Pune, India, November 9, 2021 (Global News Agency)-Sportswear market:
According to Fortune Business Insights™, the global sportswear market is expected to increase from US$170.94 billion in 2021 to US$267.61 billion in 2028, with a compound annual growth rate of 6.6% from 2021 to 2028. In 2020, it will be 160.61 billion U.S. dollars.
The growing demand for comfortable and fashionable clothing is driving the growth of the sports wearable device market. During the blockade, consumption increased even more. Except for sports and exercise. These comfortable clothes can be worn at home and when going out. The demand for joggers, hoodies and sneakers for adults and children has increased tremendously, with a wide variety of types. Therefore, the market is expected to prosper significantly during the forecast period
Increasing participation of women in the growth of the sports aid market
For sportswear companies, women's sports have matured. As women's participation in basketball, football, track and field sports is increasing year by year. Therefore, this is expected to drive the growth of the sportswear market in the next few years. For example, data released by Olympics.Org shows that the participation rate of women in the 2018 Winter Olympics in Pyeongchang, South Korea is 41%, which is higher than the previous Winter Olympics. In addition, the number of women's sports events such as the ICC Women's World Cup, FIFA Women's World Cup, and FIH Women's Hockey World Cup continues to increase, which is expected to increase the consumption of sportswear. So as to promote market growth.
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With the support of the booming entertainment industry, North America will maintain its leading position
It is expected that during the forecast period, North America will have the highest share of the global sportswear market. This is due to the thriving leisure industry in the area. According to a report from the Bureau of Economic Analysis, the US entertainment industry accounts for 2.2% of its GDP. In addition, the number of students who like sports is also increasing. According to data from the National Federation of High School Associations, about 7,937,491 students participated in high school sports from 2018 to 2019. Therefore, the increasing number of people participating in cultural and sports activities will promote the development of the regional market. North America is worth 72.82 billion U.S. dollars in 2020.
Due to the increase in government investment in promoting sports activities in the region, the Asia-Pacific region is expected to experience significant growth during the forecast period. For example, a report issued by the Economic Times in February 2020 stated that the Indian government allocated US$401.6 million in its sports budget. This budget is 7.103 US dollars more than the previous year's national sports budget.
According to product types, the sportswear market is divided into footwear, apparel and wearables.
Based on product type, the footwear segment has a market share of 33.27% in 2020. This is due to the increase in global sports activities and the increasing awareness of various fitness programs
According to the end users, the market is divided into men, women and children. Through distribution, the market is divided into e-commerce, stores, and retail stores. Finally, according to the region, the sportswear market is divided into North America, Europe, Asia Pacific and South America.
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Major players focus on acquisitions to strengthen their position
Major companies consolidate their positions by focusing on facility expansion and acquisitions, thereby consolidating the sportswear market. For example, in August 2019, Nike acquired a Boston company called Celect, an artificial intelligence-based predictive analysis company. The acquisition will help Nike bring a higher level of personalization to its products through wise decision-making and consumer personalized requirements, thereby generating more sales and maintaining relevance in the sports and sportswear industries. In addition, other major players are adopting active strategies, such as new partnerships, mergers and cooperation, to promote market growth in the coming years.
The scale of the global sports footwear market will gain momentum due to the increasing use of environmentally friendly materials for manufacturing. According to the research report, the market size in 2020 will be USD 93.57 billion. It is expected to increase from USD 97.42 billion in 2021 to USD 134.99 billion in 2028, with a compound annual growth rate of 4.8% during the forecast period.
Due to pollution issues, the demand for sustainable sports shoes is growing rapidly. For example, in May 2021, Allbirds and Adidas jointly launched a new sneaker for the latter's Futurecraft series. It is made of environmentally friendly materials and generates very little carbon emissions.
The report involves four important activities that predict the current scale of the sports footwear industry. A detailed secondary study was conducted to collect data on the mother market. Our next step includes preliminary research to verify these scales, hypotheses, and findings with numerous industry experts. We also use bottom-up and top-down methods to calculate market size.
Major players focus on launching innovative products to intensify competition
The global market contains a large number of companies that are constantly striving to compete with competitors. For this reason, they mainly participate in new product launches to attract more customers.
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The following are two important industry developments:
March 2020: Adidas launched the "Faster Than" campaign and developed a new series of running shoes to help runners achieve their goals. The new SL20 has a lightweight design and is equipped with a unique Lightstrike midsole.
February 2019: Xiaomi launched its latest Mi Men's Sports Shoes 2 in India. They can be purchased online at a price of Rs 2,999 and are available in blue, dark gray and black. These are best for jogging, walking and running.
Male market share in 2020 exceeds 50%: Fortune Business Insight™
According to gender, the market is divided into children, women and men. Among them, in terms of the sports footwear market share in 2020, the male market segment has generated more than 50% of the share. This increase can be attributed to the increased participation of men compared to the other two genders. The US Bureau of Labor Statistics mentioned that in 2018, men spent about 5.7 hours of physical activity in the country, while women spent about 4.9 hours.
Increase participation in sports and adventure activities to help North America grow
Geographically, North America's 2020 revenue will be 38.99 billion U.S. dollars. This increase can be attributed to the increasing participation of people living in the area in a variety of adventures and sports activities. For example, in January 2020, the Outdoor Industry Association stated that about 50.5% of people participated in outdoor activities in 2018. On the other hand, due to high consumption, the Asia-Pacific region is expected to become the fastest growing region in the next few years. Sports footwear expenditure.
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