Compression Sportswear Market Size, Share & COVID-19 Impact Analysis, By Type (Tops, Bottoms, Socks, Bra & Others), By Gender (Men, Women, Kids & Unisex), By Distribution Channel (Online & Offline) and Regional Forecast, 2021-2028

The global compression sportswear market size was USD 4.03 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with compression sportswear witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -9.7% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 4.24 billion in 2021 to USD 6.59 billion in 2028 at a CAGR of 6.5% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Compression sportswear is designed to enhance blood and lymphatic flow by improving performance and reducing injury recovery and body shaping time in athletes and fitness freaks. These garments are engineered with elastomeric fibers that provide substantial pressure over the body parts by stabilizing and compressing the underlying tissues, thus used for body-shaping, athletic, and medical application.

This sportswear offers several benefits to an athlete’s performance by reducing muscle fatigues and soreness, improving perceived exertion, strength recovery, power and jumping ability, better muscle oxygenation, and groin support. This type of clothing is further beneficial in the healthcare sector for the treatment of geriatric age group patients for curing spondylitis and other joint and groin dysfunctions

Major key manufacturers & players in the industry are coming up with noteworthy fabric innovations such as smart nanotechnology-based fabrics and moisture-free, heat-resistant compression clothing for fitness and athletic activities. Adoption of such technology-based materials is augmenting the overall market growth.

COVID-19 Pandemic: Disruption due to Halted Sports Activities of Global Sporting Goods Industry

The unexpected spread of the COVID-19 pandemic resulted in lockdown in various activities, including disruption in physical and sport activity. The sporting goods industry saw halted activities for the first time after the financial crisis of 2007–08. Most retailers, brands, and manufacturers reported a significant reduction in their revenues and earnings, despite a bounce back in the activities after the first wave of COVID-19-related lockdowns. The exception being the Chinese market, which continued to grow at an average CAGR of 16.5% from 2015 to 2019.

Sporting goods businesses experienced a significant decline in market value in the 1^st and 2^nd quarters of the pandemic. However, sportswear companies exhibited more resilience than the rest of the apparel market, with sports equipment makers, including bicycle and digitally-enabled fitness equipment, gyms, etc. The novel coronavirus profoundly impacted the global sportswear market in 2020, with most companies posting reduced sales and hampered supply chain and logistics activity.

Indoor individual sports and home workouts saw increased participation, and team sports and outdoor sports saw reduced participation, owing to postponement/ cancellation of almost all sporting events. On the other hand, among developing prospects, women’s outfits were in focus, amidst increased emphasis on running, yoga, home workouts, pilates, etc.

The pandemic, however, has brought forth certain innovations such as rising demand for sustainable products, digital commerce, and increased involvement in individual exercise and sports. However, the pandemic's effect is expected to go further than momentary performance as it has augmented changes that are likely to have ongoing impacts on companies and organizations throughout the global sporting goods industry value chain. Therefore, the industry needs to adapt to both its consumer proposition and operational capabilities to cope with the challenges faced due to COVID-19.

LATEST TRENDS

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Increasing Advancement in Compression Sportswear Clothing Technology is a Vital Trend

In the current market scenario, technical advancements and innovations are at their peak. Technological implementations while manufacturing the compression fabric have enhanced, resulting in a better quality of sportswear. The World Federation of the Sporting Goods Industry (WFSGI) focuses on the theme, Manufacturing 4.0: Steps toward a future vision for manufacturing technology-based fiber in an automated production unit. Emerging digital transformation in the apparel industry with respect to the process, new economic model, and material innovation is the key factor for technological advancement in the market.

DRIVING FACTORS

Increasing Cases of Sports Injuries due to Hectic International Sports Schedule to Aid Growth

The growing importance of outdoor sports and the increasing number of international tournaments will boost the adoption of innovative sportswear options. Various public and private organizations are signing deals with sports federations to organize a wide range of sports events. For instance, in 2019, the All India Football Federation and IMG-Reliance signed a commercial deal in football for USD 98,700,000 in the near future.

Henceforth, increasing the participation rate in tournaments leads to frequent sports injuries, thus boosting the demand. This is likely to favor the growth of the global market in the forthcoming years.

RESTRAINING FACTORS

Lower Product Awareness & Availability of Counterfeit Products to Hamper Growth

Limited information about the importance of active sportswear among athletes is a key factor in the lack of product awareness. Several emerging small and medium enterprises re-engineer the products of major key players to maintain their market position. This is a factor leading to an increased quantity of counterfeit products worldwide. Moreover, there are few regional private organizations that opt for manufacturing counterfeit products at a cheaper rate in countries such as India, China, Japan, Brazil, Argentina, and Zambia that will restraint the growth of the market.

SEGMENTATION

By Type Analysis

Bottom Segment to Hold the Dominant Market Share

Based on type, the market is divided into tops, bottoms, socks, bra, and others.

The bottom compression wear segment dominated the market in the forthcoming years. This is due to the greater awareness among athletes, which has led to increased usage in a wide range of sports across the regions. Moreover, high comfort & fit, along with muscle support provided by both the types of compression sportswear to the athletes, is expected to lead to segmental growth.

The type, top, socks & others segment will showcase significant growth during the forecast period. Almost all athletes commonly use these products for improved performance during a tournament. They support the performance and body posture while training & preparation, and, more importantly, they portray a professional approach to the sport.

By Gender Analysis

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Men Segment to Remain at Forefront in the Near Future

Based on gender analysis, this market is classified into men, women, kids, and unisex.

The men segment is projected to hold a major compression sportswear market share. This is due to the increasing number of male athletes and sporting events at the international and domestic levels.

The women segment is expected to exhibit a prominent growth rate, i.e. 6.4% over the forecast period. This growth is attributed to the increasing popularity of different sports championships with the rising number of women participation and demand for compression leggings, bra, and socks. This compression sportswear effectively reduces limb swelling and supports various muscles and ligaments, which are prone to injuries with extensive sports events in a calendar year.

By Distribution Channel Analysis

Offline Segment to Exhibit Moderate CAGR in Upcoming Years

The distribution channel segment is classified as online and offline. The online segment consists of 3rd party websites & the company’s website, and the offline segment consists of supermarkets/hypermarkets, departmental stores & specialty stores.

The offline segment is expected to hold a major share and exhibit moderate CAGR during the forecast period. This is due to the increasing benefits such as trial & testing, variety in fabric material, etc. Compression wears and shapewear are sold at supermarkets/ hypermarkets, departmental stores, & specialty stores. The specialty stores sub-segment is expected to hold a significant share as the athletes and sportspersons prefer explicit products, which support specific parts of the body. For instance, in 2019, Speedo International launched Fastskin pure intent compression wear for women, which offers additional compression in targeted body areas to increase power and breathability.

The online market segment is expected to exhibit strong growth during the forecast period. This is attributed to the increasing focus by the companies to develop optimum quality compression sportswear.

REGIONAL INSIGHTS

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Asia Pacific is expected to experience exponential growth during the forecast period. This is due to the upsurge in demand fueled by the rising living standards in countries such as China, India, Australia, etc. Moreover, the presence of a young population in the region is expected to boost the product’s demand. The growing demand for foreign products and the increasing disposable income of the working population will enhance the demand for sports apparel products in the region. Active government support to boost several sports activities in countries such as India, China, and South Korea will favor the market growth in the region.

China to Witness Highest CAGR with Emerging Local Compression Sportswear Manufacturers

China is projected to exhibit the highest growth owing to the presence of many local sportswear manufacturers. These manufacturers offer wide ranges of products worldwide, that too at affordable prices. China is recognized among the largest sportswear product exporters worldwide, including developing and developed countries. The presence of a huge number of these local Chinese manufacturers and their variety of sales options interests the global consumer base and is estimated to augment the market's growth in the coming years.

North America is considered to be among the growing revenue generators in the global market. This is owing to the improved standards of living and widespread popularity of athletic sports. The increasing adoption of comfortable sportswear by men and women sports players will drive the product’s adoption. The companies have implemented various kinds of product development initiatives in these regions. For instance, launching compression socks in which the consumer would customize the fabric relying upon their comfortability. Furthermore, Europe is also expected to exhibit a sustainable growth rate during the forecast period as sportspersons in the region are focusing more on compression sleeves, bottoms, socks, and tops, among others, in order to enhance their performance and endurance.

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The Middle East & Africa region may witness slower growth in the market due to fluctuating prices and slow economic growth. Although the region hosts many sports activities, sports adoption in the region is comparatively lesser than in other nations.

In Latin America, the growth of age-related muscular problems & rise in the sports industry is expected to boost the global market.

KEY INDUSTRY PLAYERS

Key Players Focus on Launching New Product Ranges to Brighten Their Market Prospects

Major companies aggressively focus on the new development in sportswear to maintain their presence in the market.  The prominent players such as Nike, Inc., Adidas AG, Under Armour, Inc., PUMA SE, ASICS America Corporation, and lululemon athletica hold around 37%-42% of the global market share. PUMA SE collaborated with some of the top players of the NBA in 2018. This has enhanced the company’s brand awareness among new viewers.

Other players are focusing on partnerships and collaborations to maintain their stronghold in the market. Additionally, they are also focusing on reducing waste created during the production process. This includes recycling waste products and minimal usage of raw materials. Key market players use the Black-Scholes pricing model to estimate the fair market value of a particular product category.

LIST OF KEY COMPANIES PROFILED:

• Nike, Inc. (United States)


• Adidas AG (Germany)


• Under Armour, Inc. (United States)


• PUMA SE (Germany)


• Superdry (United Kingdom)


• ASICS Corporation (Japan)


• FILA Korea (South Korea)


• Columbia Sportswear Company (United States)


• YONEX Co., Ltd. (Japan)


• PVH Corp. (Speedo International) (United States)


• 2XU (United States)


• lululemon athletica (Canada)


• A4 Sportswear (United States)


• Augusta Sportswear (United States)


• BV SPORT (France)


• Compressport (Switzerland)


• Craft (United States)


• CW-X (United States)


• Medi (CEP) (Germany)


• Zensah (United States)


• Pacterra Athletics (United States)

KEY INDUSTRY DEVELOPMENT:

• February 2021 - Adidas AG launched a new collection called Formotion. The design is inspired by shapewear, featuring graded zonal compression to form and support a women’s distinctive shape.


• April 2019 - Under Armour partnered with Celliant (a part of Hologenix, LLC) to improve the oxygen flow and circulation with the embedded infrared technology that pushes energy back to the fabric.

REPORT COVERAGE

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The compression sportswear market research report provides a detailed analysis of the market. It focuses on key aspects, such as competitive landscape, leading companies, product/service types, and leading product applications. Besides, the report offers insights into the current market trends and highlights key industry developments resulting from primary and secondary research studies. In addition to the factors mentioned above, the report encompasses the analysis of several key factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation