Active Wear Market Analysis and Latest Trends
Active wear refers to clothing designed for physical activities such as exercise, sports, and other active pursuits. It is known for its functionality, comfort, and versatility, allowing individuals to move freely and comfortably during their workouts. Active wear includes items such as leggings, sweatpants, sports bras, t-shirts, shorts, and jackets.
The global active wear market has been experiencing significant growth in recent years and is expected to continue to expand. The market growth can be attributed to various factors including the increasing awareness about health and fitness, rising participation in sports and outdoor activities, and changing lifestyle preferences towards casual and comfortable clothing. Additionally, the growing popularity of athleisure – clothing that can be worn both for workouts and everyday activities – has further boosted the demand for active wear.
The latest trends in the active wear market include the integration of technological advancements in clothing, such as moisture-wicking fabrics, breathable materials, and antimicrobial properties. The emphasis on sustainability and eco-friendly practices has also led to the development of eco-conscious active wear made from recycled materials. Rising demand for niche segments like plus-size active wear and maternity active wear has created opportunities for market expansion.
According to market research, the active wear market is projected to grow at a compound annual growth rate (CAGR) of 4.9% during the forecast period. This growth can be attributed to factors such as the increasing adoption of a healthy lifestyle, rising disposable incomes, and the influence of social media and celebrity endorsements promoting fitness and wellness. Overall, the active wear market is expected to witness significant growth in the coming years.
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Active Wear Major Market Players
The global active wear market is highly competitive and dominated by key players such as Nike, Inc., Adidas AG, Columbia Sportswear Company, Asics Corporation, Gap Inc., Puma SE, Under Armour, Inc., Dick's Sporting Goods, Inc., North Face, Inc., and PVH Corp. These companies are focused on capturing a significant share of the market by offering innovative and trendy active wear products to meet the ever-changing consumer demands.
Nike, Inc. is one of the leading players in the active wear market, known for its technological advancements and premium quality products. The company has a strong market presence globally and is continuously expanding its product portfolio. It has experienced steady growth over the years and is expected to continue growing with the increasing popularity of athleisure and rising health consciousness among consumers.
Adidas AG is another major player in the active wear market, renowned for its iconic sportswear and footwear. The company has seen substantial growth due to its collaborations with celebrities and athletes, which have enhanced its brand appeal. Adidas AG has a significant market share in key markets such as Europe and North America and is expected to witness steady growth in the future.
Under Armour, Inc. is a well-known American active wear brand focusing on performance apparel, footwear, and accessories. It has displayed remarkable growth in recent years, primarily driven by its innovation in sports technology and endorsement deals with professional athletes. The company aims to continue expanding into international markets, especially in Asia-Pacific, contributing to future growth.
Dick's Sporting Goods, Inc. is a prominent retailer offering a wide range of active wear products. It has experienced steady growth by leveraging e-commerce platforms and providing a seamless shopping experience to customers. The company focuses on expanding its store network to cater to the growing demand for active wear.
As for sales revenue, Nike, Inc. reported a total revenue of $37.4 billion in fiscal year 2020, while Adidas AG generated sales of €19.8 billion (approximately $23.5 billion) in 2020. Under Armour, Inc. reported net revenue of $4.5 billion for the fiscal year 2020.
The active wear market is expected to continue growing in the foreseeable future, driven by factors such as increasing health and fitness consciousness, a rise in athleisure fashion, and the popularity of e-commerce. The market size of the global active wear industry is projected to reach $547.7 billion by 2024, witnessing a CAGR of 6.8% from 2019 to 2024. This growth is primarily attributed to the expanding consumer base, rising disposable income, and the growing trend of adopting an active and healthy lifestyle worldwide.
What Are The Key Opportunities For Active Wear Manufacturers?
The active wear market has experienced exponential growth in recent years and is expected to continue to do so in the future. The increasing emphasis on health and fitness, as well as the growing popularity of athleisure, has propelled the demand for active wear. Technological advancements such as moisture-wicking fabrics, compression clothing, and smart clothing have further boosted the market. Moreover, the rising awareness about sustainability and eco-friendly products has led to the emergence of sustainable active wear brands. With the increasing integration of fashion and fitness, the active wear market is poised for significant growth in the coming years.
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Market Segmentation
The Active Wear Market Analysis by types is segmented into: