Global Sportswear Market Report and Forecast 2024-2032

Global Sportswear Market Outlook

The global sportswear market size attained a value of nearly USD 313.22 billion in 2023. The market is further expected to grow at a CAGR of 6.6% between 2024 and 2032, to reach a value of around USD 558.14 billion by 2032.

Key Takeaways

• According to estimations, millennials are projected to spend about  $112,000 on fitness in their lifetime.

• Due to over  a quarter of India’s population being under 29 and having a strong sports culture, it presents itself as a major market for global players.

• Owing to the athleisure wave in India , major international sports companies registered a growth of 35 to 60 per cent since FY 20-21.

Sportswear refers to apparel made from textiles which are specifically designed for physical activities. These apparel are strong, durable, and capable of withstanding harsh and rough conditions while protecting the wearer. Sportswear also exhibits some distinct properties such as air permeability, absorptiveness, lightweight, and resilience.

The sportswear market is experiencing significant growth as consumers increasingly value products that provide sweat-wicking, breathability, and improved physical performance. These products offer protection from harsh weather conditions, enhance blood circulation, and aid in injury prevention. The urban population's expanding involvement in fitness activities further drives product consumption.

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Key Trends and Developments

Increasing youth participation in sports; rising health awareness; fashion trend integration in sportswear; and focus on preventing sports injuries elevate the sportswear market value

Feb 14th, 2024

Marks & Spencer expanded its 'The Sports Edit on M&S' with over 140 Puma and Reebok items, including performance wear and footwear, in 2024.

Feb 6th, 2024

Castore, a British precision sportswear brand, launched its first bespoke flagship store in Dublin.

Dec 20th, 2023

Major Japanese sportswear brand, ASICS, announced its plan to expand its presence in the Indian sportswear market with the establishment of 50 new stores by 2025.

Aug 1st, 2023

Adidas renewed its partnership with Manchester United for 10 more years in a £900 million deal, continuing as the official kit supplier until June 2035.

Health and fitness awareness drives sportswear demand

The increasing inclination of youth towards sporting activities is expanding the global sportswear market size. Escalating awareness pertaining to the importance of health and fitness is further fuelling the demand for sportswear.

Fashion influence shapes sportswear as lifestyle wear

The growing influence of fashion in sportswear is resulting in the development of sportswear items that are stylish and worn for aesthetics, which is a crucial advantage leading to the acceptance of sportswear as casual outfits outside of sports activities.

Innovations in design and flexibility amplify the market

Growing investments towards innovations aimed towards improving the design and flexibility of sporting clothes are the key trends augmenting the market.

Rising emphasis on preventing sports-related injuries

Consumers are increasingly focused on comfortable and innovative sportswear to prevent injuries during intense sports activities.

Global Sportswear Market Trends

The market is driven by the surge in awareness about health and fitness. As people of all ages become more committed to regular exercise and maintaining a healthy lifestyle, the demand for comfortable and performance-oriented sportswear rises. Furthermore, there is a rising focus on sportswear that not only supports physical activity but also helps in preventing injuries and enhancing athletic performance. Compression wear, for example, is designed to improve blood circulation and reduce muscle fatigue.

Rising advancements in materials and technologies have enabled manufacturers to make significant innovations to products, aiding the sportswear market expansion. Features like moisture-wicking fabrics, temperature control, and enhanced durability cater to both professional athletes and casual wearers. Smart sportswear, equipped with wearable technology to monitor health metrics, is also gaining traction.

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Market Segmentation

“Global Sportswear Market Report  and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Clothes

• Shoes

• Accessories

Market Breakup by End User

• Men

• Women

• Kids

Market Breakup by Distribution Channel

• Online

• Offline

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

The increasing levels of comfort and design have significantly aided the demand for shoes

Shoes, based on product, account for a healthy global sportswear market share. Sporting shoes bolster the comfort of athletes by providing a cushioning effect to the feet. They offer protection, improve sporting performance, enable breathability, and most importantly, prevent athletes from getting injuries.

In addition, sports shoes enable effortless mobility, which is a crucial advantage of the product. Over the forecast period, the increasing awareness about various shoe brands, coupled with the emergence of innovative designs, is likely to amplify the sportswear market.

Meanwhile, clothes are expected to witness rapid growth in the forecast period. Increasing incorporation of fashion into functional sportswear clothes is surging their popularity, resulting in consumers wearing sportswear clothing with greater frequency, even when not engaged in sporting activities.

Sportswear products are increasingly being made available on online platforms by companies to expand their reach

Based on distribution channels, the online segment is expected to hold a significant portion of the sportswear market share in the forecast period. This can be attributed to the increasing availability of high-end sporting goods across e-commerce platforms.

These platforms cater to the diverse demands of various sports such as football, cricket, and baseball, among others, by providing high-quality sporting equipment. In addition, the revolution of D2C is expected to provide impetus to the online segment in the coming years.

On the other hand, the offline segment holds a decent share of the market due to the advantage of customisability and instant try-ons offered at retail sports stores.

Competitive Landscape

Major players in the sportswear market are increasingly investing in advanced technologies for the development of improved products

Nike, Inc.

Nike, Inc., headquartered in Beaverton, Oregon, is a global powerhouse in athletic footwear, apparel, equipment, and accessories. Founded in 1964 as Blue Ribbon Sports, it officially became Nike, Inc. in 1971.

Adidas AG

Adidas AG, based in Herzogenaurach, Germany, is a multinational corporation founded in 1949, specialising in athletic shoes, apparel, and accessories. It is the largest sportswear manufacturer in Europe and the second largest in the world after Nike. Adidas is known for its contribution to sports and lifestyle with products that blend performance and style.

Puma SE

Puma SE, also based in Herzogenaurach, Germany, was established in 1948. It is a major German multinational company that produces athletic and casual footwear, apparel, and accessories. Puma has a history of innovation in the market and sponsors numerous athletes and teams worldwide.

Lululemon Athletica Inc.

Lululemon Athletica Inc., headquartered in Vancouver, Canada, was founded in 1998 as a yoga-inspired athletic apparel company. Initially focusing on yoga wear for women, Lululemon has since expanded its product line to include a wide range of athletic wear for men and women, targeting various fitness activities.

Other key players in the global sportswear market are Under Armour Inc., ASICS Corporation, FILA Holdings Corp., Columbia Sportswear Company, Li Ning (China) Sports Goods Co., Ltd., and ANTA Sports Products Limited, among others.

Major players in the sportswear market are increasingly investing to establish their presence in emerging economies in regions such as the Asia Pacific, the Middle East, and Latin America. Moreover, companies are extensively innovating with materials and other technologies to enhance the performance, comfort, and durability of sportswear.

Developments such as Nike's Flyknit technology, Adidas' Boost cushioning, and Lululemon's Luon and Luxtreme fabrics are some major examples of how these brands are pushing the boundaries in material science with sustainability and functionality.

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Global Sportswear Market Analysis by Region

North America is anticipated to hold a leading position in the market owing to various factors, including a strong sports culture, the presence of major brands, and the increasing popularity of sports among younger generations. Additionally, athleisure wear has become increasingly popular, blurring the lines between sportswear and casual wear, catering to consumers' desire for comfort and versatility.

Meanwhile, the Asia Pacific is expected to register a high growth rate during the forecast period. The Asia Pacific sportswear market expansion can be attributed to rising disposable incomes, rapid urbanisation, and increasing health consciousness among consumers in countries like China, Japan, South Korea, and India.

Key Highlights of the Report