Sports Apparel Market is Expected To grow at a CAGR of 4.1% by 2023
- by KD Market Insights
- Feb, 2021
Apparel is anything that you wear to protect, wrap and beautify your body. Thus, sports apparel is clothing including footwear, worn while performing any sports activity. A jogging suit is an example of sports apparel. The global sports apparel market has witnessed growth because of the rising inclination towards health awareness and fitness activities such as yoga, running etc.
The market is currently accounted for USD 161.8 Billion in 2017 and is expected to achieve USD 191.4 Billion by 2023. The global sports apparel market is assumed to flourish at a CAGR of 4.1% during the forecast period of 2018-2023. Further, the market is supplemented by increasing participation of women in the sports activity.
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(1) It protects the environment and helps in improving performance.
(2) It adds protection and prevents injuries.
(3) It reduces muscle fatigue
(4) It provides comfort and agility during sports movements.
The global sports apparel market is bifurcated on demography and distribution channel. By demography, it is divided into men, women and kids. Further, it is divided into top wear and bottom wear. The distribution channel is divided into retail stores, supermarket, brand stores and online stores. The retail stores are one of the most dominant channels of the sale of the sports apparel market. Numerous companies are selling their products through retail stores. Further, online stores are considered a major channel of sales because of the dynamic market and penetration of the internet.
The geographical segmentation of the global sports apparel market includes countries such as North America, Europe, Asia-Pacific and Latin America. The market operates at national as well as global level and continuously aims to formulate plans and policies that are dynamic to the environment. The Asia-Pacific witnessed the highest growth in the market at national as well as global levels. The Asia-Pacific followed by Europe and North America.
The major competitors in the global sports apparel market are 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 and Other Major & Niche Players. Recently, Adidas unveils the first shoes to come with 4D midsole for the runners or a regular gym user. The shoes will deliver intuitive energy and adds breathable cushioning for the runners.
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The global sports apparel market is predicted to grow during the forecasted period of 6 years because of the rising awareness among people towards health, which imply the increasing demand of sports accessories. These sports apparel are designed to provide comfort and strengthen their muscles, which ultimately improves their performance.