The report highlighted this growth will be driven by Asia-Pacific which is set to rise at a CAGR of 8.6% as its large emerging middle-class continues to embrace global trends such as streetwear and athleisure.

While growth in 2023 slowed to 4.6% on the back of high inflation in Europe and North America weighing heavily on consumer spending, the sportswear market continued to outperform the total apparel market.

This resilience was said to be fueled by the versatility and comfort of athleisure items, also desirable as value for money with consumers continuing to prioritise their health and fitness and try out new sports.

GlobalData’s new report marks the upcoming boom in sportswear and athleisure wear industry, sharing growth strategies for fashion brands and retailers.

Four strategies for success in sportswear

1. Innovative product development: Sportswear players can stay ahead of the competition by continuously investing in research and development to create innovative and technologically advanced products, including the integration of moisture-wicking technologies, lightweight yet robust materials, and sustainable elements to enhance performance, durability and comfort.
2. Incorporating streetwear: Incorporating streetwear elements into ranges will enable sportswear players to attract trend-conscious consumers seeking a blend of sports and street aesthetics. It also appeals to a broader audience beyond traditional sports enthusiasts.
3. Getting involved in niche sports: Being early participants in developing disciplines provides a first-mover advantage, diversifying brand reach and demonstrating a forward-thinking approach that resonates positively with consumers.
4. Collaborations and partnerships: Collaborations provide sportswear players with an effective avenue to enhance brand visibility and credibility by associating with high-profile athletes, teams, or influencers. They also allow sportswear brands to tap into diverse markets while infusing creativity into their product lines and staying at the forefront of industry trends.