The Asia-Pacific sportswear market is set to grow at a CAGR of 4.3%, reaching $110.6 billion by 2027, driven by increased accessibility and consumer interest.
Allied Market Research published a new report, titled, “The Asia pacific athletic sportswear and footwear market size was valued at $89.6 billion in 2019 and is projected to reach $110.6 billion by 2027, registering a CAGR of 4.3% from 2021-2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Athletic sportswear and footwear are worn during workout sessions or while performing sporting and recreational activities. Initially, sports apparels were mostly worn by athletes but, with time, they have become common with regular gym-goers and other non-athletes, which acts as a key growth driver of the overall market. In addition, the expansion of distribution channels such as online stores, specialty stores, supermarkets, and hypermarkets, in Asia-Pacific has made these athletic sportswear and footwear easily accessible to users, which, in turn, contributes toward the market growth.
Furthermore, presently fashionable athletic sportswear and footwear with vibrant colors is one of the increasing Asia-Pacific athletic sportswear and footwear market trends among the users. In addition to this, the rising interest of consumers in sports and recreational activities is expected to offer immense Asia-Pacific athletic sports sportswear and footwear market opportunity during the forecast period.
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By product type, it is classified into sports shoes, running & walking shoes, hiking & backpacking shoes, aerobic & gym wear shoes, tracksuits & jerseys, t-shirts & shorts, and others. On the basis of sports, it is divided into football, cricket, basketball, tennis, adventure sports, cycling, yoga & gymnastics, running, boxing and others. Depending on user, it is differentiated into men, women, and kids.
By product type, the running & walking shoes segment accounted for the highest Asia-Pacific athletic sportswear and footwear market share in 2019. This is attributable to the IoT-embedded smart running shoes, which enable end users to monitor, track, analyze, maintain fitness, and improve their performance through different connected apps in a smartphone or other devices, thus making athletic sportswear and footwear products popular among users.
Depending on user, the kid segment is anticipated to grow at a higher CAGR during the Asia-Pacific athletic sportswear and footwear market forecast period, due to the fact that children nowadays are not restricting themselves to only studies but are also focusing on extra curriculum activities to learn and explore.
The Asia-Pacific athletic sportswear and footwear market segments are categorized into product type, sports, and users. By product type, it is classified into sports shoes, running, and walking shoes, hiking and backpacking shoes, aerobic and gym wear shoes, tracksuits and jerseys, t shirts and shorts, and others. By sports, it is divided into football, cricket, basketball, tennis, adventure sports, cycling, yoga and gymnastics, running, boxing and others. By users, the Asia-Pacific athletic sportswear and footwear market is classified into men, women, and kids.
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Some of the major players in the Asia-Pacific athletic sportswear and footwear industry analyzed in this report include Adidas AG, Asics Corporation, Brooks Running Company, Fila Holding Corporation, Li Ning Company Limited, New Balance, Inc. Nike, Inc., Puma Se, Skechers USA, Inc, And Under Armour, Inc.
Key findings of the study
○ By product type, the running and walking shoes segment accounted for the highest market share in 2019, growing at a CAGR of 3.8% from 2021 to 2027.
○ By sports, the running segment accounted for the highest market share in 2019, growing at a CAGR of 4.4% from 2021 to 2027.
○ By users, the men segment accounted for the highest market share in 2019, growing at a CAGR of 3.6% from 2021 to 2027.
○ Country wise, China occupied maximum share in the Asia-Pacific athletic sportswear and footwear market in 2019 and is expected to dominate the market during the forecast period.
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The article discusses the growth of the Asia-Pacific athletic sportswear and footwear market, projected to reach $110.6 billion by 2027.
Key growth drivers include increased accessibility through expanded distribution channels and rising consumer interest in sports and recreation.
The running and walking shoes segment accounted for the highest market share in 2019.
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