Sports Apparel Global Market Report 2024

The sports apparel market size has grown strongly in recent years. It will grow from $198.82 billion in 2023 to $210.58 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to fitness and health awareness, athleisure trends, celebrity endorsements and influencer culture, and e-commerce growth.

The sports apparel market size is expected to see strong growth in the next few years. It will grow to $266.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to Sustainability and ethical practices, digitalization and personalization, emerging markets, health and wellness trends, and innovation in performance wear. Major trends in the forecast period include the rise of direct-to-consumer (DTC) brands, focus on inclusivity and diversity, expansion of sustainable product lines, integration of augmented reality (AR) and virtual reality (VR), health monitoring and fitness tracking.

The surge in sports and fitness activities is expected to drive the expansion of the sports apparel market. Sports activities involve physical exertion, skill, and competition, attracting participants for their health benefits, social interactions, stress-relief, personal growth, entertainment, and media influence. Sports apparel plays a crucial role in enhancing athletes' performance, comfort, and safety during these activities, making workouts more enjoyable and effective. For example, the Sports & Fitness Industry Association reported a continuous increase in physical activity rates in the United States, with 77.6% of the population participating in at least one activity in 2022, a 1.9% rise from the previous year. This trend is fueling the growth of the sports apparel market.

Key players in the sports apparel market are incorporating innovative technologies, such as advanced foam technologies, to improve performance and cater better to consumers. Advanced foam technologies use innovative foam materials and manufacturing processes to create lightweight, supportive, and protective sportswear. For instance, Nike introduced ReactX in July 2023, a new advanced foam technology used in its InfinityRN 4 running shoes. ReactX offers higher energy return with a lower carbon footprint, aligning with Nike's sustainability goals and providing runners with enhanced cushioning for smoother runs.

In May 2022, Iconix International acquired the PONY brand from Symphony Holdings Ltd for an undisclosed amount. This acquisition allows Iconix to leverage its expertise in managing athletic and lifestyle brands to enhance PONY's product development, marketing strategies, and global brand presence, consolidating PONY's worldwide rights under one umbrella. Symphony Holdings Ltd. specializes in sports brands and retail businesses, making the acquisition a strategic move to boost PONY's value in the sports apparel market.

Major companies operating in the sports apparel market are Nike Inc., Adidas AG, The Gap Inc., Decathlon Group, Kappa, VF Corporation, Puma SE, Anta Sports Products Limited, Karhu Holding B.V., Skechers USA Inc., Ralph Lauren Corporation, Lululemon Athletica Inc., Hanesbrands Inc., Under Armour Inc., New Balance Athletics Inc., ASICS Corporation, The North Face Inc., Columbia Sportswear Company, Wolverine World Wide Inc., Li Ning Company Limited, Mizuno Corporation, Brooks Sports Inc., Deckers Outdoor Corp., Fila Holdings Corp., Iconix International, Reebok International Limited, Umbro International Limited.

North America was the largest region in the sports apparel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sports apparel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sports apparel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Sports apparel refers to clothing designed for sports, physical exercise, and athletic activities, typically made from moisture-wicking fabrics to keep the wearer dry and comfortable during physical exertion. These garments are lightweight and breathable, aiding athletes in staying comfortable and performing optimally during exercise.

The primary products in sports apparel are athletic footwear, sports apparel, and accessories. Athletic footwear comprises shoes tailored for sports and physical activities, sold through diverse channels such as e-commerce, supermarkets, brand outlets, and discount stores. They cater to various end-users including children, men, and women.

The sports apparel market research report is one of a series of new reports that provides sports apparel market statistics, including sports apparel industry global market size, regional shares, competitors with a sports apparel market share, detailed sports apparel market segments, market trends and opportunities, and any further data you may need to thrive in the sports apparel industry. This sports apparel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sports apparel market consists of sales of polyester, spandex, nylon, merino wool, and other fabrics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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