Sportswear Market Size to Worth USD 305.67 Billion by 2030 | With a 6.72% CAGR
Fortune Business Insights
Updated 5 min read
Fortune Business Insights
The global sportswear market size covered major segments by Product Type (Footwear, Apparel, and Wearables), by End-User (Men, Women, and Children), by Distribution Channel (E-commerce Stores and Retail Stores), and Regional Forecast, and Regional Forecasts, and Others.
Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- The global sportswear market size was valued at USD 182.01 billion in 2022 and is anticipated to expand from USD 193.89 billion in 2023 to USD 305.67 billion by 2030, exhibiting a CAGR of 6.72% over the estimated period. The rise is due to the growing popularity of the product on account of breathability and sweat-wicking capability.
Fortune Business Insights™ provides this information in its research report, titled “Sportswear Market, 2023-2030”.
The report gives an analysis of the major factors impelling the global market scenario over the forthcoming years. It further provides an overview of the pivotal steps undertaken by leading market players for strengthening their positions in the industry. These insights have been provided after in-depth research from credible sources.
Drivers and Restraints:
Market Value to Rise on Account of Growing Female Participation in Sports Activities
The sportswear market growth is being driven by an escalation in female participation in an array of sports domains such as basketball, athletics, football, and others. The industry expansion is further impelled by the growing popularity of female sporting events such as Women's FIH Hockey World Cup, ICC Women's World Cup, FIFA Women’s World Cup, and others.
However, there has been an increase in counterfeit products such as leather goods, clothing, and footwear in various countries. This may hinder industry expansion to some extent.
COVID-19 Impact:
Decreased Sales and Delay in Shipment Affected Industry Expansion Amid COVID-19 Pandemic
The COVID-19 crisis negatively affected the industry growth driven by the enforcement of lockdown restrictions. This led to a drop in sales of various companies. The revenues were also impacted by a delay in the shipment of goods on account of some precautionary measures.
Segments:
Apparel Segment to Dominate on Account of High Product Demand
Based on product type, the market is subdivided into apparel, footwear, and wearables. The apparel segment is poised to account for a dominating share in the market. This is due to the escalating product demand in numerous activities such as tennis, basketball, football, and others.
Men Segment to Exhibit Considerable Surge Impelled by Growing Involvement in Trekking
On the basis of end-user, the market is subdivided into women, men, and children. The men segment is expected to dominate the market on account of increasing participation in outdoor activities. These include trekking, rock climbing, cycling, and others.
Retail Stores Segment to Exhibit Appreciable Surge Driven by Rising Popularity
Based on distribution channel, the market is segmented into retail stores and e-commerce stores. The retail stores segment is touted to depict substantial expansion throughout the forecast period. The surge is propelled by the escalating popularity of brands across the globe.
By geography, the market for sportswear is fragmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
North America to Emerge Prominent Impelled by Surging Product Deployment
North America is set to emerge dominant in terms of the sportswear market share over the forecast period. The surge is propelled by the growing product adoption across the region.
The Asia Pacific market is expected to depict considerable growth throughout the projected period. The rise is driven by the escalating investment in sports by government players.
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Market Trends
Key Insights
Overview of the Parent/Related Markets
Regulatory Analysis
Industry SWOT Analysis
Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
Impact of COVID on Supply Chain of Sportswear Market
Impact of COVID-19
Supply Chain Challenges
Potential Opportunities due to COVID-19
Global Sportswear Market Analysis, Insights and Forecast, 2019-2030
Leading Players Ink Partnership Deals to Strengthen Industry Footing
Major market participants are implementing a range of strategic deals for strengthening the positions of their businesses. These include acquisitions, merger agreements, and the rollout of new solutions. Additional steps comprise an escalation in R&D activities and collaborations.
Key Industry Development:
March 2021 – The founder of 2XU established Pressio, a high-performance sportswear brand, in the U.K. The move would help the company in improving the depth of its products.
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