Global Sportswear Market: Overview
Sportswear is the clothing that is worn during intense physical activities such as playing sports or during training sessions. These garments are made in a way that provides both agility and comfort while performing any physical movement. It is generally designed according to certain requirements of the sport. Sportswear also includes clothing used for outdoor sports activities.
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The growing health awareness and ever changing fashion trends are likely to propel the growth of the global sportswear market during the duration of the assessment. The varied tastes of consumers have led people to opt for comfortable yet durable clothing. This shift in consumer trends is likely to drive up demand for sportswear in the years to come.
Innovation in marketing activities, along with creative brand positioning and advertising, bodes well for the overall development of the global sportswear market in the near future. The superior quality and increased functionality of sportswear is expected to support the growth of the global sportswear market. In addition, increased media coverage of various sporting events is likely to support the demand for sportswear in the years to come.
The global sportswear market has been segmented on the basis of distribution channel, end user and region. The primary objective of providing such a comprehensive report is to provide an in-depth overview of the market.
Global Sportswear Market: Notable Developments
The global sportswear market has seen some developments in recent years. One of these market developments is mentioned below:
- In August 2019, Nike Inc. announced that it had acquired a Boston-based company, Celect, Inc, a predictive analytics company. With this latest acquisition, Nike should strengthen its direct-to-consumer sales strategy. With the integration of Celect technology into Nike’s apps and website, the giant sportswear and footwear brand will be able to better predict the styles of clothing and sneakers that customers want. The company will also be able to predict where it wants it from and when it wants it. This acquisition is expected to boost Nike’s sportswear sales in the near future.
Some of the major market players in the global sportswear market are
- Gap Inc.
- Under Armor, Inc
- Adidas AG
- Nike, Inc.
- Billabong International Limited
- Blacks Leisure Group Plc
Global Sportswear Market: Drivers of Growth
Increased health awareness to fuel market growth
An increase in disposable income levels, especially in developing countries, coupled with increased health awareness is believed to be positively influencing the overall global sportswear market. Development research to bring new fabrics with better properties as well as integrated garments with increased functionality is expected to provide immense growth opportunities for industry participants. There is a wide scope for growth for the market in the untapped markets of the women’s and senior sportswear segment.
With the increased interest in sports activities, the sales volume of sportswear is likely to increase. Racquet sports, ball sports, baseball are some of the sports activities which are witnessing an increase in the number of tournaments. This should stimulate the demand for sportswear. An increase in the number of sports tournaments is likely to support developments in the global sportswear market over the years of the projection.
However, the high cost of sportswear due to massive investments in research and development activities is likely to hamper the growth of the global sportswear market. In addition, increasing availability of several counterfeit products is believed to pose a challenge for market growth during the projection period.
Global Sportswear Market: Regional Outlook
North America is likely to exert dominance in the global sportswear market for the expected time. The presence of several large sportswear companies such as Nike Inc., Under Armor Inc. is expected to amplify regional market growth. Another factor that is likely to further boost the regional market during the forecast period is increased health awareness.
Asia-Pacific is expected to become another promising country in the global sportswear market. The rapid growth of the market in the region is attributed to the increase in disposable income of the population as well as health consciousness. In addition, the emergence of various sporting events such as IPL, badminton championships in Asia is expected to drive the growth of the regional market.
The global sportswear market is segmented as follows:
- Supermarket / hypermarkets
- Branded outlets
- Discount stores
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