Sportswear Market Forecasted to Cross the $200B Mark in 2022 – Currently at $185B
The sportswear market has grown rapidly in recent years owing to several factors such as an increased awareness about health and fitness and the increased participation of women in sports activities. According to data presented by Safe Betting Sites, The sportswear market is forecasted to cross the $200B mark in 2022 and reach almost $250B by 2026.
Growing Awareness in Health and Fitness Seen as Main Factor for Growth
In more recent times, awareness around health and fitness entered the mainstream which then led to more active lifestyles around the world. Furthermore, an increase in affluence in emerging countries such as India and China, where health and fitness are also gaining in significance, is contributing greatly to the continued growth of the sportswear market. In 2018 The sportswear market was valued at $167.7B in 2018 and rose to $185.24B in 2020, an increase of 10.5%. It is also projected to rise to $248.1B by 2026, giving it a projected compound annual growth rate (CAGR) of 5.1% in the seven-year period from 2019 to 2026.
Increased Participation from Women in Sports Contributes to Growth
In recent years the number of women participating has risen at a steady rate and is projected to continue to rise. This is due to the aforementioned increased awareness around health and fitness leading to the popularity of activities such as different forms of aerobics and yoga among many others. Women’s professional leagues have also gained popularity in recent times adding to more interest in traditional mainstream sports.
The women’s segment is expected to grow the highest from the projection period between 2019 and 2026 at a CAGR of 5.6%. With women-centric sports brands like Lululemon, rising in prominence, the future of women participation in sports looks strong.
E-commerce to See Highest Growth in Forecast Period
Discount stores are still the most prominent segment in terms of share in the sports apparel market. Although the e-commerce segment is projected to experience the highest growth with a 5.9% CAGR during the forecast period. This is due to increased internet capability and literacy as well as the dominant use of mobile devices for online shopping.