Athleisure Market to Cross USD 548 Billion by 2028 USD due to Surge in Demand for Highly Comfortable Clothes with Sports Features
The athleisure market is projected to grow from USD 326 billion in 2021 to USD 548 billion by 2028. The market is likely to witness a CAGR of 8.4% during the forecast period (2021 to 2028).
Westford USA, Jan. 18, 2023 (GLOBE NEWSWIRE) — The desire to live an active lifestyle and appear fit, as well as improve health and self-consciousness, inspire people to incorporate sports and fitness activities into their daily routines. A significant change in market dynamics brought about by this rising participation has led to increased demand for athleisure products. Athleisure is a popular category because it appeals to several broad trends, such as the global shift toward consumers wearing more casual attire, the desire for comfortable clothing, and the increase in athletic activity among health-conscious consumers who need performance clothing for these activities.
According to SkyQuest’s market analysis, post-pandemic phase, consumers are engaging in more individual outdoor sports (81%), at-home fitness (68%), and virtual races like 5Ks (32%). In recent seasons, there has been an increase in the desire for highly comfortable clothing with sports features when engaging in any activity. Wide pockets and elastic knot elements have become crucial products for carrying bulky mobile phones, purses, and other daily necessities. In addition, the athleisure market is witnessing traction with continuously changing fashion trends.
Online Distribution Segment to Register High Growth Rising Influence of Marketing Strategies and Social Media Campaigns
As per SkyQuest, the online distribution segment witnessed a 16.3% surge in year-to-year growth in 2021, and this trend is projected to continue in the coming years. The opportunity for online distribution will be appealing as a part of business expansion. With a dominant market share, the online distribution channel will likely increase throughout the forecasted period. The segment’s growth can be attributed to consumers buying more apparel through online distribution channels. A further factor boosting demand in the athleisure market is the expansion of online e-commerce platforms.
The utilization of online distribution platforms has expanded due to the COVID-19 pandemic. The North American region is anticipated to have a significant market share due to rising health and fitness concerns. Additionally, it is predicted that the presence of industry participants will encourage market expansion in the healthcare and services sector in the upcoming years.
The research report on the athleisure market discusses the industry’s present and future market prospects in light of recent changes, including growth possibilities and drivers, as well as obstacles and restraints from developing and emerging regions. In addition, the market report provides an in-depth understanding and analysis of the market through carefully selected, verified, and validated data.
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Male Population to Drive Major Sales for Athleisure owing to Rising Participation in Athletic Activities Requiring Suitable Clothing
The male category has the highest value share in the gender segment and registered a 9.7% CAGR in 2021, and it is anticipated to grow exponentially to witness a 13.2% growth rate from 2022 to 2028. People prefer to wear clothes that are comfortable for them and flattering on them. Athletic wear product lines and features meet such needs. Some athleisure clothing has become popular among men, including casual pants, bomber jackets, polo shirts, crew-neck sweaters, and others. Athleisure’s particular combination of style and comfort is thus one of the main factors driving the increase in demand for the product among men.
The Asia Pacific is anticipated to develop significantly as concerns about leading healthy lives among people increase. Additionally, the region’s athleisure market growth is growing due to increased foreign brand penetration, rising disposable income, and a desire for better lifestyles.
SkyQuest’s research report on the athleisure market provides comprehensive information on market size, revenue growth, and general market dynamics to readers, stakeholders, and businesses so they may increase their market share on a global scale. Along with several market segmentations, including product type, application, and geographical bifurcation, it also offers in-depth information on essential variables, constraints, limitations, and problems.
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Key Developments in Athleisure Market
- On AJIO Business, Reliance Retail has introduced the athleisure brand Xlerate. Hardik Pandya, an Indian cricket player, has been appointed as the brand ambassador for the subsidiary of Reliance India Limited (RIL). The business claims that Xlerate would meet the needs of sports and fitness fans who seek comfort and style in their training endeavors.
- To promote Nigeria’s athleisure culture, bCODE, a Nigerian design and lifestyle company, has announced a collaboration arrangement with Reebok, a major international sportswear brand. To supply its footwear and clothing under the Reebok franchise, bCODE will use its recently created website and first multi-brand store in Surulere, Lagos.
- TMRW, an Aditya Birla Group business venture, announced investing Rs 290 crore to buy eight lifestyle brands with a robust digital presence to amass a $1 billion D2C portfolio over the coming years. Women’s western clothing Berrylush, casual clothing Bewakoof, Juneberry, kids’ clothing Nauti Nati, athleisure brand Nobero, and casual and denim clothing Urbano and Veirdo are a few examples.
- With the creation of its brand, VRST, Dick’s Sporting Goods has entered the fiercely competitive men’s sportswear market. More than 400 Dick’s locations will start carrying the brand’s goods in the upcoming weeks. VRST made its debut on both Dick’s website and a separate website. Traditional clothing companies and department store chains will soon change the focus of their products and marketing to casual and comfortable clothing, bringing more participants into an already congested industry.
Several regional and global firms have started to enter this market in recent years as consumer interest in athleisure has grown. Future producers are aiming to release items that are multipurpose, durable, and appeal to as many customers as possible. The competitive landscape of the athleisure market is included in the research report, along with information on new service/product launches, collaborations, business expansions, and acquisitions made by the companies covered during the previous five years.
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Prominent Players in Athleisure Market
- Puma
- Under Armour
- Nike
- Lululemon Athletic
- Adidas
- Columbia Sportswear Company
- Asics Corporation
- North Face
- Gap Inc.
- Phillips-Van Heusen Corporation
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