The global sportswear industry has certainly been one of the dark horses in the global textile and apparel market over the recent years: the sales of this comfy and functional apparel segment outpaced all other clothing categories for nearly five years in a row. Despite the market being highly fragmented and competitive, it is still expected that the popularity of this leisure and sport inspired fashion trend will continue and sales will keep growing over the next few years.
According to the latest report by Euromonitor, the global sportswear market reached US$ 78 billion in 2016, representing an impressive increase of nearly 7% for the third year in a row. Outselling almost all other fashion segments in the global market, the global sportswear market is estimated to generate about $ 165 billion sales in 2017. This figure is predicted to hit $184.6 billion by 2020, growing at a CAGR of 4.3% during the five-year period. Growing healthy and leisure awareness, increasing disposable income and a surge in female participation in sports around the world are believed to be the major factors driving the growth of the global sportswear market.
North America is currently dominating the global sportswear market representing a share of over 30% of the global market, with the US being the largest single market for sportswear products. The research company NPD reported that the size of the sportswear market in the US alone is estimated at $44 billion. However, both North America and Europe are expected to lose some of their market share to APAC over the next few years. Emerging markets in Asia such as China, India, Japan and Thailand are expected to experience significant demand for sports and fitness apparel over the next few years.
From 2015 to 2016, the sportswear market in APAC witnessed steady growth. China was the largest revenue contributor in this region, followed by Japan and India. The increased health concerns and desire to live a healthy and active lifestyle among the people in this region have increased the demand for sports apparel, which is expected to contribute to the growth of the market over the next few years.
In the near future prospects, more health-conscious older demographics in the US, the EU, Japan, and other developing countries across Latin America and Asia will drive demand for sportswear. Women will continue to be an increasingly strong consumer demographic for the sportswear industry.
Sportswear and fashion apparel are becoming increasingly intertwined, encouraging more collaboration between the sporting and fashion industries. Some companies have already begun collaborating with fashion designers and celebrities to produce a new style that will appeal to the younger demographic: for example, Kanye West and Stella McCartney partnering with Adidas; Beyonce with Topshop; and Alexander Wang with H&M.
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