LONDON--(BUSINESS WIRE)--The reflective sportswear market is expected to grow by USD 628.28 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Vendors in the market are adopting innovative marketing strategies to attract customers and drive sales. For instance, vendors are adopting celebrity endorsements as part of their primary marketing strategy as customers often prefer buying products promoted by their favorite athletes. Some vendors are also rebranding their sportswear collections, including reflective sportswear series after popular players. Furthermore, vendors actively sponsor several sports tournaments and matches to reinforce their market presence. Many such marketing initiatives adopted by vendors are fueling the growth of the global reflective sportswear market.
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As per Technavio, the increasing number of fatalities resulting from hard adventure sports activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Reflective Sportswear Market: Increasing Number of Fatalities Resulting from Hard Adventure Sports Activities
Adventure sports activities such as motorcycling and cycling are usually associated with inherent risks such as injuries, including death. Factors such as lighting conditions and low visibility increase the risk of such fatalities. It is expected that one-third of fatalities can be prevented if the rider mandatorily wears reflective sportswear. Also, many countries in the Americas have regulations on commercial cyclists, where restaurant delivery persons and bike messengers are required to wear high visibility clothing while riding. These factors are expected to boost the growth of the global reflective sportswear market during the forecast period.
“Physical and mental fitness benefits associated with extreme sports and the increasing dependence of today's population on the internet will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Reflective Sportswear Market: Segmentation Analysis
This market research report segments the reflective sportswear market by product (Apparel, Footwear, and Others), distribution channel (Offline and Online), and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the reflective sportswear market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the launch of innovative products, the rising use of online platforms to purchase reflective apparel and increasing participation in outdoor activities in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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