Global Sports Apparel Market Expected to Reach USD 308.47 Billion By 2032

05 January 2024: As per report published by The Brainy Insights, global Sports Apparel market is expected to grow from USD 199.58 Billion in 2022 to USD 308.47 Billion by 2032, at a CAGR of 4.45% during the forecast period 2023-2032.

Market growth is attributed to the surge in the population’s healthier lifestyles and increased participation in fitness and sports activities. Also, there is a presence of many types of sports apparel in the market, which are designed to offer comfort and support while doing high-intensity workouts. It also provides a stylish look. All these factors are driving the market to grow.

To enhance their market position in global Sports Apparel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

Key Findings

• In 2022, the amateur sport segment dominated the market with the largest market share of 82.11% and market revenue of USD 163.88 Billion.

Sport segment is divided into amateur sport and professional athletics. In 2022, the amateur sport segment dominated the market with the largest market share of 82.11% and market revenue of USD 163.88 Billion. Sports apparel are also becoming popular style statements and faster becoming a trend.

• In 2022, the men segment dominated the market with the largest market share of 49.54% and market revenue of USD 98.87 Billion.

End-user segment is divided into children, men and women. In 2022, the men segment dominated the market with the largest market share of 49.54% and market revenue of USD 98.87 Billion. This market share is attributed to a larger percentage of men’s participation in sports activities. Men are found to be more interested in playing sports than women.

• In 2022, the discount stores segment dominated the market with the largest market share of 29.67% and market revenue of USD 59.22 Billion.

Distribution Channel segment is divided into e-commerce, super/hypermarket, brand outlet and discount stores. In 2022, the discount stores segment dominated the market with the largest market share of 29.67% and market revenue of USD 59.22 Billion. It is attributed to many favourable advantages like discounts, trials before buying the product, and a sense of gratification.

• In June 2022: Puma, a leading sports brand, launched a smartphone shopping app in India and used its brand ambassador, Virat Kohli, with a short digital feature film. India became the first market to access the app. It is planned to cater for the growing population of fashion-forward online shoppers and a surge in the preference for direct-to-consumer channels. These strategies help organizations grow in the market.

Market Growth & Trends

Sports apparel are designed using a breathable material, which helps evaporate sweat quickly and helps the person who wears it feel fresh for a longer time. Some common fabrics for producing sports apparel clothing are microfiber, polyester, calico and spandex. Athletes generally used this apparel, and with time, it has become very common with regular gym-goers and other non-athletes, like people going jogging, etc. Also, it has been observed that sports apparel is common in mature regions like USA, Canada and Germany and emerging economies like China, India and Brazil; this trend is growing fast. Also, there are many product launches happening with increased participation in sports activities in countries such as the US, India, etc. Also, there is an increase in the preference for outdoor recreational activities, especially among the young population, which has increased sports apparel sales. Moreover, people are becoming health-conscious, and there is an increased inclination towards sports activities and adventurous sports, eventually driving the growth of the sports apparel market. Major sports events such as the Cricket World Cup, FIFA World Cup, Olympics and Marathons often trigger interest in fitness and sports, which eventually help in buying sports apparel.

www.thebrainyinsights.com