Sep 15, 2021, 02:10 EST
Shibuya-ku, Tokyo, Japan, Japan, Sep 15, 2021, 02:10 /Comserve / -- According to Research Dive analysis, the global sports apparel market is estimated to generate a revenue of $267,576.3 million by 2028, increasing from $183,609.7million in 2020, at a healthy CAGR of 4.8%
Impact Analysis of COVID-19 on the Global Sports Apparel Market:
The global sports apparel market experienced a negative impact due to shutdown of hypermarkets, discount stores as lockdown was imposed across several countries. Also, the import-export restrictions have led to stockpiling of goods. The abrupt decline in demand due to closure of gyms, fitness centers, and cancellation of various international sports events such as 2020 Tokyo Olympics and others has greatly affected the market growth. The closure of production facilities due to delay in the availability of raw materials has greatly affected the market growth. Also, inclined tendency of people towards the purchase of essential goods due to uncertainties caused by the pandemic has led to decline in demand for sports apparel. As people were more engaged in-home workout sessions, they were reluctant to buy new sports apparel. All these factors have created a negative impact on the global sports apparel market.
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Sports Apparel Market Analysis:
The global sports apparel market experienced appreciable growth due to increase in health awareness among people and awareness regarding the benefits offered by sports apparel. Nowadays, people have become more health-conscious to lead an active lifestyle and stay away from various diseases such a type 2 diabetes, obesity, and cardiovascular diseases. Various benefits are offered by wearing sports apparel during workout regime such as wearing compression shirts provides support and helps to stabilize your body that adds pressure to your muscles and helps in stabilizing the body parts. These sports apparel is made from breathable fabric that permits air circulation. The best part of sports apparel is the excellent flexibility that facilitates various movements such as stretching, lifting, during exercise. All these factors are estimated to drive the demand for sports apparel during the forecast period.
The counterfeit products such as local manufacturers that imitate the design of original brands and provides the products at lower prices is estimated to restrain the market growth during the analysis period. These products steal the designs from the original brands that affects the credibility of original brands.
The sports apparel industry is growing rapidly owing to development of sustainable products and increased women participation in sports. There has been significant rise in the number of females participating in various sports events and fitness programs such as Zumba, aerobics, swimming, running, badminton, and others. Variety of women sports apparel are available in the market that has vibrant colors, designs, and offers utmost comfort which is estimated to generate huge opportunities during the forecast period. Increase in demand for sustainable products due to environment conscious individuals are creating enormous growth opportunities. Various sports apparel manufacturers are focusing on the development of sports apparel made from recycled polyester and non-toxic dyes that has minimum environmental impact. All these factors are predicted to generate huge opportunities for the growth of sports apparel market during the forecast period.
Based on end user, the global market for sports apparel is divided into children, men, and women. The men sub-segment is projected to have the fastest market growth and generate a revenue of $128,300.3 million by 2028.
Based on distribution channel, the market is classified into e-commerce, supermarket/hypermarket, brand outlets, and discount stores. The discount stores sub-segment garnered $59,574.9 million in 2020 and it is projected to grow exponentially by 2028.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific sports apparel is anticipated to rise at a growth rate of 67.3% by 2028 from the revenue generated in 2020.
The companies involved in the global sports apparel market are Adidas AG, Fila, Nike, Inc., Columbia Sportswear Company, New Balance, PUMA SE, Lululemon Athletica Inc., Umbro, Ralph Lauren Corporation, Under Armour, Inc.
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