Sportswear Market Insights: Key Trends Shaping the Industry in 2024...

Sportswear Market Insights: Key Trends Shaping the Industry in 2024

Posted 2024-10-11 08:17:32

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The global sportswear market size is anticipated to reach USD 646.01 billion by 2030 registering a CAGR of 9.9%, according to a new report by Grand View Research, Inc. The market is driven by rise in demand for trendy and comfortable sports shoes and clothes. Increasing participation in sports and fitness activities due to rising awareness about leading a healthy lifestyle is another major factor driving the market. Fitness activities help overcome stress related issues, such as obesity, heart diseases, depression, asthma, and diabetes.

Asian countries like India and China offer lucrative growth opportunities to international companies. According to the Indian Union Ministry of Textiles, India’s textile and apparel exports were valued at Rs.189.56 billion for the month of November 2018 and it will grow further at a good pace. Improved living standards, low costs of manufacturing, and increasing disposable income levels in developing countries are the factors propelling the market in APAC region. The shoes segment accounted for the largest market share of 65.29% in 2018 and is projected to maintain the leading position throughout the forecast years due to rising demand for athletic shoes.

The clothes segment is expected to register the fastest CAGR from 2019 to 2025. Technological advancements in sportswear, such as use of reactive materials and fabrics that monitor heart rate, respiratory activity, and posture, are driving the growth of this segment. On the basis of end user, the market is segmented into men, women, and kids. The men segment held the largest market share of more than 50% in 2018. It is expected to remain the dominant segment throughout the estimated period. However, the women segment is projected to expand at the highest CAGR of 10.7% from 2019 to 2025.

Gather more insights about the market drivers, restrains and growth of the Global Sportswear Market

Sportswear Market Report Highlights

· Sports footwear accounted for a revenue share of 64.8% in 2023 due to its essential role in various athletic activities and the significant technological advancements in this segment.

· Online distribution channel segment is projected to register the fastest CAGR 11.5% from 2024 to 2030 due to increasing popularity of e-commerce and number of smartphone users along with fast-paced lifestyle

· In addition, heavy discounts and easy refund option offered by online portals are driving the segment growth further

· The sportswear market in North America accounted for a revenue share of 33.3% in 2023 and is projected to remain dominant throughout forecast period

· Leading companies in the global sportswear market are Nike, Inc.; Adidas AG; LI-NING Company Ltd.; Umbro Ltd.; Puma SE, Inc.; Fila, Inc.; Lululemon Athletica Inc.; Under Armour; Columbia Sportswear Company; and Anta Sports Products Ltd.

Browse through Grand View Research's Consumer Goods Industry Research Reports.

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Sportswear Market Segmentation

Grand View Research has segmented the global sportswear market on the basis of product, distribution channel, end-user, and region:

Sportswear Product Outlook (Revenue, USD Million, 2018 - 2030)

· Footwear

· Apparel

Sportswear End-user Outlook (Revenue, USD Million, 2018 - 2030)

· Men

· Women

· Children

Sportswear Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

· Online

· Offline