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The market trends and analysis report delves into key growth factors, including product premiumization, technological advancements in apparel, and fluctuating raw material prices. By examining these elements, the report provides insights into the evolving market landscape. Factors such as premiumization, innovation in apparel technology, and raw material price volatility are critical considerations for understanding market dynamics and anticipating future trends.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Berkshire Hathaway Inc., Columbia Sportswear Co., Decathlon SA, Fila Holdings Corp., Group Rossignol USA Inc., Hanesbrands Inc., K Swiss Inc., Levi Strauss and Co., Li Ning Co. Ltd., lululemon athletica Inc., Mizuno USA Inc., New Balance Athletics Inc., Nike Inc., Ralph Lauren Corp., Under Armour Inc., VF Corp., Yonex Co. Ltd., ASICS Corp., Iconix International, and PUMA SE
Qualitative and quantitative analysis of market growth and trends of companies 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 companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In response to rising health and self-consciousness, the sport apparel market offers solutions for maintaining an active lifestyle with emphasis on moisture management and temperature control to enhance performance. However, issues like discomfort and potential injury persist. With a growing focus on sustainability, the market integrates sustainable activewear into the athleisure industry, blending fashion trend with eco-friendly materials like bio-based nylon and seaweed fiber. Popular items include sports bras, bike shorts, and leggings, catering to the female population across professional and domestic sports. Despite challenges, the market thrives on the popularity of athleisure, driven by celebrities and social media influencers. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Product premiumization is the key factor driving the market. Product premiumization rises due to the introduction of more innovative apparel. Innovation is one of the crucial elements in the global market as it helps to differentiate the products and improve the performance of the participants in professional sports. Due to features such as advanced technical fabrications with seaweed fiber which is good in moisture management, innovative design, and product development, apparel is majorly launched as premium-priced products.
Furthermore, there is an increasing demand for innovative, high-quality products that deliver high performance among the consumer segment. Several market competitors are introducing domestic sports-specific wear for basketball, football, rugby, trail running, golf, and other sports with the help of advancements in technology. Hence, such innovations are expected to propel the global market growth during the forecast period. Additionally, the rising health and self-consciousness among individuals, coupled with the popularity of athleisure and celebrities' influence on social media, are further contributing to the growth of the market.
The technological advancements in sport apparel is a key trend shaping the growth of the market. In order to achieve higher customer satisfaction, several manufacturers of these products are increasingly focusing on improving the technology and features of the product. Some of the parameters with which customers analyze the product include wicking, comfort, grip, stickiness, and sustainability. Additionally, customers seek cost-effective, high-quality products that can enhance their performance and eventually assist them in fitness activities such as running and other physical exercises.
As a result, several market players are focussing on introducing additional features as well as the development of innovative features to improve user experience. Hence, such advances in technology are expected to continue which in turn will drive the market growth during the forecast period.
Volatile raw material prices is a challenge that affects the growth of the market. Due to the fluctuating prices of raw materials such as polyester, nylon, and spandex and the increasing competition among the players in the market, several prominent market players in the market including Adidas AG, Nike Inc., and Puma SE, are experiencing fluctuations in their profit margins.
Therefore, a rising price of raw materials negatively impacts the profit margins of the players operating in the market. For instance, the prices of synthetic fibers such as spandex (also known as lycra or elastane in different regions) keep fluctuating. Hence, the gap between the cost fluctuations and the ability of the market players to increase product prices are factors that impede the market growth during the forecast period.
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The men segment will account for a major share of the market's growth during the forecast period.?During the forecast period, the men's segment in the market is anticipated to experience the highest growth rate. Factors like increased male participation in sports, post-recession recovery, and intensified marketing efforts, particularly through social media, are driving this surge. Men's sports apparel sees faster growth due to the availability of diverse options like athletic shorts and compression tights. The men goods segment was valued at USD 91.19 billion in 2018. Leading brands are introducing stylish sports apparel for men, capitalizing on the rising global sports participation trend and the athleisure phenomenon. Advancements in fabric technology and innovative designs further enhance the appeal of men's sports apparel, contributing to its growth. Additionally, the trend of online sales, offering discounts on bulk purchases, drives demand for tennis and football apparel, bolstering the men's segment's expansion.
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The market is segmented by distribution channel into offline, and online. The offline segment will account for the largest share of this segment.?
North America is estimated to contribute 39% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. One of the major factors behind the significant growth of the market in North America is the increase in people's participation in sports activities such as basketball and rugby. North America is also known for its popular marathon races. Some of the most popular marathons include the Boston Marathon, Chicago Marathon, and New York City Marathon.
Furthermore, other prominent sports like hockey, racket sports, basketball, rugby, lacrosse, racing, and football are popular in America. Hence, the increased participation of consumers in sporting activities has incentivized several players to launch new product offerings which is expected to significantly drive the market growth in the region during the forecast period.
The market is witnessing remarkable growth fueled by the increasing health and self-consciousness among consumers, driving an active lifestyle trend. With a focus on moisture management, temperature control, and performance-boosting characteristics, consumers seek apparel that enhances their sporting experience while minimizing discomfort and the risk of potential injury. The rise of the athleisure industry has transformed athletic wear into a fashion trend, with demand for sustainable activewear collections including sports bras, bike shorts, leggings, and more. Innovative materials like bio-based nylon, stretch yarns, and seaweed fiber are reshaping the market to cater to the diverse needs of the female population, from professional sports to domestic sports, driving the popularity of athleisure and designer sports apparel.
Moreover, celebrity endorsements and influencer marketing play significant roles in enhancing brand visibility and desirability, while collaborations with established players like Ralph Lauren Corporation and Lululemon Athletica Incorporation open up growth opportunities in the e-commerce and discount stores segments, particularly in the Asia-Pacific region. The is experiencing a surge driven by the growing emphasis on health and self-consciousness among consumers. This trend is reflected in the popularity of versatile garments like jumpsuits, sweatshirts, and tees available in diverse men's styles and women's styles.
Additionally, the rise of the athleisure trend is fueled by endorsements from celebrities and athletes, boosting athletic apparel sales and driving demand for sports apparel collections. Brands leverage various distribution channels and competitive strategies to capitalize on the market with a focus on CAGR, offering innovative clothing, accessories, and footwear designed for athletes, fitness enthusiasts, and amateurs alike. Cutting-edge technologies like moisture-wicking materials, compression technology, and breathable fabrics ensure temperature regulation and comfort, while brand collaborations and endorsements from social media influencers and celebrities enhance brand desirability.
Furthermore, emerging brands invest in R&D to create unique products, catering to consumer preferences for eco-friendly and ethically produced options. The market caters to a diverse end-user base, including children and women, through various channels such as supermarkets/hypermarkets and brand outlets, addressing price sensitivity and offering a wide variety of products to meet fitness goals and accommodate health-conscious consumers across different demographics and income brackets. Marketing initiatives and strategic product launches by industry players like Umbro Ltd, Fila, Inc, New Balance Athletic Shoe, Inc, and Columbia Sportswear Company further stimulate market growth.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.17% |
Market growth 2024-2028 |
USD 99.75 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.52 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Adidas AG, Berkshire Hathaway Inc., Columbia Sportswear Co., Decathlon SA, Fila Holdings Corp., Group Rossignol USA Inc., Hanesbrands Inc., K Swiss Inc., Levi Strauss and Co., Li Ning Co. Ltd., lululemon athletica Inc., Mizuno USA Inc., New Balance Athletics Inc., Nike Inc., Ralph Lauren Corp., Under Armour Inc., VF Corp., Yonex Co. Ltd., ASICS Corp., Iconix International, and PUMA SE |
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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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