(I-BusinessNews.Com, July 10, 2021 ) Outdoor Sports Apparel Market size was valued at $16,889 million by 2020, and is anticipated to reach $25,985 million by the end of 2026, after growing at a CAGR of 6.8% during the forecast period 2021-2026. The Outdoor Sports Apparel industry growth rate is attributed to the increasing enthusiasm for outdoor and sports apparel among millennials at the global level as a result of rise in membership of health clubs and gyms and is expected to bringing new opportunities. Outdoor and sports apparel are clothing used for physical exercise, sports, or any other purpose are mainly worn during these leisure activities. It includes shirts, jackets, fleece, pants, spandex, hoodies, pullover, tracksuits, track pants, jogging suits, jackets, tights, shorts, t-shirts, and other outdoor clothes suitable for winter sports and water sports. Sports personalities prefer a specific kind of clothing that provides them comfort, safety, and energy to perform better. Outdoor and sports apparel are generally lightweight and loose, so that movement of the sports person is not restricted. Hiking, camping, mountaineering, cycling, canoeing, caving, kayaking, rafting, rock climbing, running, sailing, skiing, sky diving, and surfing are only a few of the activities that include outdoor sports apparel. These are trendy garments that are specifically designed to provide consumers with comfort and agility. Furthermore, increase in demand for trendy fitness apparel by consumers directly impact the sales of outdoor sports apparel, which is anticipated to provide growth opportunities for the outdoor sports apparel industry.
Outdoor Sports Apparel Market Segment Analysis – By End Users
On the basis of end users, men segment accounted for the largest segmental revenue of the Outdoor Sports Apparel market in 2020. The men segment held the largest market on account of the fact that the consistent increase in men outdoor sports participation support the growth of the outdoor sports apparel market during the forecast period. In addition, the market players have been launching lightweight and comfortable apparel for men. These are made of flexible fabric materials and have wicking properties. According to outdoor sports participation report published by The Outdoor Foundation, around 54% of outdoor sports participants were men, while 46% were women.
On the contrary, women segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 7.9%. The prime factors supplementing the growth of this segment during the forecast years include sheer inclination of women toward unique and exotic holiday experiences, increase in the middle & upper class disposable income & related expenditure, and growth in need and interest of people toward outdoor sports or activities. Furthermore, new product offerings that cater to the women segment are also bolstering the Outdoor Sports Apparel market growth during the forecast period 2021-2026.
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Outdoor Sports Apparel Market Segment Analysis – By Mode of Sale
On the basis of mode of sale, discounted stores segment accounted for the largest segmental revenue of the outdoor sports apparel market in 2020 and is poised to dominate over the forecast period, owing to the fact that consumers prefer to buy clothes from these shops as the clothes are cheaper or cost-effective. These stores also offer various deals and sales to the customers. In addition, the variety of choices offered by these shops is vast. These factory outlets and stores are promoting the offline purchase of the product, and are boosting the market growth of the hospital segment and is likely to continue during the forecast period 2021-2026.
On the other hand, online stores segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 7.0%. The online stores segment is to witness a healthy growth owing to increase in ease of use of online retail, rapid advancement observed in internet penetration, and growth in popularity of online shopping portals. Moreover, the availability of a wide range of products and the presence of required support and information through expert customer service personnel coupled with the adoption of retail strategies, such as pricing and wide assortments by retailers is anticipated to positively impact the growth of this segmental market growth.
Outdoor Sports Apparel Market Segment Analysis – By Geography
North America is the major region dominating the Outdoor Sports Apparel market with a market share of 37.2% in the year 2020. This can be attributed to the increasing health consciousness among individuals of different ages and their emphasis on staying healthy and fit has increased participation in outdoor sports activities. The introduction of new products and the development of advanced outdoor apparel are anticipated to drive the growth of the outdoor sports apparel market in Europe during the forecast period. Also, the market in North America holds a prominent share of the outdoor sports apparel market owing to the expanding outdoor sports apparel product portfolio of key manufacturers.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to stable economic condition coupled with increase in disposable income drive the growth of the Asia-Pacific outdoor sports apparel market. Moreover, consumer’s preference for healthy lifestyle and consistent growth in adventure tourism foster the growth of the market in the region. Increase in disposable income and easy availability of new and performance-enhancing sports apparel lead to the growth in adoption of premium products, which in turn drives the outdoor sports apparel market growth. Apart from this, rise in marketing initiatives such as heavy marketing campaigns and celebrity endorsements also foster the growth of the outdoor sports apparel market in the region.
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Outdoor Sports Apparel Market Drivers
Rise in Celebrity Endorsements of Outdoor And Sports Apparel Brands
The outdoor sports apparel market is poised to receive upswing owing to rise in celebrity endorsements of outdoor sports apparel brands are driving the demand for this specific apparel across the world. Adidas has introduced its Performance Tank Tops which are sports apparel that provide a high level of comfort to the user. Global outdoor and sports apparel manufacturer Nike has recruited celebrities such as Allyson Felix and Maria Sharapova to promote its outdoor and sports apparels. Rise in the number of cross border e-commerce transactions across the world is driving the demand for outdoor and sports apparel. Rise in disposable income has also increased the demand for outdoor and sports apparel.
Outdoor Sports Apparel Market Challenges
Increasing Number of Private Label Manufacturer
Despite several drivers, the increasing number of private label manufacturers is restricting the growth of the global market. Local manufacturers offer outdoor sports apparel that caters to the market needs and planned inventories of retailers. These manufacturers also sell their products in unorganized markets at comparatively lower costs, thereby limiting the growth of players in the global outdoor sports apparel market. The sales of private-label products are mostly unaccounted for, which creates a gap between the production volume and the revenue generated in the global outdoor sports apparel market. Thus, the increasing number of private label manufacturers offering products at low costs is anticipated to hinder the growth of the established players in the global outdoor sports apparel market during the forecast period. 2021-2026.
Outdoor Sports Apparel Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Outdoor Sports Apparel Market. In 2020, Outdoor Sports Apparel Market share is fragmented by the top ten players present in the market. Outdoor Sports Apparel Market top 10 companies are The North Face, Patagonia Inc., Columbia Sportswear Company, Kathmandu Limited, Woolrich Inc., Nevisport Ltd., Cotswold Outdoor Ltd., Mountain Warehouse Ltd., Under Armour, Inc., Snowgum and others.
Acquisitions/Product Launches
In December 2019, Teijin Frontier Co., Ltd., the Teijin Group’s fibers and products converting company, announced the launch of a lightweight, tear-resistant and flat-surfaced fabric that is also soft, eco-friendly and abrasion-resistant, making it ideal for sportswear. Teijin Frontier will promote its new fabric as a key product for 2021 spring / summer sports and outdoor collections, targeting sales for a wide range of applications.
Key Takeaways
North America dominated the Outdoor Sports Apparel Market with a share of 37.16% in the year 2020.
The factors such as growing health awareness and increase in participation youth and old population in various physical and fitness activities such as aerobics, swimming, running, and yoga are amongst the major factor projected to impel growth of Outdoor Sports Apparel Market.
Sheer inclination of people toward unique and exotic holiday experiences, increase in the middle & upper class disposable income & related expenditure, and growth in need and interest of people toward outdoor sports are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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