Sports Apparel Market to Reach $248.1 Bn, Globally, by 2026 at 5.1% CAGR: Allied Market Research
23 Oct, 2019, 14:30 BST
Rise in health awareness, adoption of fitness activities including aerobics, running, swimming, and yoga among consumers, and increase in participation of women in sports as well as fitness activities drive the global sports apparel market growth
PORTLAND, Oregon, Oct. 23, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Sports Apparel Market by End User (Children, Men, and Women) and Distribution Channel (E-Commerce, Supermarket/Hypermarket, Brand Outlets, and Discount Stores): Opportunity Analysis and Industry Forecast, 2018–2026." According to the report, the global sports apparel industry garnered $167.7 billion in 2018, and is expected to reach $248.1 billion by 2026, registering a CAGR of 5.1% from 2019 to 2026.
Prime determinants of growth
Rise in health awareness, adoption of fitness activities including aerobics, running, swimming, and yoga among consumers, and increase in participation of women in sports as well as fitness activities drive the global sports apparel market growth. However, varying prices of raw materials and ease in availability of counterfeit apparel hinder the market growth. On the other hand, demand for fashionable and trendy sports apparel and rise in prominence of sports apparel among children provide new opportunities in the industry.
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The men segment to continue its lead position throughout the forecast period
Based on end user, the men segment accounted for the largest market share in the global sports apparel market in 2018, contributing to nearly half of the total share, and is expected to continue its lead position throughout the forecast period. This is due to high inclination toward different forms of sports activity and increase in participation of sports. However, the women segment would register the highest growth rate with a CAGR of 5.6% from 2019 to 2026, owing to rise in participation and availability of fashionable sports apparel.
The e-commerce segment to maintain its largest share by 2026
On the basis of distribution channel, the e-commerce segment held nearly one-third of the total market share of the global sports apparel market in 2018, and will maintain its largest share by 2026. This is due to surge in penetration of internet and rise in usage of smartphones for online shopping. On the other hand, the discount stores segment is expected to register a CAGR of 4.8% from 2019 to 2026, owing to availability of discounts, trials before purchase, and immediate gratification.
Asia-Pacific to maintain its dominant position by 2026, North America to follow
Based on region, Asia-Pacific held the highest market share, accounting for nearly one-third of the global sports apparel market in 2018, and will maintain its dominant position during the forecast period. Moreover, this region would grow at the highest CAGR of 8.6% from 2019 to 2026. It is a lucrative segment, owing to rapidly developing retail infrastructure, surge in affluent population, and rise in affinity toward health and fitness. North America contributed to the second-highest market share in 2018 and will maintain its position by 2026. The report also discusses Europe and LAMEA.
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Leading Market Players
- Adidas AG
- Nike, Inc.
- Puma SE
- Under Armour, Inc.
- Ralph Lauren Corporation
- Umbro Ltd.
- Fila, Inc.
- Lululemon Athletica Incorporation
- New Balance Athletic Shoe, Inc.
- Columbia Sportswear Company
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