LONDON--(BUSINESS WIRE)--The global sportswear industry has been unstoppable over the last five years, outpacing all other clothing categories in the same timeframe. Despite the market being highly fragmented and competitive, the popularity of leisure and sport inspired fashion trends is expected to continue, with sales rising over the next few years.
Currently, the US remains the world’s largest sportswear market, while China is catching up quickly, posting one of the fastest growth rates in the global sportswear market. Details about the booming global sportswear industry and the markets in the US and China are some of this week’s top stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
Global Sportswear Market to More than Double From 2016-2020
According to Euromonitor, the global sportswear market reached USD 78 billion in 2016, and is estimated to generate more than USD 184.6 billion by 2020. Growing healthy and leisure awareness, increasing disposable income and a surge in female participation in sports globally are the major factors driving this rapid growth.
North America currently dominates the market, accounting for over 30% of the market share, largely thanks to the US being the global leader for sportswear products. However, North America, as well as Europe, will see their market share decline in the coming years as the Asia-Pacific is primed for large growth in this space. Emerging markets in Asia such as China, India, Japan and Thailand are expected to experience significant demand for sports and fitness apparel over the next few years.
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The US Continues to Lead the Global Sportswear Market
Recent reports show that the size of the sportswear market in the US is estimated at USD 44 billion and is expected to grow at a CAGR of 3.1% over the next five years. The US is currently the world’s largest sportswear market with the highest sportswear sales in the world, and its leading position is likely to be maintained through 2020.
Currently, the men’s sports apparel segment is dominating the US sportswear market, while the children’s sports apparel segment and women’s sports apparel segment are growing rapidly, due to the increasing participation of the population in fitness activities like running or yoga.
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Sportswear Market in China Registering Rapid Growth
The sportswear market in China is growing at a staggering rate of 11%, outgrowing the United States’ rate by nearly four times. The market boom in China is mainly driven by the growing population participating in sports, preferential government initiatives and evolving fashion trends.
Sportswear in China is finding success where other types of apparel are beginning to struggle. For example, while the athletic apparel market in China rose by 11% in 2016, overall apparel grew at less than half that rate, with only an increase of 5%.
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