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The reflective sportswear market size is estimated to grow at a CAGR of 4.3% between 2022 and 2027. The size of the market is forecast to increase by USD 333.51 million. The growth of the market depends on several factors, including the improved marketing strategies by key competitors, the physical and mental fitness benefits associated with extreme sports, and the increasing number of fatalities resulting from hard adventure sports activities.
This report extensively covers market segmentation by product (apparels, footwear, and others), distribution channel (offline and online), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The improved marketing strategies by key competitors are notably driving the market growth, although factors such as the greater availability of counterfeit products may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Reflective Sportswear Market Driver
Advanced marketing strategies of the leading competitors are key factors in the growth of the global reflective sportswear market. Launching celebrity advertising campaigns is one of the most results-oriented and popular marketing strategies used by almost all major manufacturers of reflective sportswear. In general, the most common shopping behavior of customers is to choose products promoted by their favorite athletes. Thus, major competitors use celebrity endorsements as one of their main marketing tools, often launching new product lines from international competitors and thus increasing their sales revenue.
Some common promotional strategies include offering discounts, seasonal deals, and sweepstakes. The increased penetration of the Internet in almost all countries has helped competitors effectively increase their reach and customer base. The online space has recently become one of the most important retail channels, mainly due to the growing dependence of the modern population on the Internet. Such marketing initiatives and celebrity endorsements are expected to drive market growth during the forecast period.
Significant Reflective Sportswear Market Trends
Effective use of raw materials and technology in the production of reflective sportswear is the primary trend in the global reflective sportswear market. The demand for better reflective sportswear has increased because they offer a high level of safety, which is one of the preference factors for most consumers. The fabrics used in such sportswear are reflective in nature and contain films, threads, and embellishments. They contain many small glass beads that refract light. The beads act as a mirror and reflect the light back to the original source. When the light hits the glass beads of the reflective sportswear, it can be seen even in the darkest place. Such fabrics are not only visible but also resistant to water and environmental factors.
With the use of technology, designers and manufacturers make safety more fun and fashionable. In many situations, safety features are not visible during the day because the colors cover the reflective material. Thanks to the technology used in the design of such products, reflective materials are available in various varieties to meet the demands of every active lifestyle. Thus, the global reflective sports market is expected to grow during the forecast period due to the efficient use of raw materials and advanced technology by leading manufacturers.
Major Reflective Sportswear Market Challenge
Increased availability of counterfeit products is a major challenge to the growth of the global reflective sportswear market. The presence of multiple counterfeit products leads to market fragmentation, which can ultimately lead to a lack of price standardization, an uneven competitive landscape, and a loss of market share. Counterfeit products are priced significantly lower than branded products to gain a competitive advantage over international brands but lack quality and durability. However, poor consumers prefer these products because they are affordable. This can prevent key competitors from gaining optimal market share and likely lead to inventory overload in their supply chain. Counterfeit products are also expected to cause dilution of original brands as consumers to mistake them for genuine products. These problems will significantly limit the market growth during the forecast period, especially in developing countries such as China, India, and Thailand, as counterfeit products are easily available in these markets.
Moreover, Federal agencies such as the US National Intellectual Property Rights Coordination Center (NIPRCC), the US Immigration and Customs Enforcement (ICE), and the US Department of Justice (DOJ) actively help combat counterfeit products in the US market. The easy availability of several counterfeit products is likely to slow down the growth of the global reflective sports market during the forecast period.
Key Reflective Sportswear Market Customer Landscape
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Reflective Sportswear Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Hey Reflecto - The company offers reflective sportswear which are artist designed, handmade, ethical, and made from eco materials. Also, through this segment, the company offers reflective sportswear which are artist designed, handmade, ethical, and made from eco materials.
The reflective sportswear market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the apparels segment will be significant during the forecast period. There are different types of reflective sports apparel such as t-shirts, tanks, hats, jackets, and vests, which are used for different sports activities, such as biking, cycling, climbing, and trekking. Due to these reflective sports apparel, the segment is growing at a steady rate.
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The apparel segment was valued at USD 728.02 million in 2017 and continue to grow by 2021. The global reflective sportswear market is witnessing increased demand for reflective sports apparel from both developed and developing economies. However, the market in the developed economies is reaching its maturity and attaining a saturation point. The demand for reflective sports apparel in these economies is driving market revenue. Sports tournaments will increase the demand for reflective sports apparel, which will drive the growth of the market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, biking, cycling, trekking, caving, and other hard adventure sports activities have grown in terms of participation rates. The region is a popular destination for a number of adventure sports activities that are pursued by both tourists and the local population. Overnight caving and mountain biking are the most popular hard adventure sports in the region. A popular spot for overnight caving is McMinnville in Tennessee, US, which has more than 32 miles of underground passageways with different rock formations, waterfalls, and pools. These factors are expected to drive the growth of the market in focus during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for North America. However, in 2021, the demand for reflective sportswear rebounded as retail stores in the region reopened and resumption of sporting and recreational activities due to the large-scale COVID-19 vaccination drives initiated in this region. Besides, North America has a large number of extreme sports enthusiasts. The resumption of sports events in 2021 increased the demand for reflective sportswear. Thus, the increase in the number of sports events in APAC will increase the demand for reflective sportswear during the forecast period.
The reflective sportswear market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Reflective Sportswear Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.3% |
Market growth 2023-2027 |
USD 333.51 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.1 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
adidas AG, ASICS Corp., Columbia Sportswear Co, Hanesbrands Inc., Hey Reflecto, illumiNITE, New Balance Athletics Inc., Nike Inc., Pactimo LLC, Pentland Brands Ltd, Proviz Ltd., PUMA SE, PVH Corp., Reflective Apparel, Reflective Apparel LLC, SHEICO Group, SHIMANO INC, Sugoi, Under Armour Inc., and Vista Outdoor Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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