In the fiscal year 2023, the sports apparel market achieved a remarkable valuation of US$ 207 billion. Looking ahead, the period from 2023 to 2033 is anticipated to witness an impressive surge in growth, with a substantial Compound Annual Growth Rate (CAGR) of 6.9%, ultimately reaching a staggering US$ 400 billion.
This remarkable growth trajectory is attributed, in part, to the increasing participation of women in both amateur and professional sports and fitness activities. The expanding intersection of fashion and sports has led to a broader array of stylish sports apparel options, further igniting enthusiasm among female consumers. With the economy flourishing and disposable income on the rise, individuals are actively exploring various brands in pursuit of their ideal sports apparel choices. Consequently, the sports products industry continues to expand in response to this escalating demand for its products.
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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
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:
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
- Surf & Swimwear
- Pants & Tights
· 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
- 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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