Sportswear Market Size, Share & COVID-19 Impact Analysis, By Product Type (Footwear, Apparel, and Wearables), End-User (Men, Women, and Children), Distribution Channel (E-commerce Stores and Retail Stores), and Regional Forecast, 2021-2028

The global sportswear market size was USD 160.61 billion in 2020 and is projected to grow from USD 170.94 billion in 2021 to USD 267.61 billion in 2028 at a CAGR of 6.6% during the forecast 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. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of 10.6% in 2020 as compared to the average year-on-year growth during 2017-2019.

The market is growing enormously, as people are progressively enticed by the product's capability to offer sweat-wicking & breathability and enhancement of physical movement. The product assists in safeguarding from extreme weather conditions improves blood circulation, and injury prevention is helping to surge its utilization. The rising growth of the urban population escalates the consumption of the product due to the increasing involvement of people in fitness activities. For instance, the data released by World Bank.Org, in 2019, the global urban population was assessed to be 55.714 percent which is a rise from 55.27 percent in 2018. 

COVID-19 Results in Decreasing Sales and Delay in Shipment of Goods  

The outbreak of the Coronavirus has negatively impacted the industry across the globe as lockdowns and restrictions made on the number of customer store occupancy have resulted in a reduction of sales. For instance, the data issued by the Business Wire in April 2020 reports that, due to the eruption of Covid-19, Columbia Sportswear Company has witnessed a 13 percent reduction in its revenue for the first quarter. Furthermore, the delay of shipment of goods due to taking certain precautionary measures also decreases its sales. Furthermore, the Economic Times data released in February 2021 declares that the pandemic resulted in an overall 4.1-percent reduction in world maritime trade in 2020.

LATEST TRENDS

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Rising Adoption of Smart Sportswear is a Prominent Trend

The increasing adoption of smart sportswear, which is designed to enhance the workout routine, monitor performance, and provide real-time feedback, acts as an opportunity for market growth. For instance, in January 2021, a British start-up called Inpulse announced the introduction of its riding shorts that have used AI technology to shape and stimulate cyclists' muscles by monitoring and providing feedback.

DRIVING FACTORS

Surging Female Participation in Sports to Aid Market Growth

The increasing number of females participating in the various sports domains, including football, athletics, basketball, and others, is helping to surge the demand. For instance, the data issued by the Olympics.Org, in 2018, female participation in Winter Olympic Games in Pyeongchang, South Korea is 41 percent. Additionally, the rising number of female sporting events such as ICC Women's World Cup, FIFA Women’s World Cup, Women's FIH Hockey World Cup, and others that are specifically designed for women’s involvement has thus led to escalating the consumption.

 Increasing Health Conscious among Population Worldwide to Boost Demand

The escalating rise of the health-conscious population surging the number of gymnasium visits in various countries worldwide has helped to intensify the need for the product. For instance, according to the International Health, Racquet & Sportsclub Association data issued, in 2018, the United States has 39,570 gymnasiums which have witnessed more than 6 billion visits. In addition, the rising popularity of the usage of fitness apps in technological devices has led to people to take up fitness activities for the enhancement of their health to generate traction. For instance, the World Economic Forum in September 2020 data declared that in the first half of 2020, fitness apps had witnessed a rise of 50 percent usage.

RESTRAINING FACTORS

The Rising Number of Counterfeit Products May Hamper Market Growth

The increasing growth of counterfeit products in footwear, clothing, leather goods, and others in various countries around the world is acting as a restraining factor for the market growth. For instance, the data published by the Organization for Economic Co-operation and Development in March 2019, states that trade in counterfeit goods, including sportswear, stands at 3.3 percent of world trade.

SEGMENTATION

By Product Type Analysis

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Apparel Segment to Hold Highest Market Share in the Near Future

On the basis of product, the market is fragmented into sports footwear, apparel, and wearables.

The apparel segment is projected to dominate the market due to the product being in high demand for various sports activities such as football, basketball, tennis, and others. Likewise, the rising popularity of the utilization of sports apparel as fitness wear also contributes to the increasing consumption rate.

Wearables segments have witnessed increased demand as it helps in reducing muscle soreness, improves flexibility, and keeps the body dry, which helps to increase its preference rate.

By End-User Analysis

Rising Involvement of Men in Rock Climbing and Trekking to Drive This Segment

Based on the end-user segment, this market is fragmented into men, women, and children.

The men segment is anticipated to hold the major share in the global market on account of a large number of men involved in various outdoor activities, including cycling, rock climbing, trekking, and other such activities.

On the other hand, women and children segments are experiencing positive growth due to the increasing number of sports and physical events designed specifically for women and children.

By Distribution Channel Analysis

Retail Stores Segment to Account for a Larger Market Share in the Upcoming Years

By distribution channels, the market is bifurcated into e-commerce stores and retail stores.

The retail store segment is estimated to lead the market due to the rising number of popular sportswear brands across the globe, increasingly broadening the number of physical stores. Additionally, a large number of consumers possessing the desire to avoid misfits, delays in delivery, and complications regarding return and replacement would increase the usage of retail stores.

Similarly, e-commerce stores are gaining traction as most people nowadays are busy working long hours and find online shopping convenient for saving their spare time.

REGIONAL INSIGHTS

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Asia Pacific is anticipated to witness a crucial sportswear market share. The escalating government investment made in sports led to a surge in need for the product, which has a significant impact on market growth. For instance, the data issued by the Economic Times in February 2020 stated that the Indian government had allotted USD 401.6 million in its sports budget, which is a rise of USD 7.103 million from its prior year. Furthermore, the flourishing growth of sports domains such as cricket resulting in a large number of people playing the game professionally and as a hobby has a vital contribution. Another data from the Hindu published in September 2019 mentioned that the Indian cricket league called Indian Premier League is estimated to be valued at USD 6.8 billion and witness a growth rate of 7 percent.

North America is leading the market, exhibiting a size of USD 72.82 billion in 2020. The thriving growth of the recreational industry in this region resulted in escalating the utilization of the product. For instance, according to the Bureau of Economic Analysis data released, in 2019, the United States recreational economy accounted for 2.2 percent of the current dollar GDP, which is USD 459.8 billion. Additionally, a large number of school students involved in sports led to fostering the demand for the product which is likely to fuel the consumption rate. For instance, according to the National Federation of State High School Associations data released, in 2018 - 2019, the United States has 7,937,491 students who are involved in high school sports.

Europe is expected to exhibit substantial growth due to the increased funding to reduce the inactive elderly population, which led to the involvement of the older age population in physical activities. For instance, the World Health Organization data released in 2018 states that in England, the Active Ageing Fund utilized USD 13.33 million of National Lottery money to fund 20 projects in England to decrease the number of inactive older adults. Additionally, a large percent of the European population involved in exercising regularly has resulted in escalating the demand for the product. For instance, the data released by Play the Game. Org, March 2018, is proclaiming that 40 percent of the European citizens are exercising at least once a week.

South America is projected to display considerable growth due to the gradual decline of the unemployment rate, surging the purchasing power of many people. For instance, the data published by the Youth Employment Decade in May 2019 reported that the Brazilian unemployment rate had experienced a decline of 11.6 percent in 2018. However, the increasing urban population is helping to upsurge the use of the product and has a positive impact on the market growth.

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The Middle East & Africa region is evaluated to have a considerable presence in the market. The sports industry in this region witnessing a progressive rise has led to an increase in demand. For instance, the Republic of South Africa Gov.Za data released in July 2019 proclaimed that sports are assessed to contribute USD 609.1 million to its GDP in Western Cape Province.

KEY INDUSTRY PLAYERS

Key Players Are Drifting towards Incorporating Electronics Sensors

The key players of the market are gradually shifting their focus towards incorporating the product with electronic sensors. Thus, this will help enhance the experience of owning sportswear, as the electronic sensors let the product keep track of real-time information and help to improve their sport and fitness activities. For instance, Asics smart running shoes come with electronic sensors that help to deliver real-time running data, including kick strength, stability, and the ability to give suggestions to help run better.

LIST OF KEY COMPANIES PROFILED:

• Puma SE, Inc (Herzogenaurach, Germany)


• Umbro Ltd (Manchester, United Kingdom)


• Adidas AG (Herzogenaurach, Germany)


• Nike, Inc (Beaverton, Oregon, United States)


• Columbia Sportswear Company (Portland, Oregon, United States)


• Under Armour, Inc (Baltimore, Maryland, United States)


• Anta Sports Products Limited (Xiamen, China)


• Lululemon Athletica Inc (Vancouver, Canada)


• Fila Holdings Corp (Seoul, South Korea)


• Li Ning Company Limited (Beijing, China)

KEY INDUSTRY DEVELOPMENTS:

• August 2019 – Nike announced the acquisition of a Boston-based company called Celect, which is a retail predictive analytics and demand sensing firm.


• October 2019 – Puma SE Inc declared the launch of its apparel collection through the partnership with Cloud9.

REPORT COVERAGE

An Infographic Representation of Sportswear Market

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The global sportswear market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, end-users, and leading product types. Besides this, the report offers insights into the current sportswear market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation