LONDON--(BUSINESS WIRE)--The sportech textiles market size is expected to post a CAGR over 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Increase in government initiatives to support sportech textiles market is one of the major reasons for the market growth. Governments in countries such as India are encouraging the development of textile and technical textile industries by introducing various initiatives and schemes. Other regions such as the US and China are facilitating procurement and import and export of technical textiles at subsidized raw material prices under free trade agreements. Therefore, many countries are able to achieve sustainable growth and value addition in textile and technical textile sectors. This will attract more consumers looking for sports equipment, accessories, and apparels such as ballooning fabrics, sleeping bags, sports shoes, parachute fabrics, sports nets, and protective sports equipment made from sportech textiles.
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As per Technavio, the growth in sustainable practices in sportech textiles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Sportech Textiles Market: Growth in Sustainable Practices in Sportech Textiles
There is an increase in the demand for certified sustainable sports textiles and clothing and accessories. These products are derived from recycled, organic or sustainable materials due to the growing concern over public health and environment. This is encouraging vendors to offer sustainable sportech textiles made from eco-friendly fabrics and materials. They also gain insights from institutions and organizations to meet standard requirements of sustainability in textile materials and fabrics. This will increase consumer satisfaction and trust.
“Apart from the growth in sustainable practices in sportech textiles, other factors such as the increasing number of strategic alliances and rising innovative product launches will have a positive impact on the sportech textiles market growth during the forecast period,” says a senior analyst at Technavio.
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Sportech Textiles Market: Segmentation Analysis
This market research report segments the sportech textiles market by application (sports shoe components, sports composites, and other sportech textiles), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The dominance of APAC can be attributed to several factors such as the increase in the popularity of sports, , the rise in the number of sporting events, and upswing in product launches.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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