Today’s sports apparel market has even more flourishing trend only because of two contributing factors fashion and sportswear. Sportswear is usually worn during some exercise or some physical fitness activity. It includes T-shirts, footwear, Tracksuits, hoodies, Polo shirts, tennis shirts, Shoes And other that are worn during some game or some physical activity to provide the wearer with comfort and ease. Various enterprises that are engaged in the manufacturing and retailing sports apparel and shoes are contributing the global sportswear market. With increased health awareness and constant innovations, the global market is currently showing huge potential. The contributing factors in the market growth are popularity of outdoor recreation, rise of e-commerce, increased number of yoga participants, popularity of outdoor recreation, increase in fitness club members and rise in per capita spending on sportswear. Global Sports apparel market is anticipated to garner $184.6 billion by 2020, registering a CAGR of 4.3% during the forecast period 2015 – 2020.
Based on geography, North America was the largest revenue-generating region in global sports apparel market in 2014. However, Asia-Pacific would be the leading revenue-generating region by 2020, owing to increasing disposable income and improving living standards in the emerging countries such as China and India.
Contributing Factors :
Increasing Income Per Capita
Nowadays people are encouraged to buy quality and trendy sports apparel. According to the National Bureau of Statistics of China, the overall annual disposable income in India increased from $1,366.2 billion in 2010 to $1,587.6 billion in 2013. However, the annual per capita disposable income of urban households in China increased from $2,818.6 in 2010 to $4,692.9 in 2014. Furthermore, the per capita annual disposable personal income in the USA increased from $37,807.0 in 2011 to $41,099.0 in 2014. Thus, increasing disposable income is one of the major growth factors of global sports apparel market.
Fitness conscious consumers
Presently, majority of the people spend their time in playacting varied physical activities to keep themselves fit and healthy. to avoid their lifestyle and work-related stress issues.
This has created the demand for fitness and sports wear among all age groups, thereby, fostering the market growth.
Latest Trends in Sports Attire
The increasing demand of stylish fitness apparel has augmented within the past few years. Newer technologies such as Polotech Smartshirt by Ralph Lauren, helps in monitoring a person’s heart rate, breathing depth, stress level and calories consumed. Such products help in increasing the popularity of a brand and improve its customer base.
Check on Substandard products
The sports apparel market offers remunerative potential of growth; but, the presence of fake and low-priced products restrict the growth of the market. Availability of counterfeit or low quality apparel restricts the sale of branded apparel; thus, threatening the growth of the sports apparel market.
Increased women participation
Numerous corporations launch merchandise in spirited colours, which offer enhanced comfort, thereby increasing their popularity among women. In the past few years, there has been a considerable increase in the number of female participating in sports and fitness events. Nowadays, girls like sporting sports attire in their daily wear, which results in the growth of the sports apparel market.
The future of sports apparel market
The growth of functional clothing, increasing health awareness, combination of smart clothing, popularity of athlesiure and innovative trends are growing the contemporary sportswear market across the world. However, the market growth may be hindered by increase in parturient price and decreased buying capacity of purchasers and counterfeit product quality.