According to a new report by Research and Markets, the global sports apparel market is projected to reach a value of US$208.47 billion by 2023, driven by a compound annual growth rate (CAGR) of 6.10 percent during the 2022-2026 forecast period. The increasing penetration of e-commerce, the fastest-growing segment during the forecast period, is a significant growth driver. Generation Z is also driving growth in the global sports apparel industry. Gen Z likes trendy, comfortable and versatile clothing and is driven to sports apparel by performance and fashion. Their rising income further fuels the demand for sports apparel. A general growth in popularity for athleisure and the increasing health consciousness among people are additional growth drivers for the sports apparel market.
Based on product, the report identifies four segments of the global sports apparel market: pants and tights, tops and t-shirts, surf and swimwear, sweaters and hoodies. The pants and tights segment holds the largest global sports apparel market share. By end user, the men segment has the maximum share in the sports apparel market, driven by an increasing number of men involved in various outdoor activities. The report explains that the women segment is projected to grow at a significant CAGR during the forecast period, driven by the rising number of sports designed specifically for women. By geography, North America – the US, Canada, and Mexico – currently enjoys the largest market share, primarily driven by the increasing urban population, growing participation in physical activities and high adoption of sports apparel. The Asia-Pacific sports apparel industry is expected to grow significantly due to its young population. China, in particular, is one of the fastest-growing markets in the sports apparel industry.
In terms of challenges, commercial brands are facing the fight and competition from counterfeit stores and products. Brands are losing the market share in developing and emerging economies, namely markets that are more price sensitive and are also losing much-earned franchise fees, according to the report. The report explains that the technological capabilities in textile production countries (Thailand, Turkey, Taiwan, etc.) are increasing, but so is the quality of counterfeit products.
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