Sports Apparel Market Booms Globally: Reports
14 December 2020: As per the report published by Allied Market Research, the global sports apparel is expected to reach $248.1 billion by 2026, growing at a CAGR of 5.1% by 2026. The report highlights the major segments, market characteristics, top investment pockets, growth by segmentation, and competitive landscape.
According to the report, the market across the U.S dominated the market and is anticipated to maintain its dominance throughout the forecast period. Growth in expenditure of the consumers on fitness apparel and developed retail structure and celebrity brand endorsements augment the market growth in this province. On the other hand, China is expected to grow at the highest CAGR throughout the forecast period. This is attributed to the rapidly improvement in the infrastructure and changes in the buying behavior of people.
By distribution channel, the global sports apparel market is divided into E-commerce, supermarket/hypermarket, brand outlets, and discount stores. The discount stores segment contributed for the highest market share. This is due to beneficial options such as discounts and trial before purchase as well as the benefit of immediate gratification. On the other hand, the e-commerce segment would manifest the fastest CAGR throughout the forecast period.
Major market players such as Adidas AG, Nike, Inc., Puma SE, Under Armour, Inc., Ralph Lauren Corporation, Umbro Ltd., Fila, Inc, Lululemon Athletica Incorporation, New Balance Athletic Shoe, Inc. and Columbia Sportswear Company.