DUBLIN, March 30, 2023 /PRNewswire/ — The “Global Athleisure Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Distribution Channel, End User, and Region” report has been added to ResearchAndMarkets.com’s offering.
Global Athleisure Market is expected to record a positive CAGR of ~8% during the forecast period (2022-2028) and is expected to reach approximately US$ 450 billion by 2028.
An important factor influencing the market demand is an increase in consumer fitness and health consciousness, which is fueling the desire for stylish and comfortable clothing and is expected to drive the growth of the Athleisure Market. Athletic wear clothes are highly used by men, women, and children related to sports and games.
Increased interest in health and fitness as well as the rising passion of the young generation towards sports activities are driving the athleisure market.
People all across the globe participate in fitness activities including different sports and outdoor exercises. The International Health, Racquet & Sportsclub Association (IHRSA) reported in its 2020 Health Club Consumer Report that between 2010 and 2019, Americans visited 6.7 billion health clubs, up to 45% from 4.6 billion.
Yoga is also becoming increasingly popular as a means of improving both physical and mental health. As a result, active engagement in fitness activities increases demand for athleisure products as they meet consumers’ needs for comfort and style.
Threats from counterfeit goods and the high cost of athleisure products limit the market growth.
The athleisure market is experiencing hurdles due to the presence of counterfeit products in the market that is sold at a similar or even lower price and also resemble similar in appearance, texture, and even brand logo. It becomes difficult for consumers to differentiate between original and counterfeit products and thus hampers the sales of the original product sellers.
However, the resemblance in appearance does not suffice for the quality equivalent of the original athleisure products in turn giving the wrong impression and limiting the growth potential. In some situations, the use of counterfeit products has caused several skin-related infections.
The COVID-19 pandemic forced the closure of manufacturing facilities and halted the distribution and production sides of the Athleisure Market. Due to the imposed lockdown, the logistics and transportation sector also stalled market growth. Access to athleisure products has been restricted by the closure of supermarkets, hypermarkets, specialty shops, and other distribution facilities.
The relaxation of lockdown limitations caused the transportation and trade industry to rebound in the second half of 2020, which fueled the growth of the athleisure market. Additionally, the COVID-19 pandemic’s rise in e-popularity commerce had a favorable effect on the market.
The Global Athleisure Market is forecasted to continue a gradual growth that is witnessed during the forecast period.
Key trends driving market expansion include an increase in consumer fitness and health consciousness, which is fueling the desire for stylish yet comfortable clothing. The market is highly competitive with ~400 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.
The Global Athleisure Market is highly competitive with ~400 players which include globally diversified players, regional players as well as a large number of country-niche players.
Country niche players and regional players constitute ~60% and ~30% respectively, in terms of the number of players.
Recent Developments Related to Major and Emerging Companies
- In March 2022, Puma invented Nitro Foam, a lighter-weight, responsive foam created by using nitrogen. It also created a brand-new rubber outsole technology. The company launched five new models which include eternity, deviate, deviate elite, liberate, and velocity
- In October 2022, footwear retail chain, Metro Brands saw its share price rise by 20% after signing a share purchase agreement to buy Cravatex Brands. The purchase was carried out to increase its footprint in the sports and athleisure market in India. Metro Brands will obtain Proline’s exclusive rights through this acquisition, as well as FILA’s sales and distribution rights in India across all formats, including Airport Stores, Distribution, Online Marketplaces, Exclusive Brand Stores, Multi Brand Stores, and Webstores
Major Players Mentioned in the report
- Adidas AG
- American Eagle Outfitters Inc
- Nike, Inc
- Puma SE
- The Gap, Inc
- Esprit Retail B.V. & Co. KG
- Carbon38 Inc
- Under Armour, Inc
- Columbia Sportswear Company
- Lululemon Athletica Inc
- Arcus Apparel Group
- Bali Swim
- Cainie Corporation
- Jin Jiang Well Rise Garment
- Ro & Ritzy
Scope of the Report
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
By End User
By Distribution Channel
- Specialty Stores
- Online Sales Channel
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
- LAMEA (Latin America, Middle East, Africa)
For more information about this report visit https://www.researchandmarkets.com/r/h8pu2x
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