June 16, 2022 04:33 ET | Source: Fortune Business Insights Fortune Business Insights
Pune,India, June 16, 2022 (GLOBE NEWSWIRE) -- The global sportswear market is projected to grow during the projected period due to the increasing awareness about healthy lifestyles and regular workout activities. Fortune Business Insights™ publishes this information in a report titled, "Sportswear Market, 2021-2028". As per the report, the sportswear market size was USD 160.61 billion in 2020. The market is projected to grow from USD 170.94 billion in 2021 to USD 267.61 billion by 2028 at a CAGR of 6.6% during the 2021-2028 period.
Restrictions On Non-Essential Goods Hampered The Market Growth
The outbreak of COVID-19 pandemic harshly affected the apparel industry due to disrupted supply chains and restricted manufacturing and production operations. The government imposed strict restrictions on travel activities which hampered the product shipments. The halt on manufacturing and production units affected the productivity and profitability of leading companies in the market. The clothing time falls under non-essential services completely restricted during the initial lockdown phase. These factors affected the global sportswear market growth during the pandemic period.
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Sportswear Market Report Scope & Segmentation:
Fortune Business Insights™ lists out all the sportswear market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
The report highlights recent developments and trends in the market along with the drivers and restraints affecting the global market growth during the projected period. The impact of COVID-19 pandemic on the market development and expansion is discussed further in this report. Furthermore, the report sheds light on the regional information on segmented market areas and the leading market players in respective regions.
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Rising Health Consciousness To Bolster Market Growth
The market is anticipated to grow at a substantial CAGR during the forecast period due to the increasing demand for smart sportswear. Also, female participation in various outdoor sports activities is expected to bolster the market growth. Furthermore, increasing health consciousness among the population is projected to fuel the market growth during the forecast period.
However, the availability of counterfeit products may hinder market growth.
North America Dominates Global Market Due To Rapid Development
North America holds the dominant global sportswear market share, where the regional market stood at USD 72.82 billion in 2020. The rapid development in the recreational industry in this region is a major growth factor.
Asia Pacific holds the second-largest market share due to the increasing government investment in the sports sector. Furthermore, the rising participation of adults and children in various sports activities is expected to drive regional market growth.
Apparel Segment to Lead the Market Due to Rising Sports Activities
By product type, the market is trifurcated into footwear, apparel, and wearables. The apparel segment dominates the global market share due to the rising conduction of several sports activities.
Men Segment To Dominate Global Market Due To High Involvement in Adventurous Sports
Based on end-users, the market is divided into men, women, and children. The increasing engagement by men in adventurous sports activities bolsters the segmental growth.
Retail Stores Segment To Hold Leading Position During The Forecast Period
On the basis of distribution channels, the market is categorized into e-commerce and retail stores. Retail stores lead the global market due to the rising number of well-known brands in developed and developing countries.
Finally, by geography, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Introducing New Sports Apparel Allows Key Companies To Enhance Their Product Portfolio
The prominent market players focus on introducing new product ranges to improve their portfolio and meet customer needs. Also, the companies consider forming strategic alliances, acquisitions, collaborations, mergers, and partnerships to strengthen their market position and expand their business reach globally.
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