The sports apparel industry has garnered massive profits as sportswear has become a way of life rather than apparels worn by athletes during practice and performance. Sports apparels were mainly designed for athletes like sprinters, swimmers, wrestlers, marathon runners etc. to enhance their performance by making their movements smoother, more aerodynamic and keeping them comfortable in spite of the heavy workout. As fitness enthusiasm took over the world, sportswear became a staple in the wardrobe of consumers seeking better fitness clothes. However, as designers of such clothes began concentrating on not only the material but also their acceptance as normal day wear, the sports apparel industry began to evolve.
The global sports apparel market is anticipated to reach $248.1 billion by 2026, growing at a CAGR of 5.1% from 2019 to 2026
For instance, Lululemon Athletica Inc, a company that garnered a multibillion dollar share in the sports apparel industry by catering to the exponential demand by women for yoga pants, recently announced that its men’s products sales has witnessed 38% growth in the third quarter of 2019. The company also told its shareholders that it expects to double this share by 2023 and in 2018, 21% of its $3 billion sales were held by men’s products.
Cheap and counterfeit products in the market may pose some challenge to the growth of the sports apparel industry. But as consumers become more conscious of the need of high-quality sportswear to reap the expected benefits and higher disposable incomes makes investment in sports wear more favorable, sports apparel market can overcome challenges posed by fake products.
The sports apparel market has been segmented based on end user, distribution channel, and region.
On the basis of end user, sports apparel market segmentation includes children, men, and women.
According to distribution channel, sports apparel market is segmented into supermarket/hypermarket, E-commerce, brand outlets, and discount stores.
Regional segmentation of the sports apparel market includes North America, Europe, Asia-Pacific, and LAMEA.
The sports apparel market share in North America has been significant as fitness wear has been largely adopted by the fitness conscious population in the region. Wearing athleisure has become a way of life as more people have chosen comfort and sports apparel market players have capitalized on the trend by producing sportswear that is fashionable as well as comfortable. As sports apparel has become a fashion trend, the flexibility of wearing gym clothes outside the gym setting has appealed to the masses and therefore the sports apparel market share has been massive in the region.
International sports apparel manufacturers look to expand their business, targeting consumers in the emerging economies like India and China, as increasing disposable incomes in these countries mean more investment in clothing and accessories, in turn boosting the sports apparel market growth in Asia Pacific. Consumers in the region have exhibited an increased interest in emulating western fashions. With fitness awareness rising in the region, Asia Pacific is expected to be one of the most promising regions for the growth of sports apparel industry.
Some of the prominent players in the sports apparel market include Nike, Inc., Adidas AG, Puma SE, Ralph Lauren Corporation, Under Armour, Inc., Umbro Ltd., Lululemon Athletica Incorporation, Fila, Inc, New Balance Athletic Shoe, Inc., and Columbia Sportswear Company.