PUBLISHER: SkyQuest | PRODUCT CODE: 1646333
PUBLISHER: SkyQuest | PRODUCT CODE: 1646333
Sportswear Market size was valued at USD 340.2 billion in 2023 and is poised to grow from USD 373.54 billion in 2024 to USD 789.14 billion by 2032, growing at a CAGR of 9.8% during the forecast period (2025-2032).
The sportswear market is poised for significant growth, fueled by a heightened awareness of healthy living and the benefits of fitness activities like swimming, yoga, running, and aerobics. Major sporting events such as the Soccer World Cup, Olympic Games, and Cricket World Cup further amplify interest in this sector. Increasing work-related health issues, including stress and obesity, are motivating individuals to engage in sports and fitness, thereby boosting demand for stylish and comfortable sportswear. Additionally, the popularity of global sportswear brands contributes to rising product demand. Key market drivers include rising disposable income, enhanced living standards, and low manufacturing costs. Notably, India's robust textile industry is anticipated to play a pivotal role in facilitating market expansion.
Top-down and bottom-up approaches were used to estimate and validate the size of the Sportswear market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Sportswear Market Segments Analysis
Global Sportswear Market is segmented by Product, End-user, Distribution Channel and region. Based on Product, the market is segmented into Footwear and Apparel. Based on End-user, the market is segmented into Men, Women and Children. Based on Distribution Channel, the market is segmented into Online and Offline. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Sportswear Market
The surge in health-conscious individuals has significantly boosted the demand for sportswear, driven by increased gym attendance worldwide. For instance, in 2018, the International Health, Racquet & Sportsclub Association reported that the United States boasted 39,570 gyms, with over 6 billion visits recorded. Moreover, the rising appeal of fitness applications on electronic devices has motivated many to participate in fitness activities, further underscoring the shift towards healthier lifestyles. In fact, the World Economic Forum reported a remarkable 50% increase in fitness app usage during the first half of 2020, highlighting the growing trend of integrating technology into personal fitness routines.
Restraints in the Sportswear Market
The sportswear market faces significant challenges due to the increasing presence of counterfeit products, which can hinder its growth. The proliferation of fake items in categories such as footwear, apparel, and leather goods across various countries presents a considerable threat to the industry. Data released by the Organization for Economic Cooperation and Development in March 2019 indicates that counterfeit goods, including sportswear, represent approximately 3.3 percent of international trade. This growing trend not only undermines legitimate brands but also poses difficulties in maintaining consumer trust and market integrity, ultimately creating obstacles for the sportswear sector's expansion and sustainability.
Market Trends of the Sportswear Market
The sportswear market is experiencing a significant trend towards smart athletic apparel, driven by the increasing demand for technology-enhanced workout experiences. Innovative products, like the AI-powered riding shorts launched by the British start-up Impulse in January 2021, exemplify this shift, as they offer real-time performance monitoring and muscle stimulation to optimize fitness routines. This growing integration of wearable technology not only enhances individual performance but also appeals to a tech-savvy consumer base eager for personalized fitness solutions. As fitness enthusiasts increasingly prioritize data-driven insights during their workouts, the demand for smart sportswear is expected to continue its upward trajectory, presenting substantial growth opportunities in the market.