Sportswear Market to Showcase Substantial Growth till 2028; Backed by Increasing Participation of Women in Sports, states Fortune Business Insights(TM)
Top companies covered in the global sportswear market are Nike, Inc., Adidas AG, LI-NING Company Limited, Umbro Ltd., Puma SE, Inc., Fila, Inc., Anta Sports Products Limited, Inc, Columbia Sportswear Company, Under Armour, and more players profiled
Pune, India, Feb. 17, 2021 (GLOBE NEWSWIRE) — The global sportswear market size is expected to showcase substantial growth during the forecast period. This is attributable to the increasing demand for sports activities and the rising number of women’s participation in sports across the globe. This information is published by Fortune Business Insights, in its upcoming report, titled, “ Sportswear Market Size, Share & Industry Analysis, By Product (Shoes, Clothes), By Distribution Channel (Online, Offline), By End-User (Men, Women, Children) and Regional Forecast, 2021-2028.”
Complete Halt to Sports Activities amid COVID-19
The total lockdown announced by the government agencies to contain the spread of the COVID-19 pandemic has resulted in a complete halt of sports activities across the globe. Several major sports events have been canceled which has further led to the sports organizations suffering huge economic losses. Additionally, this has resulted in a decrease in the number of sponsors and advertisers for major sporting events across the globe. Owing to this, the market is suffering an unprecedented economic loss. However, once the sporting activities resume while taking extreme safety precautions, the market is expected to return to normalcy in the near future.
Sportswear is a type of clothing primarily worn by sportspersons for exercise and other physical activities. They are worn by the athletes for comfort, practical, and safety reasons. Several fabric materials such as nylon, synthetics, and cotton are used in their production that keeps the wearer comfortable while performing strenuous exercise regimes. The synthetic fabric is mostly preferred by sportspersons as they have an excellent sweat-absorbing capability and keeps the sportsmen cool throughout the game.
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List of the Leading Companies Profiled in the Global Sportswear Market are:
- Nike, Inc.
- Adidas AG
- LI-NING Company Limited
- Umbro Ltd.
- Puma SE, Inc.
- Fila, Inc.
- Anta Sports Products Limited, Inc
- Columbia Sportswear Company
- Under Armour
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect the market growth. The report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies. It further mentions the strategies adopted by them, such as to introduce new products, announce partnerships, and collaborations that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will also drive the market growth in the forthcoming years.
KEY DRIVING FACTORS
Increasing Demand for Sport Activities to Favor Growth
The improving disposable income, globalization, high quality of life, and increasing awareness about health and fitness are driving the demand for sports-based activities globally. The growing inclination towards the active and sports lifestyle is expected to boost the sales of sportswear in the forthcoming years. In addition to this, the increasing participation of women in sport is anticipated to contribute to the growth of the global sportswear market during the forecast period. For instance, according to the National Collegiate Athletic Association (NCAA), 44% of the student-athlete population consists of women.
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REGIONAL INSIGHTS
Presence of Major Sportswear Brands in North America to Promote Growth
Among all the regions, the market in North America is expected to remain dominant and hold the highest position in the global sportswear market during the forecast period. This is attributable to the presence of established sportswear brands such as Reebok, Nike, Skechers, and others in the region. Additionally, the increasing demand for sports such as basketball, football, and baseball in countries such as the U.S. will favor market growth. On the other hand, Asia-Pacific is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as increasing disposable income and the growing popularity of sports in countries such as India and China that would drive the sales of sportswear in the region between 2019 and 2026.
COMPETITIVE LANDSCAPE
Mizuno Announces Partnership Extension with British Rowing to Strengthen its Position
The global sportswear market comprises of several small, medium, and large companies striving to strengthen their positions in the fiercely competitive global marketplace. The adoption of strategies such as partnership, collaboration, and the introduction of new products by key players are expected to bode well for the market growth in the forthcoming years. For instance, in July 2020, Mizuno announced the extension of its partnership with British Rowing for an additional year. The partnership between them involves Mizuno to supply performance sportswear to the British Rowing staff and the GB Rowing team.
Key Industry Development:
August 2019: Columbia Sportswear announces the expansion of its global headquarter by purchasing three buildings from Electro Scientific Industries. The expansion of this facility is expected to strengthen its extensive product portfolio in the global marketplace.
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