The global sportswear market is estimated to reach an impressive annual value of US$ 239.6 Billion by 2028, according to recent research by IMARC Group. This growth can be attributed to the increasing interest and participation of individuals in fitness activities, the utilization of innovative materials for manufacturing sportswear garments, and the rising demand for specialized sportswear such as ski suits, swimsuits, and leotards.
IMARC Group’s latest research study, “Sportswear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” has found that the global sportswear market size has reached a remarkable US$ 181.9 Billion in 2022. With a projected CAGR of 4.5% from 2023 to 2028, IMARC Group expects the market to expand to US$ 239.6 Billion by 2028.
Sportswear is a form of informal clothing designed for comfort and sports activities. It includes various apparel items such as tennis shirts, T-shirts, hoodies, tracksuits, shorts, polo shirts, swimsuits, etc. Manufacturers are utilizing various flexible materials, including nylon-spandex, cotton, polypropylene, cotton-polyester, polyester-spandex, wool blend, etc., to produce sportswear. These garments are widely being used for playing cricket, football, golf, tennis, basketball, hiking, bicycling, jogging, etc. Moreover, sportswear offers several advantages, such as improving performance, preventing injury during exercise, providing extra comfort, reducing delayed onset muscle soreness, promoting health, minimizing post-workout muscle cramps, etc. This has resulted in strong demand from consumers and is anticipated to drive the market further in the forthcoming years.
Drivers of the Global Sportswear Market
The global sportswear market is being driven by the increasing participation of individuals in sports and fitness activities due to rising incidences of work-related health conditions, such as stress and obesity. Moreover, the widespread adoption of fast-drying t-shirts and materials that can track heart rate, manage body heat, improve circulation, etc., produced using lightweight infrared emitting fabrics and energy infrared technology is further catalyzing the market. Additionally, the growing utilization of sportswear to protect the wearer against environmental conditions during outdoor activities is acting as a significant growth-inducing factor. Besides this, the rising demand for specialized garments, such as ski suits, swimsuits, leotards, etc., is contributing to the market’s growth.
Key Players in the Global Sports Apparel Market
This report provides a comprehensive analysis of the competitive landscape in the market, with detailed profiles of some of the leading players in the industry such as Adidas AG, Anta Sports Products Limited, ASICS Corporation, Columbia Sportswear Company, Fila Inc., Lululemon Athletica Inc., New Balance Athletics Inc., Nike Inc., Patagonia Inc., Puma SE and Under Armour Inc. The report further segments the market on the basis of end use industry and offers key highlights such as market performance, market outlook, Porter’s Five Forces Analysis, market drivers and success factors, SWOT analysis, value chain and extensive mapping of the competitive landscape.
Expertise in Major Markets
IMARC Group offers clients extensive expertise in major markets such as biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods. The company works to identify opportunities, address challenges, and aid in the growth of clients’ businesses. Furthermore, IMARC’s information products cover the latest advances in these industries.
IMARC Group is an industry-leading market research firm that provides strategic management and market research services to clients worldwide. With a commitment to excellence and innovation, IMARC is proud to offer its clients extensive expertise in major markets, science, economics, and technology. Information products cover the latest advances in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods. The company strives to help its clients identify their most valuable opportunities, address their most pressing challenges, and grow their businesses.
To sum up, the global sportswear market is expected to continue its steady growth trajectory in the upcoming years due to the rising adoption of sports and fitness activities, growing utilization of fast-drying technical fabrics, widespread use of specialized garments, and increasing demand for lightweight, infrared apparel. Companies in the market are focusing on launching new product lines targeting specific sports and fitness activities; as well as utilizing advanced materials to produce high-performance and long-lasting apparel. Such factors could create lucrative opportunities for the market, propelling its growth over the forecast period (2023 to 2028).
