Global Activewear Market to Reach $771.8 billion, by 2032 at 6.2% CAGR: Allied Market Research

Global Activewear Market to Reach 1.8 billion, by 2032 at 6.2% CAGR: Allied Market Research

The global activewear market is driven by factors such as the increasing awareness about fitness among global individuals along with the rise in the introduction of novel activewear products in an unique design that are enticing the interest of the global consumers

PORTLAND, Ore., June 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled,Activewear Market by Product Type (Ready-to-wear; Fashion Outer, Pants, & T-Shirts; Rash Guard, Wet Suit, & Swim Wear; Sports Shoes, Aqua Shoes, & Aqua Socks; and Fashion Brand), Fabric (Polyester, Nylon, Neoprene, Polypropylene, Spandex, Cotton, and Others), Gender (Men, Women, and Kids), and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2023–2032″. The global activewear market size was valued at $425.5 billion in 2022, and is projected to reach $771.8 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.

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Prime determinants of growth

The global activewear market is driven by factors such as an increase in awareness about fitness along with the availability of unique and exclusive activewear products in the market. However, the increasing threat of counterfeit products restricts market growth. Moreover, the introduction of smart technology in the activewear and usage of green textile for manufacturing apparel and footwear offers new opportunities in the coming years.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$425.5 billion

Market Size in 2032

$771.8 billion

CAGR

6.2 %

No. of Pages in Report

320

Segments covered

Product Type, Fabric, Gender, Distributional Channel, and Region

Drivers 

Increase in awareness about fitness

Extensive advantages of activewear

Rise in fitness consciousness among young generation

Opportunities

Introduction of smart technology

Development of green textile

Restraints

Increase in popularity of e-sports among youth

Increase in availability of counterfeit products

Covid-19 Scenario

  • The COVID-19 pandemic brought all major sports such as football, cricket, rugby, and hockey to a halt. The outbreak of COVID-19 further forced governments to impose strict lockdowns, social distancing norms, traveling restrictions, and cancellation of all sporting events across the globe.
  • Major markets such as Europe and North America were worst hit by the pandemic and their imports of sportswear and athletic footwear declined significantly. Key factors to be considered as a negative effect of COVID-19 on the global activewear market include order cancellations, price reduction, liquidity crisis, currency risk, crisis management, and de-globalization.

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The fashion outer, pants, and t-shirts segment to maintain its leadership status throughout the forecast period

Based on product type, the fashion outer, pants, and t-shirts segment dominated the market in 2022 accounting for more than half of the market share and is expected to dominate the market during the forecast period. The increasing demand for stylish activewear that might be worn both inside and outside of the gym, alongside an emphasis on flexible layouts is offering additional choices to the consumers is increasing the overall sales of fashion outer, pants, and t-shirts. However, the rash guard, wet suit, and swim wear segment is projected to manifest the highest CAGR of 8.9% from 2023 to 2032. Outdoor water-based sports such as sea-surfing, kayaking, paddle boarding, and diving are becoming more popular, resulting in a greater demand for specialized clothes that provides safety and comfort in the water.

The polyester segment to maintain its leadership status throughout the forecast period

Based on fabric, the polyester segment dominated the market in 2022 accounting for more than two-fifths of the market share and is expected to dominate the market during the forecast period. Polyester has seen a significant increase in popularity as an unprocessed fabric in the activewear industry due to its strong moisture-wicking characteristics, making it ideal for activewear. However, the polypropylene segment is projected to manifest the highest CAGR of 9.6% from 2023 to 2032. Polypropylene has numerous significant features that make it appealing to sportswear manufacturers. For instance, it is extremely lightweight, which improves athletes’ and fitness enthusiasts’ convenience and freedom of movement. Polypropylene’s lightweight composition provides unfettered mobility during exercises or high-intensity pursuits.

The women segment to maintain its leadership status throughout the forecast period

Based on gender, the women segment dominated the market in 2022 accounting for more than half of the market share and is expected to dominate the market during the forecast period. The surge in participation of women in outdoor activities and sports such as trekking, hiking, football, biking, and tennis is increasing the demand for activewear. However, the kids segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032. The increase in active participation of kids in sporting activities such as cycling, yoga, football, and basketball, which, in turn, is likely to offer immense opportunities for the activewear market.

The offline segment to maintain its lead position during the forecast period

On the basis of the distribution channel, the offline segment dominated the market in 2022 accounting for more than four-fifths of the market share and is expected to maintain its dominance during the forecast period. Offline stores have activewear of different price ranges that are not often accessible in online stores, making it easier for customers to locate and purchase the product. Customers benefit from the availability of several variants of activewear, discounts on certain brands, the aid of sales executives, and simple checkouts at offline stores. However, the online segment is projected to manifest the highest CAGR of 7.0% from 2023 to 2032. E-commerce is becoming a popular medium for purchase, owing to the easy availability of activewear and the benefits provided by them such as information about offered the product and the facility of home delivery.

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North America to maintain its dominance during the forecast period

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global activewear market revenue and is likely to dominate the market during the forecast period. The ongoing trend of having a fit body and a healthy lifestyle is a major factor that drives the growth of the activewear market in North America. In addition, rise in participation of baby boomers in fitness and physical activities has positively impacted the market growth. However, the Asia-Pacific region is expected to witness the highest CAGR of 8.0% from 2023 to 2032. The government initiatives is increasing the participation of individuals in fitness and sports, thus boosting the growth of the activewear market.

Leading Market Players: –

  • Dick’s Sporting Goods, INC.
  • V.F. Corporation
  • Columbia Sporting Company
  • LULULEMON ATHLETICA INC.
  • Puma SE
  • NIKE, INC.
  • Adidas AG
  • Under Armour, Inc.
  • Skechers U.S.A., INC.
  • ASICS Corporation
  • PVH CORP.
  • The GAP, INC.

The report provides a detailed analysis of these key players in the global activewear market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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SOURCE Allied Market Research

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