Sports and fitness wear: Key market research findings
- Increasing preference for an active lifestyle spurs market growth
- Sports apparel accounts for a majority of the market’s revenue
- Key vendors – Adidas, Nike, Puma, Under Armour, and VF Corporation
Technavio’s market research analysts predict the global sports and fitness wear market to grow at a CAGR of more than 4% between 2016 and 2020. The growth of this market is driven primarily by the increased awareness about the benefits of a physically active lifestyle. Hectic work schedules and increasing health issues have been compelling people to opt for different sporting activities as a form of exercise. The global sports and fitness wear market was dominated by North America in 2015 with a market share of more than 37%. The increasing demand for children’s apparel in this region, especially the US, will contribute significantly to the growth of the sports and fitness wear market in North America during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the sports and fitness wear segments based on the product type.
“The market is currently witnessing an upsurge in the demand for active wear from the US as a result of which, some of the world’s largest fast-fashion companies are moving into the active wear segment. The major reason for the rise in demand is the comfort and versatility offered by these types of clothes,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
By 2020, the sports apparel segment will account for more than 92% of the overall market revenue to continue its dominance over the global sports and fitness wear market. The demand for women’s sports apparel across the globe is increasing because of increasing women-specific sporting events like women’s cricket, women’s hockey, and others. In addition, vendors are increasing their focus on introducing fashionable sports apparels that are tailored for women.
The key vendors in the global sports and fitness wear market include Adidas, Nike, Puma, Under Armour, and VF Corporation. There has been an impressive adoption rate of sports and fitness apparel among end-users worldwide. As a result, the market has witnessed the entry of a number of vendors that provide sports and fitness apparel at lower prices. Adidas and Nike are the two major vendors of sports and fitness apparels. There is intense competition between these two companies, which leads to the introduction of many innovative and advanced solutions in the market. The market is also highly competitive, with all the players competing to gain a greater market share. Intense competition, rapid advances in technology, and frequent changes in consumer preferences constitute significant risks for vendors in the market.
A more detailed analysis is available in the Technavio report, Global Sports and Fitness Wear Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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