how big is the sportswear market

The global sportswear industry has seen a tremendous expansion in recent years. In 2021, the sportswear market is estimated to be worth nearly $200 billion, indicating a growing interest in fitness and an active lifestyle worldwide. With an emphasis on comfort, versatility and style, sportswear has become a go-to choice not only for athletes but also for everyday wear. Below, we will take a closer look at the current state of the sportswear industry.

Emerging Trends in Market

The sportswear industry is constantly evolving, and recent trends indicate that the demand for athleisure and sustainable sportswear will further increase in the upcoming years. Properties such as sustainability, performance, and versatility of sportswear garments have become dominant factors in consumer purchasing decisions.

Additionally, this sector has seen a surge in the popularity of innovative fabrics, such as moisture-wicking, antibacterial, and breathable materials. These fabrics enhance the comfort and performance of sportswear garments, which is an important factor for customers who are looking for high-quality products.

Market Segmentation

The sportswear market has several overlapping segments, including clothing, footwear and accessories. Sporting goods retailers, department stores, and online retailers are the major channels where customers can purchase sportswear products. The market is further classified based on the type of sport, including running, soccer, tennis, and others.

The clothing segment is the largest market segment, accounting for almost two-thirds of the total market. Due to the high demand for sportswear clothing, brands are continuously launching innovative products and design features to stay competitive.

Geographical Analysis

Geographically, the Asia-Pacific region is the largest sportswear market, accounting for more than one-third of the total market share. This can be attributed to factors such as a growing middle class and government initiatives to promote sports and fitness.

North America and Europe are also significant markets, with both regions having a high proportion of health and fitness-conscious consumers. The U.S is the largest gymwear market in North America, while the United Kingdom and Germany are the significant players in Europe.

Leading Players in the Market

The sportswear industry is dominated by some of the biggest brands in the world, including Nike, Adidas, Puma, and Under Armour. Each of these brands has a unique brand identity and caters to a specific market segment.

However, there has been a rise in small-scale start-up companies recently, which aims to offer sustainable, eco-friendly and affordable sportswear to consumers.

Future of Market

The outlook for the sportswear industry is positive, with the market expected to continue growing in the upcoming years. According to reports, by 2026, the global sportswear market is projected to reach close to $500 billion, with emerging markets such as China and India contributing significantly to this growth.

Also, with the ongoing Covid-19 pandemic, the sportswear industry is predicted to experience further growth due to the increasing popularity of home workout regimes and fitness activities. Brands that can offer value-based, versatile and comfortable products are expected to thrive in the market.

Conclusion

The sportswear industry has grown significantly in recent years and is expected to continue to grow in the foreseeable future. With an increasing demand for performance-based, sustainable and versatile sportswear, brands are continually adapting their products to satisfy consumers. Furthermore, geographical expansion and an increasing number of players entering the market are predicted to contribute to the growth of the gymwear industry in the years to come.