According to Technavio Research Report “Sports and Fitness Wear Market by end-user (women and men) and geographical regions (APAC, EMEA, and the Americas) is witnessed to grow to USD 50.46 billion, at a CAGR of 5% from 2019 to 2023.”
Global sports and fitness wear market: Technological advances in sports and fitness wear
The manufacturers of sports and fitness wear are continuously focusing on improving the technology and features of the product to achieve higher customer satisfaction. The consumers of sports and fitness wear analyze the quality of the products on several parameters, including wicking, comfort, grip, stickiness, and sustainability. The growing competition among the global players has paved the way for the development of innovative sports and fitness wear with a focus on improving the user experience.
Individuals purchasing such products seek cost-effective and high-quality products that can improve their performance and assist them in fitness activities. To provide such comfort, vendors are striving to improve their sports and fitness wear line year-over-year. Moisture-wicking fabrics and thermal technology are two of the latest developments in the past decade. Moisture-wicking fabrics, which react to sweat, help in moving the sweat to the surface of the fabric where it can evaporate, instead of being absorbed as is the case with normal fabrics. This helps the athletes to be dry and chafe-free. Thermal technology, which reacts to temperature, helps in keeping the body warm during colder conditions and climates. Therefore, with such advantages, the market is expected to witness a positive outlook during the forecast period.
“Currently, many vendors such as adidas, ASICS, PUMA, and VF Corporation are also introducing several technologies and features to enhance users’ experience, owing to the increased expectations of consumers. This rapid change in technology and consumer preferences is expected to have a positive impact on the global sports and fitness wear market during the forecast period,” says a senior analyst at Technavio for research on apparel and textile.
Global sports and fitness wear market: Segmentation analysis
This market research report segments the global sports and fitness wear market by end-user (women and men) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of over 36%, followed by APAC and EMEA respectively. During the forecast period, the APAC region is expected to show the highest incremental growth.
A Few Major Players for the Sports and Fitness Wear Market are:
- Under Armour
- VF Corporation
Rising number of sports tournaments
A key factor driving the growth of the market is the rising number of sports tournaments. The sports industry has experienced an upsurge in the number of tournaments. The growing interest of the global population in sports activities has led to an increase in the sale of sports and fitness wear. Some of the popular sports that are witnessing a rise in the number of tournaments are baseball, ball sports, and racket sports. Thus, the rise in the number of competitions has accelerated the demand for the sports and fitness wear market.
Cover Image: Unsplash/Hipcravo