Poised for significant growth, the global sports apparel market is projected to reach $383.89 billion by 2030, as per a report by Apparel Resources. Fueled by a growing awareness of health and a boom in outdoor recreational activities, the market will grow at a compound annual growth rate (CAGR) of 6.7 per cent from 2024-30.
Currently, the largest share in the global sports apparel market is held by North America with the United States alone valued at $76.13 billion in 2023. Adapting to the changing consumer demands, retailers are enhancing in-store experiences with recreational features and forming strategic partnerships with well-known athletes and celebrities. This strategy aims to attract customers seeking both products and engaging experiences.
The top wear segment dominates the product category with apparel items like T-shirts and sweatshirts, while the men's segment continues to lead in end-user demand.
Driven by urbanization and rising disposable incomes, the Asia Pacific region is experiencing rapid growth, leading to increased participation in sports and fitness activities.
To maintain their competitive edge, major industry players are actively pursuing various strategies. For instance, Puma is focusing on new product lines, while Champs Sports is launching private label apparel through athlete partnerships, and Nike is reassessing its strategic direction in response to market share fluctuations.
Despite the positive outlook, the market faces challenges, including shifting consumer preferences, trade disputes, and geopolitical uncertainties. To navigate these challenges, brands must prioritize strategic agility, innovation, and targeted marketing efforts. Flexibility and adaptability will be crucial for maintaining growth and market position in this dynamic industry.
