In FY 2023, the sports apparel market reached a valuation of US$ 207 Billion. Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a whopping 6.9% CAGR, reaching US$ 400 Billion.
The growing engagement of women in amateur and professional sports and fitness activities is expected to boost the market. The growing convergence between fashion and sports, which has resulted in an expanded availability of trendy Sports Apparel, is expected to boost females’ enthusiasm even further. People are hunting for the ideal option from the many available brands as the economy and money expand. As a consequence, the sports products business is always expanding in response to product demand.
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Key Takeaways from the Market Study
- As of 2023, Fact.MR expects the sports apparel industry to be valued at US$ 207 Billion
- From 2023 to 2033, the sports apparel industry is poised to flourish at a 6.9% CAGR
- By 2033, the sports apparel landscape is slated to reach a valuation of US$ 400 Billion
- By end-user, the men segment is expected to dominate the market during the forecast period.
- As per Fact.MR’s projections, the market for Sports Appareling the UK will likely expand at a 6.3% CAGR
- China is poised to yield a CAGR of 6.5% with respect to Sports Appareling 2033
“Fashionable sports gear is in great demand since it is versatile, convenient, fashionable, and can be used in a variety of situations. This growing emphasis on style has been capitalized on by major players in the market studied, who have created unique, technologically complex things that are both comfortable and useful in order to match this demand, hence improving their profitability,” comments an analyst at Fact.MR
Competitive landscape:
The sports apparel market is highly fragmented, with numerous major worldwide and regional companies. Some of the market’s significant participants include. Companies are boosting their efforts in R&D and marketing, as well as expanding their distribution networks, in order to maintain their market position. Furthermore, they are pursuing competitive tactics by spending more in the development of new goods and technology for sports apparel production.
Key market players in the global sports apparel market are:
Nike Inc.
Adidas AG
Under Armour
Puma SE
Sketchers USA
Brooks
Yonex
Fila Korea
Recent Developments :
- In May 2022, Puma teamed with Sonee Sports, a Maldives-based sports and leisure marketplace, to introduce the brand in the island country. Through this collaboration, the brand will be able to extend its offline retail presence and explore new avenues of distribution in the new market, such as e-commerce, sports clubs, and other distribution channels.
Key Segments Covered:
· By Product Type :
- Tops & T-Shirts
- Hoodies & Sweatshirts
- Jackets & Vests
- Shorts
- Socks
- Surf & Swimwear
- Pants & Tights
- Others
· By End Use :
- Men Sports Apparel
- Women Sports Apparel
- Children Sports Apparel
· By Sales Channel :
- Online Sales Channel
- Company Owned Websites
- E-Commerce Websites
- Offline Sales Channel
- Modern Trade Channels
- Independent Sports Outlet
- Franchised Sports Outlet
- Specialty Stores
- Other Sales Channel
· By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Afr
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Sports Apparel make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Sports Apparel Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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