The global Functional Apparel Market is forecast to reach USD 519.04 Billion by 2027, according to a new report by Reports and Data. The increase in health and wellness trend is one of the main influencing factors that has propelled the demand for explicitly athletic wear or sportswear items of various types of garments. Consumers around the world have been taking their fitness activity seriously into consideration by indulging in multiple sports and fitness activities.
Moreover, growing awareness of health among individuals and increasing willingness to execute workout activities that help combat different ailments are anticipated to fuel the growth. The compression innovation is one of the most common technologies implemented in training clothing, shoes, and socks. The application of a controlled surface pressure over different parts of the body accelerates blood flow, increases the supply of oxygen to the muscles being exercised, and improves their efficiency. A balance of these factors allows a person to work out for a longer duration at a higher rate.
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- Manufacturers of sportswear have initiated efficient commercial campaigns that help to raise awareness among target customers of their product offerings. One of the key players in the segment, Under Armour Inc., witnessed an increase in demand for its sportswear products on the global market in 2017, posted aggressive promotional activities that were organized that year.
- Companies concentrate on technical advancement, updating equipment, and process changes, reducing costs, and increasing efficiency. Competition remains high in the industry.
- In light of rising consumer preferences and lifestyles, a significant number of healthcare improvement and recreation activities result in increased demand for the market in APAC. Increasing disposable income, urbanization, and the launch of technologically advanced goods in emerging economies, including India, China, and Bangladesh, is anticipated to escalate global demand.
- The compression technology is one of the most common technologies implemented in training clothing, shoes, and socks. The application of a controlled surface pressure over different parts of the body speeds up blood flow, enhances the supply of oxygen to the muscles being exercised out, and improves their efficiency.
Key participants include Nike Inc., Adidas AG, Asics Corporation, Hanes Brand Inc., Reebok, Jockey International Inc., Russell Brands LLC, PUMA S.E., Hugo Boss AG, and Columbia Sportwear Company, among others.
Further key findings from the report suggest:
- In North America, the professional athletic segment accounted for 46.2% of the revenue share in 2019 and is anticipated to grow from USD 46.81 billion in 2019 to USD 80.37 billion. This can be due to their changing lifestyle and increased participation in sports activities.
- Athletic footwear is designed to enhance comfort by reducing/eliminating injuries and aid in improving athletic efficiency. The increase in the occurrence of foot allergies and diseases drives the need for advanced features in athletic shoes and socks continuously. Textile industry manufacturers integrate cutting-edge technology into hosiery goods.
- The hypermarket/supermarket segment is responsible for a larger market share of functional apparel because most of the products/ services are conveniently available at a low rate in such stores. These stores promote the availability of practical fashion items, both branded and private label
- The rising need for eco-friendly products is intended to generate new opportunities for industry growth because of increasing health and environmental issues about many different kinds of fabrics. Technological developments such as anti-bacterial material, sweat-absorbent, and warmer clothing for cold climate are expected to see strong growth over the projected timeframe.
Product Outlook (Revenue, USD Billion; 2017-2027)
- Protective Clothing
Application Outlook (Revenue, USD Billion; 2017-2027)
- Professional Athletic
- Armature Athletic
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Convenience Stores
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Identifying the basic business drivers, challenges, and tactics adopted:
- The report provides intrinsic details and fluctuating aspects that influence the commercial dynamics of the Functional Apparels market along with integral factors of the rise in the demand for the product have been mapped across vital geographical regions.
- An overview of the multifarious applications, business areas and the latest trends observed in the industry has been laid out by this study.
- Various challenges overlooking the business and the numerous strategies employed by the industry players for successful marketing of the product have also been illustrated.
- The research inspects the sales channels (indirect, direct, marketing) that companies have chosen for the primary product distributors and the superior clientele of the market.
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