Fact. According to MR’s new research, the global sports apparel market is expected to grow at a CAGR of 5.6 percent between 2017 and 2022, reaching a value of US$ 204,500 Mn. In the approaching years, rising health awareness and changing consumer lifestyles are projected to play a significant role in propelling market expansion.
Individuals are continuing to be inspired to participate in sporting activities as a result of the increased emphasis on physical fitness and healthy living, which is affecting global demand for sports apparel. Simultaneously, this opens up potential for producers to introduce a broader choice of apparels that are more tailored to the needs of the wearer. Consumers are gravitating toward clothing that is both comfortable and attractive.
Global Sports Apparel Market – Key Insights
- The tops & t-shirts segment is expected to maintain its leadership position in terms of product type through 2022. This segment currently holds a market share of more than 21% in terms of revenue. The segment is predicted to achieve a market size of US$ 45,400 Mn by the conclusion of the assessment year, indicating a robust CAGR.
- Throughout the forecast period, the men’s sports apparel category is likely to stay dominant in terms of end use. In terms of revenue, the segment currently accounts for about a quarter of the global market. Furthermore, the men’s sports apparel segment is expected to reach a market worth of about US$ 97,380 Mn by the end of 2022, indicating a steady CAGR.
- The modern trade segment is likely to remain highly appealing in 2017 and beyond, based on sales channels. In terms of revenue, this sector now holds a close to 21% share of the market and is expected to reach over US$ 42,500 Mn in 2022, growing at a healthy CAGR.
- North America’s sports apparel industry is predicted to be one of the most profitable throughout the forecast period. Over the next few years, the market in the region is expected to rise significantly. During the same time period, sales of sport apparel will continue to expand significantly in regions such as Europe and Asia-Pacific except Japan (APEJ).
North America – Largest Market for Sports Apparel
Throughout the projected period, North America is expected to remain a lucrative location for the growth of the sports apparel market (2017-2022). The region is predicted to account for a considerable part of the global sports apparel market in terms of sales in 2017 and beyond. Between 2017 and 2022, the sports apparel market in North America is expected to grow at an impressive CAGR of 5.5 percent. Furthermore, by the end of 2022, the region’s sports apparel market is expected to reach a valuation of US$ 64,880 Mn.
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