Global Market for Sports and Fitness Clothing is Projected to Reach US$196.2 Billion by 2020
Growing Participation in Sports & Fitness
Activities Drives Demand for Sports and Fitness Clothing, According to New
Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends,
growth drivers, market share, market size and demand forecasts on the global
Sports and Fitness Clothing market. Global
market for Sports and Fitness Clothing is projected to reach US$196.2 billion
by 2020, driven by increasing participation in sports and fitness
activities.
Sports apparel
or sports clothing comprises sports or sports-inspired apparel that is worn for
sports or casual and leisure activities. In addition to sporting events, demand in
the market is also driven by the rising popularity of trendy activewear. Opportunities in the market are primarily attributed
to the growing focus on healthy lifestyles in both developed and developing
markets coupled with technological innovations aimed at enhancing user comfort
and performance. Given consumers desire to make a fashion statement even with workout
clothes, fitness clothing today epitomizes functionality combined with style
and design. The desire to look fashionable and well groomed has permeated into
the world of fitness clothing thus encouraging the development of sophisticated
athletic fabrics.
Women are
emerging into a lucrative target audience, given their increased involvement in
newer sports and fitness activities such as yoga and aerobics. The market for
plus size fitness and active wear is expected to grow rapidly as more number of
obese or overweight people take to exercises to manage weight. Multi-purpose
use of workout apparel is gaining significance in metropolitan cities. The
number of people who use activewear, including yoga pants and sweat pants for
purposes other than working out or yoga is on rise. The blurring lines of
differentiation between sports and fitness clothing for casual, business,
everyday and street wear is a continuing trend in the sports apparel market. Despite
the opportunities for growth, key challenges in the market include seasonality
of demand, rapidly changing consumer tastes and preferences and economic
pressures in certain markets.
As stated by
the new market research report on Sports and Fitness Clothing, Europe represents
the largest market worldwide. Asia-Pacific ranks as the fastest growing market with
a CAGR of 7.1% over the analysis period. Increasing awareness over health and
fitness, favorable demographics, rise in income levels and Westernization of
lifestyles are some of the factors driving growth in the region. The region has
also emerged as the production hub for sports apparel due to cheaper labor, and
raw material costs.
Major players
in the marketplace include ASICS Corporation, adidas Group, Reebok
International Ltd., Bravada International., HanesBrands Inc., Kappa, lululemon
athletica Inc., Nike Inc., Puma SE, Under Armour Inc., and VF Corporation,
among others.
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