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Sportswear Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global sportswear products market was valued at USD 434.2 billion in 2022 and is projected to expand at a CAGR of 6.5% from 2023 to 2030. The increasing popularity of sports activities, rising demand from professional athletes, and the increasing focus on physical appearance and fitness are major factors driving the market. Furthermore, sportswear is now considered fashionable and stylish, and its use is no longer limited to athletes and sports enthusiasts. This has further augmented the demand for sportswear products.
The increasing use of advanced fabrics such as spandex and nylon, which are lightweight and offer maximum comfort and flexibility, is a key factor driving the demand for sportswear products. Furthermore, the rising demand for sportswear products used for yoga and gym activities has created favorable conditions for the market. Companies are introducing technologically advanced products to cater to the needs of customers. For instance, in November 2021, Adidas launched a new collection of shoes featuring the brand’s new cushioning technology, Boost, which provides greater cushioning and energy return.
Furthermore, the increasing demand for eco-friendly sportswear products is one of the major trends driving the market. Manufacturers are introducing products made from organic and recycled materials to cater to the growing demand for sustainable products. For instance, in April 2021, Puma launched its new sustainable collection, which features shoes and apparel made from organic and recycled materials.
The increasing popularity of athleisure is another key factor driving the market. This trend is being supported by the rising number of celebrity endorsements of sports apparel. Furthermore, the rising demand for fashionable sports apparel and the increasing number of online stores selling sports apparel are expected to propel the growth of the market.
In addition, the increasing use of social media platforms to promote sportswear products is boosting market growth. Companies are utilizing social media networks to create awareness about their products, which is further expected to increase demand. For instance, in June 2021, Nike launched its new ‘Just Do It’ campaign on Instagram, featuring a range of professional athletes and influencers wearing the brand’s sportswear products.
Product Insights
The apparel segment secured the largest market share in 2020 and is expected to maintain its dominance over the forecast period. Increasing demand for advanced and stylish clothing among professional athletes, rising adoption of athleisure and sportswear, and growing awareness regarding the benefits of activewear are some of the major factors driving the growth of the market. According to an article published by Fortis Healthcare in April 2020, the global sportswear market is expected to reach a value of USD 439 billion by 2024, due to increasing demand for sportswear and athleisure.
The footwear segment is expected to register the highest CAGR of 8.3% during the forecast period. Growing demand for stylish and comfortable footwear, increasing awareness regarding the health benefits of sportswear, and emergence of various sports and fitness activities are some of the key drivers of the segment. Furthermore, rising disposable income and increasing popularity of fashionable sportswear among individuals is propelling the growth of the market. According to an article published by the National Institute of Health in December 2019, demand for sports shoes registered a CAGR of 8.7% during the period of 2013-2018.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 36.4% in 2022. Supermarkets and hypermarkets offer a wide range of sportswear products from renowned brands, which makes them the most preferred distribution channels for consumers. Moreover, supermarkets and hypermarkets provide customers the opportunity to touch and feel the product before purchasing, which helps them in making an informed decision.
The e-commerce segment is anticipated to expand at the highest CAGR of 12.5% over the forecast period. The rising popularity of online shopping and the availability of numerous sportswear products with discounts and offers attract consumers to purchase sportswear through online platforms. Additionally, the convenience of shopping from home and doorstep delivery are the major factors that are driving the growth of online sportswear sales. Furthermore, the increasing penetration of internet and smartphones across the globe is also likely to propel the growth of the e-commerce segment.
Type Insights
The performance segment accounted for the largest revenue share of 53.0% in the year 2022. Increasing health consciousness among consumers is driving the demand for performance sportswear. The performance sportswear helps in providing comfort and enhancing performance during physical activities. This, in turn, is boosting the demand for performance sportswear. Furthermore, the increasing trend of athleisure apparel has also been a key factor for driving the market for performance sportswear. Companies such as Nike and Adidas have been launching their performance sportswear range with latest technologies and designs to meet the growing demand.
The lifestyle segment is anticipated to expand at the highest CAGR of 6.6% over the forecast period. The increasing acceptance of lifestyle sportswear among the younger population is driving the growth of the segment. Consumers are increasingly opting for more stylish and comfortable sportswear to wear on casual occasions. Companies such as Nike and Puma are launching new products in lifestyle segment to meet the growing demand. Moreover, the increasing popularity of streetwear is also driving the demand for lifestyle sportswear.
Regional Insights
Europe accounted for the largest revenue share of over 22.6% in 2022 in the global sportswear market, owing to the increasing number of fitness enthusiasts in the region. Growing focus on health and wellness along with rising disposable income and increasing preference for branded sportswear among consumers has increased the demand for sportswear. Moreover, the presence of established sportswear firms such as Adidas, Nike, and Puma has further fueled product demand in the region.
Asia Pacific is expected to witness the fastest growth during the forecast period. Growing awareness regarding the health benefits of exercise and increasing disposable income of consumers has led to an increase in the demand for sportswear in the region. Moreover, initiatives by the governments of various countries in Asia Pacific to promote fitness, such as Fit India Movement in India, have further increased the demand for sportswear in the region. For instance, in June 2021, China launched the “Fitness China” program, which aims to develop and promote public health and physical fitness by providing free health assessments, sports and fitness courses, and sportswear subsidies.
Financial Projections
In this part of the sportswear 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 sportswear products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenue for a sportswear products business come from sales of sportswear products, such as apparel, footwear, sports equipment, and accessories. In addition, potential sources of income include selling advertising space on the business’s website or sponsoring local sports teams or events.
Projecting Expenses
In this section, all the regular expenses related to keeping the sportswear products business running will be described. The list of operating expenses includes rent or lease payments, wages, utilities, insurance policies, advertising costs, inventory costs, and others.
Key companies & market share insights
Some of the key companies operating in the sportswear 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 June 2022, Nike Inc. launched the Pro Combat Collection, a new style of sportswear designed to provide maximum performance and comfort.
– In August 2022, Adidas AG launched the Alphaskin range of sportswear designed for intense workouts.
– In October 2022, Reebok launched the Flexweave range of sportswear designed to provide maximum breathability and flexibility.
Some of the prominent players in the sportswear market include:
– Adidas AG
– Reebok International Limited
– Nike Inc.
– Under Armour, Inc.
– Puma SE
– Skechers USA, Inc.
– VF Corporation
– ASICS Corporation
– Columbia Sportswear Company
– Anta Sports Products Limited
Global Sportswear 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 sportswear products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– T-Shirts
– Shirts
– Jeans
– Trousers
– Shorts
– Tracksuits
– Accessories
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
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 Drivers of the Sportswear Products Market?
[A]: The growing trend of athleisure and the rising number of health-conscious customers are the key drivers of the sportswear products market. Increasing disposable income and growing consumer spending on fitness activities are also expected to propel the growth of the sportswear products market.
[Q]: Who are the Leading Players in the Market?
[A]: Leading players in the sportswear products market include Nike, Inc., adidas AG, ASICS Corporation, Lululemon Athletica Inc., and Under Armour, Inc.
[Q]: What is the Potential of Online Shopping in the Sportswear Products Market?
[A]: Online channels such as e-commerce and mobile applications are expected to offer significant opportunities to the sportswear products market. The availability of a wide range of products, attractive discounts and offers, and convenient payment options are some of the key factors driving the growth of online shopping in the sportswear products market.
[Q]: What is the Regional Outlook?
[A]: North America is expected to be the largest regional market for sportswear products, followed by Europe and Asia Pacific. The increasing awareness about health and fitness and the growing number of fitness centers and sports clubs in the region are expected to drive the growth of the sportswear products market in the region.
[Q]: What are the Key Strategies Adopted by Market Players?
[A]: Key strategies adopted by market players include product launches and expansions, acquisitions, and collaborations. Companies are launching innovative products with advanced features to meet the changing consumer needs. For instance, Nike, Inc. has launched its Nike Adapt BB shoe, which is a self-lacing basketball shoe that is powered by battery and can be controlled with the help of a smartphone.
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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