Sports and Fitness Wear Global Market Report 2024
Business Research Company recently published a comprehensive report on the global Sports and Fitness Wear market size and trend analysis with forecasts from 2024 to 2033. This latest market research report provides a wealth of valuable insights and data, including global market size, regional share, and competitors’ market share. Additionally, it covers current trends, future opportunities, and important data to succeed in the industry.
According to The Business Research Company, the market size of sports and fitness wear has grown significantly in recent years. It is expected to grow from $67.58 billion in 2023 to $71.48 billion in 2024, at a compound annual growth rate (CAGR) of 5.8%. Growth during this historic period can be attributed to fitness and health awareness, athleisure trends, celebrity endorsements and influencer culture, technological innovation, and the growth of e-commerce.
The sports and fitness wear market size is expected to grow significantly in the coming years. It is expected to grow to $89.94 billion by 2028 at a compound annual growth rate (CAGR) of 6%. The growth during the forecast period can be attributed to sustainability and ethical practices, digitalization and personalization, emerging markets, health and wellness trends, and performance wear innovations. Key trends during the forecast period include the rise of direct-to-consumer (DTC) brands, focus on inclusivity and diversity, expansion of sustainable product lines, integration of augmented reality (AR) and virtual reality (VR), Includes health monitoring and fitness tracking. .
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Market drivers and trends:
The growing focus on sports participation is driving the sports and fitness wear market. Sports participation refers to an individual’s participation in a variety of sports and physical activities, including both organized and recreational sports. Sportswear and fitness clothing provide athletes with practical benefits such as improved performance, injury prevention, and psychological and social benefits. For example, as of February 2023, a total of 200 million people, representing 77.6% of the population, according to the Sports & Fitness Industry Association (SFIA), a US-based industry association dedicated to promoting the sports and fitness industry. 36.9 million Americans engage in sports. At least one sports activity increased by 1.9% compared to 2021. Additionally, pickleball continues to be the fastest growing sport, with participation numbers increasing by almost 85.7% year-over-year and an astonishing 158.6% over three years. Therefore, increasing focus on sports participation will drive the growth of the sports and fitness wear market in the coming years.
Leading companies operating in the sports and fitness wear market are expanding into personalized activewear options, including customized physical running shoes, to cater to individual preferences and offer a uniquely tailored consumer experience. Focused. Customized physical running shoes are shoes that are tailored to meet a customer’s specific needs and preferences. For example, in November 2022, Japan-based sportswear company ASICS Corporation launched its new ASICS x Solana UI collection, featuring the custom-made GT-2000 11 running shoe. The collection consists of customized GT-2000 11 running shoes, available in two designs: light mode and dark mode. These shoes are specially designed for everyday activities and can be purchased worldwide using USDC on Solana Pay. The ASICS x Solana UI collection was launched as part of ASICS’ Web3 strategy, which aims to create world-class experiences that power the global Web3 community.
Key benefits for stakeholders:
• Comprehensive market insights: Stakeholders have access to detailed market statistics, trends, and analysis that help them understand the current and future status of the industry.
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• Competitive Advantage: Detailed competitor analysis and market share information allows stakeholders to identify opportunities to outperform the competition.
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• Global Perspective: The report covers different regions and markets, offering a broad perspective that helps stakeholders expand and succeed in their businesses globally.
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Major key players in the market:
Nike Inc., Adidas AG, Decathlon Group, The Gap Inc., Kappa, VF Corporation, Puma SE, Anta Sports Products Limited, Lululemon Athletica Inc., Skechers USA Inc., Ralph Lauren Corporation, Hanesbrands Inc., Under Armor Inc. , New Balance Athletics Inc., Li Ning Company Limited, ASICS Corporation, Columbia Sportswear Company, Deckers Outdoor Corp., Fila Holdings Corp., Wolverine World Wide Inc., Mizuno Corporation, Brooks Sports Inc., Iconix International, Reebok International Limited , Patagonia Inc., Calf Holding BV, Umbro International Limited
Key Insights of Sports and Fitness Wear Market 2024:
• The sports and fitness wear market size is expected to grow significantly in the coming years. It is expected to grow to $89.94 billion by 2028 at a compound annual growth rate (CAGR) of 6%.
• Sports and fitness wear market revitalized due to increase in sports participants
• Customized physical running shoes revolutionize the industry
• North America was the largest region in the sports and fitness wear market in 2023
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