Region United Kingdom Great Britain Survey time period Number of respondents 24, respondents Age group 15 years and older Method of interview Computer-assisted personal interviews CAPI Supplementary notes Figures estimated by the source on the basis of survey responses. Numerous companies are focusing on setting up retail and company owned stores to increase their product sale which led to the growth of this segment. Value of clothing exports from Latvia Revenue might still pale in comparison to other sports, but the recent growth of electronic sports, or eSports, has been immense.
Favorable demographics and rising inclination towards trendy sports apparel have boosted the growth of the market. Numerous companies are focusing on setting up retail and company owned stores to increase their product sale which led to the growth of this segment.
North America stands as the market leader in the sports apparel retail stores market however, Asia-Pacific is expected to grow at the highest growth rate. The future growth is expected to come from the online mode of sale which has witnessed a dynamic growth in the past few years owing to increased popularity and penetration of internet and availability of a wide range of products at a discounted price.
Increasing disposable income has encouraged people to buy quality and trendy sports apparel. Rising propensity of consumers to buy comfortable clothing, which helps in proper workout session, has fostered the growth of sports apparel market. High spending capabilities of consumers has increased the sale of premium products. Over the period, disposable income has witnessed growth in major economies of the global.
Thus, increasing disposable income is one of the major growth factors of global sports apparel market. Consumers have become more health conscious due to the work-related stress and lifestyle disorders. Working individuals opt for fitness regimes such as swimming, gym and running to remain healthy, and active in daily life.
Presently, majority of the individuals are investing their time in performing various fitness activities to keep themselves fit and healthy. This has created the demand for fitness and sports apparel among all age groups, thereby, fostering the market growth. The growing demand of trendy and fashionable sports apparel has led the companies to launch new products to cater to the demand of the customers.
The increasing demand of trendy fitness apparel by the middle-aged individuals segment has increased in the past few years. Such products help in increasing the popularity of a brand and improve its customer base.
The sports apparel market offers lucrative potential of growth; however, the presence of fake and low-priced products restrict the growth of the market. Sports and fitness apparel by renowned brands have a high price range, which are not affordable by the lower income groups.
Hence, the local suppliers design the same style products at comparatively lower costs. Such products are of low quality and reduces the brand image of forerunners in the market; thereby, hampering the sale of original product of the company. 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 in fitness and sports. In the past few years, there has been a considerable increase in the number of female participating in sports and fitness events. Women professionals have become conscious about their health, so they opt for fitness programs such as Yoga, Zumba and visit fitness centers. Nowadays, women prefer wearing sports apparel in their daily wear, which results in the growth of the sports apparel market.
Numerous companies launch products in vibrant colors, which offer enhanced comfort, thereby increasing their popularity among women. The world sports apparel market has witnessed a noticeable growth in the recent years, especially in the developing countries of Asia-Pacific region such as India and China. Growing health awareness and increasing disposable income are the major factors driving the global sports apparel market. The increasing number of lifestyle related heath disorders due to the hectic work schedule is leading the working professional to indulge in some or the other kind of sports or physical activity.
This has resulted in increased popularity of sports clubs and gyms. In addition, consumers have opted for branded and high quality sports apparels in the emerging economies, such as India owing to increase in disposable income.
The growth is further supplemented by increasing interest of women in different kind of sports activities. Women are not only interested in watching sports but are actively participating in different sports activities. Several companies operating in the global sports apparel market have adopted product launch and acquisition as their key growth strategies to sustain the market competition and to increase their market presence. Prominent companies, such as Nike Inc.
With changing technology and availability of variety of fabrics, companies are able to offer high quality and durable sports apparels. Several companies are proactively setting up new retail outlets, especially in the developing countries such as India and China to expand their geographical presence and tap the emerging markets.
In , Nike had over franchise stores in India. In addition, Lululemon has set up 40 company-owned retail outlets in the United States to expand its market outreach.
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