NEW YORK, April 4, 2022 /PRNewswire/ — Insight Partners released the latest research study on “sports market Forecast to 2028: Impact of COVID-19 and Global Analysis by Type (Tops, Bottoms, Footwear and Others), Category (Men’s, Women’s, Unisex and Kids), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Retail Online), and Others), and Geography”, the global sports market is expected to grow from $411.02 billion in 2021 to $793.46 billion by 2028; it is estimated to grow at a CAGR of 9.9% between 2021 and 2028.
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Report Coverage | Details |
Market size Value in | US$411.02 billion in 2021 |
Market size Value per | US$793.46 billion by 2028 |
Growth rate | CAGR of 9.9% from 2021 to 2028 |
forecast period | 2021-2028 |
base year | 2021 |
Number of pages | 153 |
Number of tables | 86 |
No. of Graphs and Figures | 83 |
Historical data available | Yes |
Covered segments | Type, category, distribution channel and geography |
regional scope | North America; Europe; Pacific Asia; Latin America; MEA |
country scope | USA, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
coverage report | Revenue Forecast, Company Rankings, Competitive Landscape, Growth Factors and Trends |
Sports market: competitive landscape and key developments
Adidas AG; Asics; Athlete LLC; Authentic Brands Group; Columbia Sportswear Company; Hennes and Mauritz AB; Lululemon Athletica; Nike, Inc.; Cougar SE; and Under Armor Inc. are the few key players operating in the sports market. Major market players adopt various business strategies, such as mergers and acquisitions, to expand their geographic footprint and consumer base across the globe.
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The growth of the Athleisure market is driven by increased awareness of health and fitness in general, and increased demand from millennials. However, the presence of counterfeit brands restricts the growth of the market.
North America dominated the sports market in 2020. Also, the region is expected to hold the largest market share during the forecast period. Sports market trends are primarily influenced by demand and growing interest among millennials. Increased participation in physical activities among people of all ages is expected to drive market growth in the coming years. According to The Good Body, an online affiliate advertising provider for Amazon, the number of people practicing yoga in the US grew by 50% between 2012 and 2016. december 2020, the number of yoga enthusiasts in the country reached ~36 million. Manufacturers in the region are increasingly focusing on developing products with sustainable raw materials, such as BCI cotton, recycled polyester and nylon, and green chemicals. In 2020, Pacific Asia it was the second largest market for sporting goods. A common desire to lead active lifestyles and appear fit encourages consumers to enjoy sports and fitness activities during their routine, which is driving market growth in the region.
Rising awareness of health and fitness drives the sports market:
Consumers around the world are paying close attention to the adoption of physical activities in the form of various sports and outdoor exercises. According to the 2020 Health Club Consumer Report from the International Health, Racquet and Sports Club Association (IHRSA), the number of visits to health clubs by Americans increased by 45%, reaching 6.7 billion of 4.6 billion during 2010-2019. Along with this, there has been a growing trend of practicing yoga for physical and mental health. Thus, the high involvement in fitness activities drives the demand for sports products, since they meet consumer expectations in terms of comfort and fashion.
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Sports Market Size – Segment Overview
On the basis of type, the market is segmented into upper garments, lower garments, footwear, and others. The underwear segment dominated the market in 2020. Based on the category, the market is segmented into men, women, unisex and children. The men’s category segment dominated the market in 2020. Based on the distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The market for the online retail segment is expected to grow at the highest CAGR during the forecast period. The increasing penetration of e-commerce in various countries around the world is supporting the growth of the market.
Impact of the COVID-19 Pandemic on the Athleisure Market:
The closure of manufacturing units during the COVID-19 pandemic negatively affected the production and supply of the sports market. In addition, the logistics and transportation sector hampered the market due to the imposition of the blockade. The closure of supermarkets, hypermarkets and specialized stores, among other distribution points, has made it difficult to access sports products. In the second half of 2020, the relaxation of the confinement restrictions led to the resurgence of the transport and trade sector, which supported the revival of the sports market. Also, a rise in the popularity of e-commerce during the COVID-19 pandemic had a positive impact on the market. According to True Fit’s Fashion Genome, which analyzes data from 17,000 retail brands and 180 million True Fit members, sportswear order sales have grown 84% since lockdowns were imposed.
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SOURCE Insight Partners
