The global sports apparel market is poised for substantial growth, projected to reach $208.47 billion by 2023, driven by a robust CAGR of 6.1%. Factors include the surge in athleisure trend, the growing preference for online shopping, and a shift toward fashion-forward activewear. Notable segments include pants and tights, tops and T-shirts, surf and swimwear, and sweaters and hoodies.
While men’s sports apparel dominates, the women’s segment is expected to experience significant growth. E-commerce emerges as the fastest-growing distribution channel, with industry leaders like Nike and Adidas emphasizing digital capabilities. North America currently leads the market, propelled by urbanization and rising sports participation. The Asia Pacific, particularly China, is poised for significant growth due to its youthful population and localized promotion strategies. However, counterfeit stores pose a challenge, providing cost-effective alternatives to consumers and posing a significant threat to the market.
Celebrity brand ambassadors and innovative marketing strategies are anticipated to further drive market growth. The COVID-19 pandemic caused disruptions in the sports apparel market, but it also spurred positive shifts in consumer behavior, such as increased interest in athleisure and sustainability.