A lead analyst at AMR highlighted that the sports apparel market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the sports apparel market. The report states that the global market for sports apparel generated $167.7 billion in 2018 and is estimated to reach $248.1 billion by 2026, registering a CAGR of 5.1% from 2019 to 2026.The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Increase in health awareness among people across the globe, growing popularity of various fitness activities such as yoga, aerobics, swimming, Pilates, and others, increase in standard of living among people, and significant surge in the demand for trendy and fashionable sports apparel products are expected to drive the growth of the global sports apparel market. On the other hand, availability of counterfeit products is expected to hinder the growth to some extent. However, rise in participation of women in sports and fitness activities is predicted to create ample opportunities for the industry.
“The affluent population in the emerging economies has increased over the years and with it the expenditure on shopping and specialty goods such as premium clothing or sports apparel has increased,” says Shankar Bhandalkar, Team Lead Research, Consumer Goods at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the sports apparel market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global sports apparel market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the decreased sales of sports apparels during the pandemic as most of sports and fitness activities, fitness centres were closed during the pandemic. This was due to the stringent social distancing restrictions imposed by the government during the pandemic. Moreover, import and export of raw material during the pandemic became difficult due to the severe regulations from the government. However, the market is predicted to recoup soon.
The report offers a detailed segmentation on the global sports apparel market based on end-user, distribution channel and region.
Based on end-user, the men segment held the largest market share in 2018, garnering nearly half of the global market. The women segment, on the other hand, is expected to cite the fastest CAGR of 5.6% during the forecast period.
Based on distribution channel, the e-commerce segment held the majority market share in 2018, holding more than one-third of the global market. The discount stores segment, on the other hand, is expected to exhibit the fastest CAGR of 4.8% during the forecast period.
Based on region, the market across Asia-Pacific region held the lion’s share in 2018, garnering more than one-third of the global market. In addition, the same segment is expected to cite the fastest CAGR of 8.6% during the forecast period.
The key players analyzed in the global sports apparel market report include Adidas AG, Nike, Inc., Puma SE, Under Armour, Inc., Ralph Lauren Corporation, Umbro Ltd., Fila, Inc, Lululemon Athletica Incorporation, New Balance Athletic Shoe, Inc., and Columbia Sportswear Company.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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