The global sportswear market size is anticipated to reach USD 646.01 billion by 2030 registering a CAGR of 9.9%, according to a new report by Grand View Research, Inc. The market is driven by rise in demand for trendy and comfortable sports shoes and clothes. Increasing participation in sports and fitness activities due to rising awareness about leading a healthy lifestyle is another major factor driving the market. Fitness activities help overcome stress related issues, such as obesity, heart diseases, depression, asthma, and diabetes.
Sportswear Market Report Highlights
- Sports footwear accounted for a revenue share of 64.8% in 2023 due to its essential role in various athletic activities and the significant technological advancements in this segment.
- Online distribution channel segment is projected to register the fastest CAGR 11.5% from 2024 to 2030 due to increasing popularity of e-commerce and number of smartphone users along with fast-paced lifestyle
- In addition, heavy discounts and easy refund option offered by online portals are driving the segment growth further
- The sportswear market in North America accounted for a revenue share of 33.3% in 2023 and is projected to remain dominant throughout forecast period
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Asian countries like India and China offer lucrative growth opportunities to international companies. According to the Indian Union Ministry of Textiles, India’s textile and apparel exports were valued at Rs.189.56 billion for the month of November 2018 and it will grow further at a good pace. Improved living standards, low costs of manufacturing, and increasing disposable income levels in developing countries are the factors propelling the market in APAC region. The shoes segment accounted for the largest market share of 65.29% in 2018 and is projected to maintain the leading position throughout the forecast years due to rising demand for athletic shoes.
The clothes segment is expected to register the fastest CAGR from 2019 to 2025. Technological advancements in sportswear, such as use of reactive materials and fabrics that monitor heart rate, respiratory activity, and posture, are driving the growth of this segment. On the basis of end user, the market is segmented into men, women, and kids. The men segment held the largest market share of more than 50% in 2018. It is expected to remain the dominant segment throughout the estimated period. However, the women segment is projected to expand at the highest CAGR of 10.7% from 2019 to 2025.
List Of Key Players in the Sportswear Market
- Nike, Inc.
- Adidas AG
- LI-NING Company Limited
- Umbro Ltd.
- Puma SE, Inc.
- Fila, Inc.
- Lululemon Athletica Incorporation
- Under Armour
- Columbia Sportswear Company
- Anta Sports Products Limited, Inc.
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We have segmented the global sportswear market on the basis of product, distribution channel, end-user, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. 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. 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.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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