Sportswear Market Size, Share & COVID-19 Impact Analysis, By Product Type (Footwear, Apparel, and Wearables), By End-User (Men, Women, and Children), By Distribution Channel (E-commerce Stores and Retail Stores), and Regional Forecast, 2023-2030

The global sportswear market size was valued at USD 182.01 billion in 2022 and is projected to grow from USD 193.89 billion in 2023 to USD 305.67 billion by 2030, exhibiting a CAGR of 6.72% during the forecast period. North America dominated the sportswear market with a market share of 45.62% in 2022.

The market is growing enormously as people are progressively enticed by the product's capability to offer sweat-wicking and breathability and enhancement of physical movement. The product assists in safeguarding from extreme weather conditions, improves blood circulation, and injury prevention. The rising growth of the urban population escalates the consumption of the product due to increasing involvement of people in fitness activities. For instance, according to data released by World Bank.Org, in 2019, the global urban population was assessed to be 55.714%, which is a rise from 55.27% in 2018.

COVID-19 IMPACT

COVID-19 Resulted in Decreased Sales and Delay in Shipment of Goods  

The outbreak of coronavirus has negatively impacted the industry across the globe as lockdown and restrictions made on the number of customer store occupancy resulted in the reduction of sales. For instance, as per data issued by the Business Wire in April 2020, due to the eruption of COVID-19, the Columbia Sportswear Company witnessed 13% reduction in its revenue for the first quarter. Furthermore, the delay of shipment of goods due to taking certain precautionary measures also decreased its sales. Furthermore, the Economic Times data released in February 2021 declares that the pandemic resulted in an overall 4.1% reduction in world maritime trade in 2020.

LATEST TRENDS

Rising Adoption of Smart Sportswear is a Prominent Trend

The increasing adoption of smart sportswear, which is designed to enhance the workout routine, monitor performance, and provide real-time feedback, acts as an opportunity for the sportswear market growth. For instance, in January 2021, a British start-up called Inpulse announced the introduction of its riding shorts that have used artificial intelligence (AI) technology to shape and stimulate cyclists' muscles by monitoring and providing feedback.

DRIVING FACTORS

Surging Female Participation in Sports to Aid Market Growth

The increasing number of females participating in various sports domains, including football, athletics, basketball, and others is favoring product demand. For instance, according to data issued by Olympics.Org, in 2018, female participation in Winter Olympic Games in Pyeongchang, South Korea was 41%. Additionally, the rising number of female sporting events such as ICC Women's World Cup, FIFA Women’s World Cup, Women's FIH Hockey World Cup, and others that are specifically designed for women’s involvement has led to escalating the consumption.

 Increasing Health Consciousness among Global Population to Surge Product Demand

The escalating rise of the health-conscious population surging the number of gymnasium visits in various countries worldwide has helped to intensify the need for the product. For instance, according to the International Health, Racquet & Sportsclub Association data issued, in 2018, the U.S. has 39,570 gymnasiums, which witnessed more than 6 billion visits. In addition, the rising popularity of the usage of fitness apps in technological devices has led people to take up fitness activities for the enhancement of their health to generate traction. For instance, the World Economic Forum in September 2020 data declared that in the first half of 2020, fitness apps witnessed a rise of 50% usage.

RESTRAINING FACTORS

Rising Number of Counterfeit Products May Hamper Market Growth

The growth of counterfeit products in footwear, clothing, leather goods, and other products in various countries across the globe acts as a restraining factor for the market growth. For instance, data published by the Organization for Economic Co-operation and Development in March 2019 states that trade in counterfeit goods, including sportswear, stands at 3.3% of world trade.

SEGMENTATION

By Product Type Analysis

Apparel Segment to Hold Highest Market Share Owing to High Demand

On the basis of product type, the market is fragmented into footwear, apparel, and wearables.

The apparel segment is projected to dominate the sportswear market share due to the product being in high demand for various sports activities such as football, basketball, tennis, and others. The rising popularity of the utilization of sports apparel as fitness wear also contributes to the increasing consumption rate.

The wearables segment witnessed increased demand as the products help in reducing muscle soreness, improve flexibility, and keep the body dry, which helps to increase its preference rate.

By End-User Analysis

Rising Involvement of Men in Rock Climbing and Trekking to Drive this Segment

Based on end-user, the market is fragmented into men, women, and children.

The men segment is anticipated to hold the major share in the market on account of a large number of men involved in various outdoor activities, including cycling, rock climbing, trekking, and other such activities.

On the other hand, women and children segments are experiencing positive growth due to increasing number of sports and physical events designed specifically for women and children.

By Distribution Channel Analysis

Retail Stores Segment to Account for a Larger Market Share Impelled by Growing Popularity

By distribution channel, the market is bifurcated into e-commerce stores and retail stores.

The retail stores segment is estimated to lead the market due to the rising number of popular brands across the globe, increasingly broadening the number of physical stores. Additionally, a large number of consumers possessing the desire to avoid misfits, delays in delivery, and complications regarding return and replacement would increase the usage of retail stores.

Similarly, the e-commerce stores segment is gaining traction as most people nowadays are busy working long hours and find online shopping convenient for saving their spare time.

REGIONAL INSIGHTS

North America is leading the market, exhibiting a size of USD 83.04 billion in 2022. The thriving growth of the recreational industry in this region resulted in escalating the utilization of the product. For instance, according to the Bureau of Economic Analysis data released, in 2019, the U.S. recreational economy accounted for 2.2% of the current dollar GDP, which is USD 459.8 billion. Additionally, a large number of school students involved in sports led to fostering the demand for the product, which is likely to fuel the consumption rate. For instance, according to the National Federation of State High School Associations data released in 2018-2019, the U.S. had 7,937,491 students involved in high school sports.

Asia Pacific is anticipated to witness a crucial share in this market. The escalating government investment made in sports led to a surge in need for the product, which has a significant impact on market growth. For instance, as per data issued by the Economic Times in February 2020, the Indian government allotted USD 401.6 million in its sports budget, which is a rise of USD 7.103 million from its prior year. Furthermore, the flourishing growth of sports domains such as cricket resulting in a large number of people playing the game professionally and as a hobby has a vital contribution. Another data from the Hindu published in September 2019 mentioned that the Indian cricket league called Indian Premier League is estimated to be valued at USD 6.8 billion and witness a growth rate of 7%.

Europe is expected to exhibit substantial growth due to increased funding to reduce the inactive elderly population, which led to the involvement of the older age population in physical activities. For instance, the World Health Organization data released in 2018 states that in England, the Active Ageing Fund utilized USD 13.33 million of National Lottery money to fund 20 projects in England to decrease the number of inactive older adults. Additionally, a large percent of the European population involved in exercising regularly has resulted in escalating the demand for the product. For instance, the data released by Play the Game. Org, March 2018, is proclaiming that 40% of the European citizens are exercising at least once a week.

South America is projected to display considerable growth due to the gradual decline of the unemployment rate, surging the purchasing power of many people. For instance, data published by the Youth Employment Decade in May 2019 reported that the Brazilian unemployment rate had experienced a decline of 11.6 percent in 2018. However, the increasing urban population is helping to upsurge the use of the product and has a positive impact on the market growth.

The Middle East & Africa region is evaluated to have a considerable presence in the market. The sports industry in this region witnessing a progressive rise has led to an increase in demand. For instance, the Republic of South Africa Gov.Za data released in July 2019 proclaimed that sports are assessed to contribute USD 609.1 million to its GDP in Western Cape Province.

KEY INDUSTRY PLAYERS

Key Players Focus on Incorporating Electronic Sensors to Strengthen Industry Footing

The key players are gradually shifting their focus toward incorporating the product with electronic sensors. This will help enhance the experience of owning sportswear, as the electronic sensors let the product keep track of real-time information and help to improve their sport and fitness activities. For instance, Asics smart running shoes come with electronic sensors that help to deliver real-time running data, including kick strength, stability, and the ability to give suggestions to help run better.

LIST OF KEY COMPANIES PROFILED:

• Puma SE (Germany)


• Umbro Ltd (U.K.)


• Adidas AG (Germany)


• Nike, Inc. (U.S.)


• Columbia Sportswear Company (U.S.)


• Under Armour, Inc. (U.S.)


• Anta Sports Products Limited (U.S.)


• Lululemon Athletica Inc. (Canada)


• Fila Holdings Corp (South Korea)


• Li Ning Company Limited (China)

KEY INDUSTRY DEVELOPMENTS:

• February 2023 – Nike, Inc. launched Vaporfly 3 running shoes, which help athletes to run comfortably as they are lightweight. The launch would help the company in increasing its product line and revenue.


• April 2023 - Nike, Inc. announced the launch of NFT sneakers collection. The new sneaker series is called Our Force 1 (OF1), which is inspired by Air Force 1 collection.


• September 2022 - PUMA SE introduced new apparel and footwear collection known as SEASONS. This SEASONS collection is a windproof, waterproof, breathable fabric made from 100% recycled material.


• June 2022 - PUMA SE launched its shopping app in India. The app was introduced by cricketer and PUMA brand ambassador Virat Kohli through his social media channels. The launch would help the company to increase its product sale.


• April 2021 - Performance apparel brand Lululemon Athletica announced the opening of its India Technology Hub development center in Bangalore. This is the company's first center outside of North America.

REPORT COVERAGE

The global market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, end-users, and leading product types. Besides this, the report offers insights into the current sportswear market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation