With an expected CAGR of 6.9 per cent during the forecast period of 2023 to 2033, the sports apparel industry is expected to reach US $ 400 billion by 2033.
The market size for this segment stood at a valuation of US $ 200 billion in 2023.
A report from Fact.MR says that rising consciousness of health and a desire to lead a healthier lifestyle and be fit is what is pushing consumers to include sports activities and sports apparel to their lives. The market is also likely to be boosted by the increased involvement of women in domestic sports and fitness activities.
“Fashionable sports gear is in great demand since it is versatile, convenient, fashionable, and can be used in a variety of situations. This growing emphasis on style has been capitalized on by major players in the market studied, who have created unique, technologically complex things that are both comfortable and useful in order to match this demand, hence improving their profitability,” said an analyst at Fact.MR
Tops and T-Shirts, Hoodies and Sweatshirts, Jackets and Vests, Shorts, Socks, Surf and Swimwear, Pants and Tights are some of the major products in this category.
The fastest-growing market in this segment is Asia-Pacific, with China and India having a high percentage of their youth engaging in sporting and other recreational activities. This is despite the US being forecasted to be the biggest market during the forecast period.
The increasing appetite for foreign brands, rising disposable income, and desire to lead improved lifestyles are expected to propel the demand for sports apparel in the region.
