DUBLIN--(BUSINESS WIRE)--The "Sportswear Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Sportswear Market was valued at USD 395.03 billion in 2023, and is projected to reach USD 579.96 billion by 2029, rising at a CAGR of 6.61%.
The global sportswear market is highly fragmented, with many local and international players. The market is fragmented due to the presence of local and international market players. Some leading global sportswear vendors are NIKE, Adidas, ANTA Sports Goods, ASICS Corporation, Lululemon Athletica, PUMA, Under Armour, and VF Corporation. The competition among these players is intense. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in sportswear. The present scenario forces vendors to refine their unique value proposition to achieve a strong market presence.
MARKET TRENDS & DRIVERS
Sustainability Development in Sportswear
Sustainability in the sportswear market focuses on minimizing environmental and social impacts throughout the product lifecycle. This involves using eco-friendly materials such as recycled polyester, organic cotton, and water-saving fibers, reducing greenhouse gas emissions, and promoting ethical labor practices. Brands are committed to minimizing the use of harmful chemicals like PFCs and adopting cruelty-free standards, such as the Responsible Down Standard. Moreover, with sustainability becoming a major consideration for customers, other sportswear brands will likely feel pressure to follow suit. This shift in consumer behavior could drive demand for sustainably produced products across the industry, encouraging even smaller players to adopt similar practices. For instance, Adidas is making significant steps toward sustainability to achieve its ambitious 2025 targets. Adidas plans to make nine out of ten products sustainably by 2025, utilizing recycled, remade, and regenerative materials.
Furthermore, sustainability development in sportswear is not solely the responsibility of brands; consumer education plays a crucial role. As consumers become more informed about the environmental impacts of their choices, their purchasing decisions are increasingly influenced by a brand's commitment to sustainability. For instance, Mizuno Corporation has launched the eco-friendly Wave Neo Collection, which features the Wave Neo Wind and Wave Neo Ultra running shoes made from recycled and plant-derived materials.
Government Investment in Sports
Governments across various countries have taken proactive initiatives to encourage men's and women's participation in sports through policy measures. These efforts have increased demand for sportswear as participation in sports activities grows worldwide. For instance, in 2023, the Chinese government allocated USD 3.2 billion (23.3 billion) to enhance its sports sector, underscoring its commitment to becoming a "Strong Sports Nation" by 2025. As the government promotes sports, local and international brands may invest more in marketing and sponsorships, increasing brand awareness and competition in the sportswear market. With increased funding, there could be more emphasis on research and development in sportswear technology, resulting in innovative products that enhance performance, comfort, and sustainability.
INDUSTRY RESTRAINTS
Easy Availability of Counterfeit Products
Counterfeit products refer to a copy of the same product. Consumers are also interested in buying duplicate products because of the low price and lack of purchasing power. The easy availability of counterfeit sportswear in the market significantly impacts the demand for authentic products. In addition, Spanish police seized 11 tons of counterfeit soccer jerseys on May 31, 2024, ahead of the UEFA Champions League final and Euro 2024. The operation, which involved searching 15 trucks, uncovered over 36,500 fake kits featuring stars like Cristiano Ronaldo and Kylian Mbappe, along with other counterfeit goods valued at over €6 million ($6.51 million). Such operations could lead to stricter enforcement against counterfeiters, potentially reducing the prevalence of fake merchandise in the market.
GEOGRAPHICAL ANALYSIS
Various factors such as health trends, urbanization, technological innovation, and sporting events influence the global sportswear market. North America dominated the global sportswear market, accounting for a global share of over 40% in 2023. Furthermore, North America, particularly the U.S., is one of the largest and most mature markets for sportswear. The market is driven by a growing interest in fitness and sports and the presence of major sportswear brands (NIKE, Under Armour, etc.). Moreover, the market in the U.S. is poised for significant growth, driven by increasing participation across various demographics and sports activities.
The APAC region is one of the fastest-growing sportswear markets, with China, India, and Japan leading. The demand-driving factors in the region are urbanization and e-commerce platforms. Europe is one of the leading regions in the sportswear market, with countries like the UK, Germany, and France being key contributors. European consumers are highly conscious of environmental impact, driving demand for eco-friendly materials and production processes. While relatively smaller than other regions, Latin America has shown steady growth in the sportswear sector. Brazil and Mexico are the largest markets, driven by a growing interest in sports and fitness. The Middle East & Africa, particularly the UAE and Saudi Arabia, is experiencing a growing demand for sportswear due to the rising health consciousness and government initiatives promoting fitness. National fitness campaigns and investments in sports infrastructure have driven interest in sports and fitness.
COMPETITIVE LANDSCAPE
Key Developments in the Global Sportswear Market:
- In 2024, Adidas launched the Adidas Dame 9 x BAPE Collaboration, with innovative features such as being ultra-lightweight at 14.5 oz, having an internal Lycra bootie for stability, and having innovative light strike cushioning. The product also features distinctive BAPE aesthetics with ABC CAMO and SOLID CAMO designs. It blends cutting-edge basketball technology with BAPE's iconic aesthetics for a premium experience.
- In 2024, NIKE introduced the Nike Jam, the first shoe designed for breaking, offering enhanced traction, durability, and cushioning for smooth surfaces, concrete, and asphalt. It features a foam drop-in midsole and rubber cupsole for optimal performance. With the specific athlete communities, the organization boosts brand loyalty and engagement.
Key Company Profiles
- adidas
- ANTA Sports Goods
- ASICS Corporation
- HanesBrands
- lululemon athletica
- NIKE
- PUMA
- Under Armour
- VF Corporation
Other Prominent Vendors
- Alcis Sports
- Allbirds
- Authentic Brands Group
- Brooks Brothers
- Brunotti
- Castore
- CAVA Athleisure
- Chkokko
- Columbia Sportswear Company
- COSCO
- Decathlon
- Delta Galil Industries
- EDELRID
- Errea Sport Spa
- Everlast Worldwide
- F&F Holdings Corp
- Fruit of the Loom
- Goldbergh
- Goldwin
- HRX
- Hummel
- Iconix International
- Kappa
- K-Swiss
- Life is Good
- Lotto Sport Italia
- Mizuno Corporation
- New Balance
- New Era Cap
- Ningbo Yinshan Garments Factory
- Niviasports
- Oakley
- On
- Outdoor Voices
- P.E Nation
- Page Industries
- Patagonia, Inc
- Pentland Group
- PVH Corp
- Ralph Lauren Media
- Recreational Equipment
- REV'IT!
- Sareen Sports Industries
- Saucony
- Sergio Tacchini
- Shivnaresh Sports
- SKECHERS USA
- Sundried
- THE GAP
- Tripulse
- TYKA Sports
KEY QUESTIONS ANSWERED
- How big is the global sportswear market?
- What is the growth rate of the global sportswear market?
- What are the significant trends in the sportswear industry?
- Which region dominates the global sportswear market share?
- Who are the key players in the global sportswear market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 349 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $395.03 Billion |
| Forecasted Market Value (USD) by 2029 | $579.96 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global
|
Key Topics Covered:
1. Scope & Coverage
1.1. Market Definition
1.2. Segments Covered & Definition
1.3. Market Derivation
2. Premium Insights
2.1. Opportunity Pockets
2.2. Market Definition
2.3. Report Overview
2.4. Opportunities & Challenge Analysis
2.5. Segment Analysis
2.6. Regional Analysis
2.7. Competitive Landscape
3. Market at a Glance
4. Introduction
4.1. Overview
4.2. Product Innovations in Sportswear
5. Market Opportunities & Trends
5.1. Rise in Popularity of Athleisure Wear
5.2. Increasing Popularity of Outdoor Sports
5.3. Sustainability Development in Sportswear
6. Market Growth Enablers
6.1. Government Investment in Sports
6.2. Expansion of E-Commerce in Emerging Economies
6.3. Increasing Sports Participation Rates
6.4. Rising Health and Fitness Awareness
7. Market Restraints
7.1. Fluctuations in Raw Material Prices
7.2. Easy Availability of Counterfeit Products
8. Market Landscape
8.1. Market Overview
8.2. Demand Insights
8.3. Vendor Analysis
8.4. Market Size & Forecast
8.5. Five Forces Analysis
9. Product
9.1. Market Snapshot & Growth Engine
9.2. Market Overview
9.3. Apparel
9.4. Footwear and Accessories
10. Activity Type
10.1. Market Snapshot & Growth Engine
10.2. Market Overview
10.3. Sports
10.4. Training and Yoga
10.5. Swimming
10.6. Others
11. End-user
11.1. Market Snapshot & Growth Engine
11.2. Market Overview
11.3. Male
11.4. Female
11.5. Children
12. Distribution Channel
12.1. Market Snapshot & Growth Engine
12.2. Market Overview
12.3. Offline
12.4. Online
13. Geography
13.1. Market Snapshot & Growth Engine
13.2. Geographic Overview
14. North America
15. APAC
16. Europe
17. Latin America
18. Middle East & Africa
19. Competitive Landscape
19.1. Competition Overview
19.2. Market Share Analysis
20. Key Company Profiles
21. Other Prominent Vendors
For more information about this report visit https://www.researchandmarkets.com/r/q1us7m
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