football, cricket, and tennis.
Albany, NY -- (SBWIRE) -- 05/14/2019 -- Sportswear or Activewear includes apparel and footwear worn during sports or any physical exercise. The outlook for the sportswear market appears positive, with rapid innovation and increase in health consciousness among the people across the globe.
Rise in participation of people in a wide range of sporting events, such as football, cricket, and tennis, is boosting the demand for sportswear across the globe. Increase in disposable income, high spending power of consumers, and rise in propensity of consumers to purchase comfortable clothing are some of the major factors driving the global sportswear market. Consumers are increasingly becoming health and fitness conscious due to lifestyle disorders and high stress at workplaces. These consumers are opting for various fitness activities such as swimming, gym, and running to stay active and healthy. This has boosted the demand for sports apparel and footwear among all end-use groups, thereby boosting the sportswear market.
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Rise in demand for fashion-friendly sports apparel has encouraged key players to introduce innovative products that meet the needs of consumers. Various technologies such as nano-technology, microfibers, and insulators are gaining popularity in the sportswear market. Increase in number of people are adopting an active lifestyle. This has propelled the demand for sportswear across the globe. Governments of several countries have introduced sports programs in schools and academic institutions. This is also boosting the sales of sportswear in the global market. However, the presence of low-priced and fake products is hampering the market. Often, branded apparels carry high price range; these are not affordable to low income groups. Hence, local players design similar products at comparatively low costs. Availability of counterfeit products adversely affects the sale of branded products, thereby restraining the sportswear market.
The global sportswear market can be segmented based on product, end-use, distribution channel, and geography. In terms of product, the market can be segmented into sports apparel (top wear, bottom wear, hats, and others), sports footwear, and others (accessories). Based on end-use, the market can be classified into men, women, and kids. The men segment accounts for major share of the global sportswear market. However, the women segment is expected to expand significantly during the forecast period. Based on distribution channel, the global sportswear market can be divided into online channel and offline channel. The offline channel segment can be further classified into hypermarkets and supermarkets, specialized stores, and departmental stores. In terms of geography, the global sportswear market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is likely to register major share of the market during the forecast period due to the rise in adoption of new and advanced technologies. Growth in awareness among consumers regarding health and fitness activities in North America and Europe is also fuelling the market. Asia Pacific is likely to witness significant growth owing to the increase in disposable income of consumers in the region.
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The global sportswear market is highly competitive, due to the presence of a large number of regional and international manufacturers of sportswear across the world. Major players are increasingly focusing on the introduction of innovative solutions with advanced efficiency and features. New product launches, and mergers and acquisitions are the prime strategies adopted by major players to sustain themselves in the highly competitive sportswear market. Key players operating in the global sportswear market are Adidas AG, Umbro, Ltd., Nike, Inc., Jockey International, New Balance Athletic Shoe, Inc., VF Corporation, Columbia Sportswear Company, Obermeye, Volcom, LLC, The North Face, Inc., Ralph Lauren Corporation, Fila, Inc., Under Armour, Inc., Puma SE, Lululemon Athletica Incorporation, ASICS Corporation, and Patagonia, Inc.