Global Sports Apparel Projected To Hit $267 Million
n the latest report by Research Dive, the global sports apparel market is projected to hit $267,576 million and rise with a CAGR of 4.8% from 2021 to 2028.
The report was released in a time where demand for comfort combined with a ‘trendy’ look dominates the market, with the rise of athleisure seeing people choose a more fitness conscious appearance.
Current success in the sports apparel market is also attributed to the continuing effects of COVID-19, in which people are prioritising active fashion more than ever in a time of lockdowns and working from home.
Research Dive also notes growth is due to the increasing awareness of health and fitness among individuals, thus more people indulging in physical activity to avoid the risk of chronic ailments factors such as type II diabetes and obesity.
The men’s sports apparel sub-segment is estimated to dominate their share of the market, in a forecast of $128,300 million during this period.
Research Dive suggests the soar in men’s growth is due to the increasing popularity of men’s sportswear owing to their stylish appearance, good comfort, potential to prevent injury and increased performance during workouts.
The discount store sub-segment is estimated to lead distribution channels by surpassing $84,981.6 million in the forecast period, predominantly due to more discount stores offering products from international sportswear brands such as Nike, Adidas and Champion.
Asia-Pacific is reported to lead regions, surpassing $96 million in the estimated period.
This is accredited to the rising disposable income in Asia that lends its support to the retail market.