The global sports apparel market is growing at a CAGR of 4.45% from 2023 to 2032. The market is expanding fast in emerging economies as there is a surge in the affluent population. The blending of sportswear and fashion is giving rise to athleisure. Lululemon Athletica Inc. is focusing on investing in new stores and expanding its online research to strengthen business.
As per the report published by The Brainy Insights, the global Sports Apparel market is expected to grow from USD 199.58 Billion in 2022 to USD 308.47 Billion by 2032, at a CAGR of 4.45% during the forecast period 2023-2032.
This market growth is attributed to the surge in the population's healthier lifestyles and increased participation in fitness and sports activities. Also, there is a presence of many types of sports apparel in the market, which are designed to offer comfort and support while doing high-intensity workouts. It also provides a stylish look. All these factors are driving the market to grow.
Competitive Strategy
To enhance their market position in the global Sports Apparel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In June 2022: Puma, a leading sports brand, launched a smartphone shopping app in India and used its brand ambassador, Virat Kohli, with a short digital feature film. India became the first market to access the app. It is planned to cater for the growing population of fashion-forward online shoppers and a surge in the preference for direct-to-consumer channels. These strategies help organizations grow in the market.
Market Growth & Trends
Sports apparel are designed using a breathable material, which helps evaporate sweat quickly and helps the person who wears it feel fresh for a longer time. Some common fabrics for producing sports apparel clothing are microfiber, polyester, calico, and spandex. Athletes generally used this apparel, and with time, it has become very common with regular gym-goers and other non-athletes, like people going jogging, etc. Also, it has been observed that sports apparel is common in mature regions like the US, Canada and Germany and emerging economies like China, India and Brazil; this trend is growing fast. Also, there are many product launches happening with increased participation in sports activities in countries such as the US, India, etc. Also, there is an increase in the preference for outdoor recreational activities, especially among the young population, which has increased sports apparel sales. Moreover, people are becoming health-conscious, and there is an increased inclination towards sports activities and adventurous sports, eventually driving the growth of the sports apparel market. Also, high-profile celebrities and athletes endorse the sports apparel brands, influencing consumer preference. The consumer often follows the styles of their favourite athletes, and the demand for the endorsed products will grow. Also, major sports events such as the Cricket World Cup, FIFA World Cup, Olympics and Marathons often trigger interest in fitness and sports, which eventually help in buying sports apparel.