Global Sports Apparel Market: Overview
Sports apparel are those clothes that are worn at the time of strenuous physical activities such as playing sports or during workout sessions. These apparels are made in a way that offers both agility and comfort while performing any physical movement. It is generally designed as per the certain requirements of sports. Sports apparels also comprise those clothes that are used for outdoor sports activities.
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Rising consciousness about health and ever changing fashion trends are likely to propel growth of the global sports apparel market over the tenure of assessment. Varying consumer tastes have led to people going for comfortable yet durable apparels. This shift in consumer trend is likely to shoot up the demand for sports apparels in the years to come.
Innovation in the marketing activities together with creative brand positioning and advertising is likely to bode well for the overall development of the global sports apparel market in near future. Superior quality and augmented functionality of sports apparels are expected to support growth of the global sports apparel market. Furthermore, increased media coverage of various sports events is likely to bolster the demand for sports apparel in years to come.
The global sports apparel market has been segmented based on distribution channel, end user, and region. The main objective of providing such a comprehensive report is to provide a deep insight into the market.
Global Sports Apparel Market: Notable Developments
The global sports apparel market has witness some developments in the last few years. One of such markets developments is mentioned below:
- In August 2019, Nike Inc. announced that it has made an acquisition of a Boston-based Celect, Inc, a predictive analytics company. With this latest acquisition, Nike is observed to bolster its strategy of direct-to-consumer. With the integration of Celect’s technology into the apps and website of Nike, the giant sports apparel and shoe brand will be able to predict better about the styles of apparels and sneakers customers want. The company will also be in a position to predict from where they want it and when they want it. This acquisition is expected to boost the sales of sports apparels by Nike in near future.
Some of the key market players of the global Sports Apparel market are
- Gap Inc.
- Under Armour, Inc
- Adidas AG
- Nike, Inc.
- Billabong International Limited
- Blacks Leisure Group Plc
Global Sports Apparel Market: Growth Drivers
Rise in Health Consciousness to Fuel Growth of the Market
A rise in the levels of disposable income, particularly in the developing countries together with increased awareness about health awareness is estimated to exert positive influence on the overall global sports apparel market. Research on the development for bringing in newer fabrics with better properties together with apparels integrated with increased functionalities is expected to offer immense growth opportunities to the industry participants. There exists ample scope of growth for the market in the untapped markets of women and elderly sportswear segment.
With the increased interest in sports activities, the volume of sales of sports apparel is likely to rise. Racket sports, ball-related sports, baseball are some of the sporting activities that are witness a rise in the number of tournaments. This is expected to give the demand for sports apparels a boost. A rise in the number of sports tournaments is likely to bolster developments in the global sports apparel market over the years of projection.
However, high cost of sports apparel due to massive investments in the research and development activities is likely to impede the growth of the global sports apparel market. Furthermore, rise in the availability of several counterfeit products is estimated to pose challenge for the growth of the market in the projection period.
Global Sports Apparel Market: Regional Outlook
North America is likely to exert dominance over the global sports apparel market over the forecast tenure. Presence of several leading sports apparels company such as Nike Inc., Under Armour Inc. are anticipated to amplify growth of the regional market. Increased awareness about health is another factor that is likely to boost the regional market further over the forecast period.
Asia Pacific is expected to emerge as another promising country in the global sports apparel market. Rapid growth of the market in the region is ascribed to the rise in the disposable income of the people together with health consciousness. Furthermore, emergence of various sports events such as IPL, Badminton Asia Championships are expected to boost growth of the regional market.
The global sports apparel market is segmented as:
- Brand Outlets
- Discount Stores
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