Sportswear winners and losers to 2028
26-3-2025
SPORTSWEAR WINNERS AND LOSERS TO 2028
Sportswear will continue to grow through 2028 with footwear remaining a favourite but will shoppers choose fashion brands over sportswear specialists?
In the years between 2023-2028, sportswear will continue to dominate the apparel market, though growth will be more muted and High Street brands more frequently shopped for sportswear.
What categories present the biggest opportunities in sportswear to 2028?
According to research from GlobalData, footwear will retain its leading share as trainers remain in high demand for their comfort and versatility.
Footwear is expected to be the fastest growing sportswear category with a 2023-2028 CAGR of 3.7%, winning share, as trainers remain favoured for their versatility and comfort.
New designs and innovations will inspire consumers to purchase, with many willing to trade up, benefitting premium players like HOKA and On. Women’s footwear will grow the strongest with a 2023-2028 CAGR of 4.4%.
While clothing picked up around the time of the pandemic as consumers craved comfort and ease in working from home environments, it is likely to remain stable to 2028 with a five-year CAGR of 3.5%, as athleisure continues to develop with items like leggings and sweatshirts now wardrobe staples.
Increasing participation of women in sports will drive womenswear sales to outperform menswear, with a CAGR of 4.1% versus 2.9%, while childrenswear will achieve a 3.1% CAGR.
The category most likely to wane in popularity is accessories. Between 2023-28, it will experience the slowest CAGR of 2.3% as products are more technical and replacement-driven. However, hats will continue to outperform thanks to the presence of beanies and caps in streetwear trends.
Which types of sportswear should brands bet on through 2028?
Activewear’s share will rise within the forecast period, even beyond 2018 levels, with an expected 2023-2028 CAGR of 4.2%. Shoppers will prioritise versatile multifunctional items that can be worn both day to day and for exercise, like leggings and trainers, as they look to reduce overall cost per wear due to economic struggles.
Sports-inspired casualwear saw the biggest share of growth between 2018 and 2023 as the athleisure trend advanced. However, in the next five years, this segment will struggle the most due to it being less essential and therefore easier for consumers to cut back on, with a 2023-2028 forecast CAGR of 2.4%.
Meanwhile, technical sportswear will lose share to active, with a 2023-2028 CAGR of 2.7%. Though consumers will continue to take up more sports, many will be resistant to buying technical items that cannot be worn for other purposes. Growth will be driven mainly by footwear where there is higher demand for technical features to aid performance.
The biggest opportunities will be in premium sportswear.
According to the research, premium sportswear will continue to win share, with a forecast 2023-2028 CAGR of 8.3%, as shoppers trade up to brands like On, HOKA, Lululemon and Alo Yoga for superior quality, innovation and performance features.
We are likely to see the popularity of luxury brands with a sportswear offering surge as the highest earners will remain most resilient amid economic pressures, and designers will continue to incorporate sportswear elements, particularly streetwear, into their collections to resonate with younger customer bases.
In terms of its share of the market, luxury will grow with a forecast CAGR of 7.1% between 2023 and 2028.
At the other end of the spectrum, value sportswear is likely to see a market share contraction of 0.2ppts. It has an expected 2018-2023 CAGR of 2.9%. This comes down to “few specialists operating in this sector and non-specialists lacking performance and design credentials,” reads the report.
And mass market too will continue to suffer with a CAGR of 2.1% over the forecast period, as leaders like Nike and Puma face increased competition from the upper end of the market.
Winners and losers – the brands
After underperforming in 2022 and 2023, Adidas has returned to strength in 2024, with its market share forecast to rise 0.2ppts to 8.2%. While growth within clothing remains soft, footwear has been driving its success, with its Originals ranges surging in popularity, and this is not looking to slow down anytime soon with many colourways still rapidly selling out.
New Balance is expected to have continued its strong growth trajectory in 2024, with its share forecast to rise 0.4ppts to 2.9%. As well as benefiting from the popularity of running footwear, its more fashion-driven designs have also been extremely lucrative. Collaborations with the likes of Miu Miu and Issey Miyake have aided its style credentials.
Skechers is anticipated to see a 0.2ppts rise in its market share in 2024 to reach 1.8%. While its trainer styles have previously been perceived as unfashionable, its focus on comfort has brought it back into favour among consumers. Recent innovations like its Hands-Free Slip-ins and podiatrist-certified Arch Fit shoes also help it to be more inclusive and widen appeal.
Meanwhile, Nike continues to dominate with a 13.8% market share in 2024 however this has dropped a percentage point since 2023. Its main downfall has been its lack of innovation, with consumers shifting towards more exciting players like Hoka and On, though the brand promises this will improve in 2025.
Under Armour’s share is anticipated to have dropped 0.2ppts to 1.7% in 2024, with the brand performing particularly badly in its home market, the US. International sales have been more positive due to new store openings and increased brand awareness, but its more technical ranges are overshadowed by newer brands with greater fashion credentials.
Puma’s revenue has fallen into decline over the past year, with its market share expected to decrease 0.2ppts to 3.1% in 2024, partly driven by its high dependence on Europe where high inflation has forced shoppers to cut back. However, performance has gradually been improving throughout the year, owing to its celebrity and athlete partnerships creating hype for its products.
According to a GlobalData survey with results compiled in December 2023, consumers still prefer specialist brands for sportswear like Nike, Adidas and Puma and they are loyal to these brands.
Fashion brands continue to pose a threat
In the US, 72.7% of consumers said they prefer to purchase sportswear from a specialist sports brand compared to 94% of Chinese consumers and 79.8% of German consumers.
While 88% of Chinese consumers said they are loyal to a particular fashion brand, compared to 82.1% of French customers and the least loyal are the Spanish at 68.6%.
When it comes to shopping High Street fashion brands for sportswear, 83.8% of Chinese consumers said they had done so in the last year. 52% of Italian consumers said they had and 51.2% of Spanish consumers said they had. This compared with 40.3% of German consumers and 38.2% of French customers.
By Just Style
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