The global sportswear market is growing by six per cent a year. The rising demand for comfortable yet stylish apparel is driving the sports wearables market growth.
During the lockdown, consumption has increased even more. Besides, its use while playing sports and exercising, this comfortable apparel can be worn at and off home. Demand for joggers, hoodies, and sneakers has increased in large numbers and varieties by adults and children. The footwear segment holds a market share of 33 per cent. This is attributable to increased sports activities worldwide and growing awareness about various fitness programs.
Women’s involvement in sports such as basketball, football, athletics has increased over the years. This is expected to drive the sportswear market growth in upcoming years.
North America holds the highest global sportswear market share. This is because of the thriving recreational industry in the region. The US recreational sector revenue accounts for two per cent of its GDP. Additionally, the number of students inclined towards sport is rising.Asia Pacific too is expected to experience significant growth. Major sportswear companies are striving to maintain their position by focusing on facility expansion and acquisition.
Key players are adopting proactive strategies such as partnerships, mergers, and collaborations to favor the market’s growth in the upcoming years.
By Fashionating World