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The global sportswear market continues to witness significant growth, while the US remains the world’s largest sportswear market. Today, the size of the sportswear market in the US is estimated at $44 billion, and is expected to grow at a CAGR of 3.1% over the next five years. Despite the fact that the growth of the sportswear market in Asian countries, especially in China, is quickly catching up, the US’s leading position in the global sportswear market is still likely to be maintained over the next few years, due to steadily increasing sales in the country.
Currently, the men’s sports apparel segment is dominating the US sportswear market, while the children’s sports apparel segment is growing rapidly because of the increased demand for children’s sports apparel in the country. Meanwhile, the revenue contribution of the women’s sports apparel segment is a major driver for the growth of the sportswear market in the US. Many vendors are targeting the women’s sports apparel segment by introducing new product lines for women. The crossover between exercise and fashion is also one of the driving factors in the market.
The high penetration of the sportswear market in the US stems from the increasing participation of the population in fitness activities like running or yoga. A number of studies conducted by outdoor sports associations have indicated that 60 to 65 million individuals were involved in running or other fitness activities in the US.
The US organizes some of the oldest and most popular marathons, for example, the Boston Marathon and the New York City Marathon. It also hosts close to 30,000 running events annually, including marathons and half marathons. Those belonging to the 25-45 year age group participates the most in such events. Female participation has also increased considerably in the region.
Moreover, many themed races and obstacle events in the US, such as colour runs, mud runs, and adventure races are also gaining increasing popularity. All of these factors are to boost the demand for sportswear, especially running gear in the US, providing the necessary fillip for the overall market’s growth in the country. In 2015, nearly 50 million units of running footwear were sold in the US.
Nike, as the world’s largest sportswear company, is leading the growth of the US sportswear market. The US sportswear giant recorded more than $32 billion in sales and $3.8 billion in profit over the fiscal year ending in 2016. With an intensive list of celebrity athlete endorsements including Serena Williams, LeBron James and FC Barcelona – Nike’s financial performance in both the US and the global market is expected to be even better over the next few years.
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