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Activewear Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global activewear products market was valued at USD 229.3 billion in 2022 and is projected to expand at a CAGR of 5.9% from 2023 to 2030. The growing trend of fitness and health awareness has been a major factor driving the growth of the market. Consumers are increasingly opting for activewear apparel for comfort, convenience, and functionality. The increasing trend of athleisure is also driving the demand for activewear products. Additionally, many brands are focusing on new product launches with features such as comfortable materials, moisture-wicking, and stretchability. For instance, in May 2021, Adidas launched a new version of its Ultraboost sneaker series, featuring a 3D printed midsole and a breathable Primeknit upper.
The increasing number of sports events, such as the Olympics, Asian Games, and Commonwealth Games, are expected to provide an impetus to the demand for activewear products. Furthermore, the increasing consumer focus on health and fitness is leading to the growth of the market. Consumers are increasingly adopting an active lifestyle, which is driving the demand for sports apparel. Furthermore, the availability of a wide variety of products, such as t-shirts, jackets, shorts, and tracksuits, is expected to fuel the demand for activewear products.
Furthermore, the growing popularity of eco-friendly activewear is expected to drive the growth of the market. Manufacturers are increasingly focusing on the use of natural and recyclable materials to meet the evolving consumer requirements. For instance, in April 2021, Lululemon launched a new collection of eco-friendly activewear made from recycled plastic bottles. The collection includes leggings, shorts, sports bras, and jackets, among other items.
Furthermore, the increasing trend of digitalization is also driving the demand for activewear products. Many companies are making use of e-commerce and online platforms to reach out to a wider customer base. For instance, in April 2021, Under Armour launched an online store, called Armoury, to offer its customers an enhanced shopping experience. Additionally, the increasing focus on creating an online presence for activewear products is expected to accelerate market growth in the coming years.
Product Insights
The apparel segment led the market and accounted for a share of around 28.5% in 2020. The increasing demand for activewear apparel, such as t-shirts, shorts, and pants, among individuals is expected to drive the market growth over the forecast period. According to a report by Grand View Research, in 2020, the activewear apparel market was estimated to be valued at USD 136.75 billion. Furthermore, increasing focus on physical fitness, rising disposable incomes, and growing demand for comfortable clothing are some of the key factors driving the global activewear market demand.
The footwear segment is anticipated to expand at the fastest CAGR of 6.3% over the forecast period. Growing awareness regarding physical fitness, increasing fashion trends, and rising disposable incomes are some of the key factors driving the demand for activewear footwear. According to a report by Grand View Research, in 2020, the activewear footwear market was estimated to be valued at USD 37.64 billion. In addition, the increasing popularity of athleisure, which is a combination of athletic and leisure clothing, is boosting the demand for activewear footwear worldwide.
Distribution Channel Insights
The specialty stores segment accounted for the major revenue share of over 34.2% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards specialty stores as a primary source to purchase activewear products. According to a study by Technavio in 2020, specialty stores are gaining traction among customers owing to the variety of options available for activewear products. Specialty stores offer a wide range of activewear products such as fitness apparel, sports apparel, and running apparel. In addition, these stores provide customers with a personalized shopping experience, which helps customers to make informed purchasing decisions.
The online segment is anticipated to expand at the highest CAGR of 12.3% over the forecast period. The growth of the segment is mainly driven by the increasing preference for online shopping among customers. The growing penetration of the internet and the rising preference for digital media has significantly boosted the growth of the segment. Furthermore, various e-commerce players are providing an extensive range of activewear products at competitive prices, which is further expected to drive the growth of the segment.
Type Insights
The performance segment accounted for the highest revenue share in the year 2022, due to the rising demand for high-performance activewear among athletes and athletes. The growing number of fitness centers and gymnasiums has further propelled the demand for performance activewear. Manufacturers such as Nike, Under Armour, and Adidas have launched a range of performance activewear, such as compression tights, sweat-wicking t-shirts, and shorts to meet the growing demand. Furthermore, the increasing awareness of the health benefits of sports and physical activities boost the demand for performance activewear.
The lifestyle segment is expected to expand at the highest CAGR of 10.3 % during the forecast period. The rising trend of athleisure and the rise of millennials and Gen Z population, who prefer activewear for casual outings, is driving the segment growth. Furthermore, the increasing number of brands offering stylish and comfortable activewear is further propelling the growth of the segment. For instance, in April 2021, ASICS launched a new collection of activewear in collaboration with the designer Christopher Raeburn. The collection featured a range of performance-driven activewear, such as hooded jackets, shorts, and sweatpants.
Regional Insights
Asia Pacific is projected to witness the highest growth rate during the forecast period. This is owing to the increasing awareness about health and fitness, as well as the growing number of fitness clubs in the region. For instance, according to the International Health, Racquet and Sportsclub Association, the number of fitness clubs in Asia Pacific is projected to grow from 6,231 in 2019 to 6,829 in 2022, which is expected to drive the demand for activewear products in the region.
North America is expected to hold the largest share in the activewear market during the forecast period. The presence of established players, such as Adidas, Nike, and Under Armour, and rising awareness about health and fitness among the consumers in the region is expected to drive the demand for activewear products in the region. Additionally, the increasing trend of athleisure, which is expected to continue over the forecast period, is anticipated to further boost the demand for activewear products in the region.
Financial Projections
In this part of the activewear products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your activewear products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an activewear products business comes from retail sales, online sales, and wholesale sales. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, advertising, and sales at special events.
Projecting Expenses
In this section, all the regular expenses related to keeping the activewear products business running will be described. The list of operating expenses includes wages, inventory, marketing and advertising, utilities, rent, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the activewear market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In May 2022, Nike Inc. launched the Nike Heritage Collection, a new range of activewear designed for both men and women.
– In July 2022, Adidas AG launched the new 3-Stripes collection of activewear for the Asian market.
– In August 2022, Lululemon Athletica Inc. launched the Reversible Collection, a range of activewear designed to be worn both in and out of the gym.
Some of the prominent players in the activewear market include:
– Nike Inc.
– Adidas AG
– Lululemon Athletica Inc.
– Puma SE
– Under Armour, Inc.
– ASICS Corporation
– VF Corporation
– Gap Inc.
– Columbia Sportswear Company
– American Apparel, Inc.
Global Activewear Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global activewear products market based on product, type, distribution channel, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– T-shirts & Polos
– Shorts
– Tracksuits
– Tights & Pants
– Hoodies & Sweatshirts
– Jackets
– Other Apparels
2. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Compression
– Non-Compression
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Specialty Stores
– Online
– Departmental Stores
– Other Distribution Channels
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Segments of the Activewear Products Market?
[A]: The global activewear products market is segmented into product type, fabric type, distribution channel, and region. Based on product type, the market is divided into performance wear, yoga wear, leisurewear, and others. Based on fabric type, the activewear products market is segmented into cotton, spandex, polyester, and others. On the basis of distribution channel, the activewear products market is divided into online and offline.
[Q]: Who are some of the Key Players in the Activewear Products Market?
[A]: Major players in the global activewear products market are Adidas AG, Nike Inc., Under Armour, Inc., Lululemon Athletica Inc., Puma SE, ASICS Corporation, VF Corporation, Gap, Inc., Hanesbrands Inc., and Decathlon Group.
[Q]: What Factors are Driving the Activewear Products Market?
[A]: Factors such as the increasing demand for athleisure wear and the rising popularity of fitness activities are driving the growth of the global activewear products market. Furthermore, the increasing participation of women in outdoor activities and sports, the development of eco-friendly products, and the introduction of technologically advanced fabrics are providing a boost to the market’s growth.
[Q]: What are the Restraints on the Activewear Products Market?
[A]: High product costs, changing fashion trends, and the availability of counterfeit products are some of the restraints on the activewear products market.
[Q]: What is the Opportunity for Emerging Markets?
[A]: Emerging markets such as India, China, Brazil, and Russia offer a huge opportunity for the growth of the activewear products market. The rising disposable income of people in these countries, the increasing adoption of western-style clothing, and the increasing participation of people in sports activities are driving the growth of the activewear products market in these countries.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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