Tuesday, September 26, 2023

Sports Apparel Market to Reach $410.8 Billion, Globally, by 2032 at 6.0% CAGR: Allied Market Research

Increasing health and fitness awareness, athleisure trends, and sports sponsorships and endorsements drive the growth of the global Sports Apparel Market.

PORTLAND, Ore., Sept. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled,Sports Apparel Market by End User (Children, Men, Women), by Distribution Channel (E-Commerce, Supermarket/Hypermarket, Brand Outlets, Discount Stores): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global sports apparel market size was valued at $230.6 billion in 2022, and is projected to reach $410.8 billion by 2032, growing at a CAGR of 6.0% from 2023 to 2032.


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What one wears during exercise is very important as clothes one choosses can actually have a considerable impact on workout performance. Sports apparel help regulate body temperature and keep athletes dry during intense physical exertion.

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.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2023

Market Size in 2023

$230.6 Billion

Market Size in 2032

$410.8 Billion

CAGR

6.0 %

No. of Pages in Report

333

Segments Covered

End User, Distribution Channel, and Region

Drivers

Increasing Health and Fitness Awareness

Athleisure Trend

Sports sponsorships and endorsements

Opportunities

Brand Expansion and Diversification

Restraints

Counterfeit Products

Intense competition

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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.

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Leading Market Players: –

  • Adidas AG
  • Nike, Inc.
  • Puma SE
  • Under Armour, Inc.
  • Ralph Lauren Corporation
  • Umbro Ltd.
  • Fila, Inc
  • Lululemon Athletica Incorporation
  • New Balance Athletic Shoe, Inc.
  • Columbia Sportswear Company

The report provides a detailed analysis of these key players in the global Sports Apparel Market. These players have adopted different strategies such as new Distribution Channel launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, Distribution Channel portfolio, and strategic moves of market players to showcase the competitive scenario.

Country Reports We Have in this Industry:

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research

Originally published at https://www.prnewswire.com/news-releases/sports-apparel-market-to-reach-410-8-billion-globally-by-2032-at-6-0-cagr-allied-market-research-301922112.html
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