Wilmington, Delaware, United States,, March 13, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The Activewear Market was valued at US$ 412.3 Bn in 2022 and is projected to grow at a CAGR of 6.3% from 2023 to 2031.
Activewear is a product used by consumers who engage in fitness and sports activities. These products are witnessing a surge in demand due to product features such as improved grip and two-way stretch characteristics.
Activewear products are available in three price ranges: below US$ 30, US$ 30–US$ 100, and above US$ 100. These products are used in swimming, gymnasium, sports, and other activities such as yoga.
New product launches are helping well-established market players gain an edge over other players and increase revenue. In October 2022, Nike, Inc. announced the launch of new sneakers to target new consumers and to try and improve the overall sales and profits of the company. Additionally, prominent activewear market players are collaborating with other companies to expand their presence and increase revenue share.
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Key Findings of Market Study
- Rise in Focus on Innovation in Product Development: Leading manufacturers are focusing on innovation for product development. They are looking to expand product lines to meet consumer needs across all age groups. Increase in demand for new activewear products that are sustainable and produced from high quality materials is projected to expand market size during the forecast period.
- The surge in Demand for Footwear Products: In terms of product, the market has been trifurcated into clothes, footwear, and accessories. The footwear segment is projected to account for leading share during the forecast period. Increase in participation in fitness activities is likely to fuel demand for different footwear products, which, in turn, is expected to propel the segment.
- Increase in Demand among Women: Based on consumer group, the global market has been classified into men, women, and kids. The women segment accounted for dominant market share in 2022. The trend is likely to continue during the forecast period. Increase in demand for stylish sportswear products due to features such as breathability, thermal & chemical resistance, and antistatic characteristics is driving the women segment.
- Surge in Demand from Online Distribution Channels: For several years, consumers opted to purchase activewear products from different offline distribution channels such as hypermarkets/supermarkets, specialty stores, and other stores. However, continuous growth of the e-commerce industry has led to increase in consumer willingness to purchase products from company-owned websites. Key benefits of online purchase include doorstep product delivery and product availability at reduced prices. Rise in active footwear demand from e-commerce websites and company-owned websites are likely to create significant business opportunities for leading players in the market.
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Activewear Market – Key Driving Factors
- Increase in awareness about health and fitness is estimated to drive the global activewear market during the forecast period
- Surge in disposable income of the population is likely to fuel demand in the next few years
- Rise in number of social media platforms is bolstering market development
- Increase in number of fitness influencers is propelling the global industry
Activewear Market – Regional Insights
- North America held dominant share among other key regions in 2022. Increase in participation in sports activities, such as soccer and basketball, in countries such as the U.S. and Canada is driving market development in the region. Additionally, large presence of key manufacturers is likely to expand market size in the region.
- The market in Asia Pacific is anticipated to witness significant growth in the next few years. This is ascribed to increase in consumer demand for fashion sportswear and rise in in consumer participation in outdoor activities in countries such as India and China. Leading manufacturers are likely to establish activewear production units and R&D centers in interior parts of Asia Pacific due to ease of availability of land and labor.
Activewear Market – Key Players
Competition in the global market is intense, with the presence of several international and local players. Entry of new players is likely to intensify competition during the forecast period. Leading market players are investing significantly in R&D to manufacture new activewear products. Increase in demand for improved clothes, footwear, and other accessories is likely to expand market size during the forecast period.
Key players operating in the market are
- Adidas Group,
- Puma SE,
- Columbia Sportswear Co., and ASICS Corp.
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The global market has been segmented into:
- Upper body
- Lower body
- Below US$ 30
- US$30–US$ 100
- Above US$ 100
- Consumer Group
- Others (yoga, gymnasium, etc.)
- Distribution Channel
- Specialty Stores
- Company-owned websites
- E-commerce websites
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 10 years.
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