Sportswear Market to Grow at 6.72% CAGR from 2023 to 2030; Allbirds and Adidas Jointly Develop Futurecraft.Footprint to Secure Competitive Edge

The global sportswear market size stood at USD 182.01 billion in 2022. The market value is slated to rise from USD 193.89 billion in 2023 to USD 305.67 billion by 2030 at a CAGR of 6.72% during 2023-2030. The expansion is due to the growing urban population and rising participation of people in fitness activities. Additional factors favoring industry expansion comprise the advantages of injury prevention, protection against extreme weather conditions, and improved blood circulation.

Fortune Business Insights™ presents this information in its report titled “Sportswear Market Size, Share & COVID-19 Impact Analysis, By Product Type (Footwear, Apparel, and Wearables), By End-User (Men, Women, and Children), By Distribution Channel (E-commerce Stores and Retail Stores), and Regional Forecast, 2023-2030”.

COVID-19 Pandemic Affected Industry Expansion Driven by Decreased Sales

The COVID-19 pandemic had a negative impact on the market considering the decrease in sales. The market growth was further impacted by a delay in goods shipment on account of certain precautionary measures by the governments of various countries. This led to a considerable impact on the revenues of several market players.

Allbirds and Adidas Unveil Futurecraft.Footprint to Strengthen Industry Footing

In May 2021, sportswear brands Allbirds and Adidas jointly launched a low carbon running shoe called FutureCraft Footprint. The companies inked a partnership focused on a lower-emission design process.

The deal helped share material innovations and proprietary technologies. The collaboration led to the Futurecraft.Footprint prototype with a carbon footprint of 2.94 CO_2e.

Surge in Industry Share Owing to Growing Health Consciousness

One of the pivotal factors propelling the sportswear market growth is the rising health consciousness and increasing gymnasium visits in numerous countries. The market growth is further propelled by the escalating deployment of fitness apps.

However, the market growth could be hampered by a rise in counterfeit products in leather goods, clothing, footwear, and other products.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/sportswear-market-102571

Leading Players Strike Collaborations to Expand Geographical Footprint

Major industry participants are focused on collaborations, partnership agreements, and the rollout of various solutions for strengthening their positions in the market. Additional steps include merger agreements, acquisitions, and the formation of alliances. These initiatives are being undertaken for the expansion of their geographical footprints.

Key Players Profiled:

• Puma SE (Germany)
• Umbro Ltd (U.K.)
• Adidas AG (Germany)
• Nike, Inc. (U.S.)
• Columbia Sportswear Company (U.S.)
• Under Armour, Inc. (U.S.)
• Anta Sports Products Limited (U.S.)
• Lululemon Athletica Inc. (Canada)
• Fila Holdings Corp (South Korea)
• Li Ning Company Limited (China)

Notable Industry Development

• March 2021 – Pressio debuted in the U.K. market via Browns, Flannels, Selfridges, and its website. The brand has been founded on the pillars of ethics, sustainability, and performance.

Further Report Findings

• By geography, the market has been analyzed across North America, Asia Pacific, Europe, South America, and the Middle East & Africa. The North America sportswear market share is slated to depict an appreciable surge over the study period. The rise is propelled by the soaring product utilization in the region.
• The Europe market is anticipated to register substantial growth throughout the projected period. The expansion is driven by growing funding toward the increasing physical activity in inactive elder population in the region.
• By product, the market is segmented into footwear, apparel, and wearables. The apparel segment is expected to register considerable expansion over the forecast period. This is on account of increasing product demand in a series of activities such as football, basketball, tennis, and others.
• Based on end-user, the market is fragmented into men, women, and children. The men segment is poised to depict lucrative growth throughout the estimated period. The surge is driven by rising participation in outdoor activities in the region.
• By distribution channel, the market is subdivided into e-commerce stores and retail stores. The retail stores segment is expected to register appreciable expansion over the study period. The growth is driven by the escalating popularity of several brands across the globe.

Table of Segmentation