How big is the sportswear industry？
The article will elaborate on the size of the sportswear industry and its development prospects
The Size of The Sportswear Industry
1、Product categories of the sportswear industry
Sportswear refers to clothing specially used in sports competitions. Sportswear is usually designed and made according to the specific requirements of sports events. In a narrow sense, professional sportswear is mainly divided into 9 categories: track and field clothing, ball clothing, water clothing, ice clothing, weightlifting clothing, wrestling clothing, gymnastics clothing, mountain climbing clothing, and fencing clothing. The sportswear discussed by the majority of the population is the broad sense of sportswear: it mainly refers to the clothing worn during sports activities. Based on the general understanding of sportswear by the public, we can classify it as follows:
1) Classified by exercise intensity
According to the intensity of sports, it can be divided into sportswear with low intensity (yoga, jogging, etc.), sportswear with medium intensity (hiking, mountain climbing, etc.), and sportswear with high intensity (rock climbing, skiing, etc.).
2) According to the environment
According to the sports environment, it can be divided into three types: land environment (travel, rock climbing, mountain climbing, etc.), water environment (drifting, rowing, diving, etc.), and air environment (gliding, etc.).
3) Classified by sport category
Extreme sports clothing: There is a great demand for the functionality of clothing.
Leisure sports clothing: focusing on comfort and convenience in daily life.
Of course, there are many classifications of sportswear, but here are only a few. In modern society, sportswear is no longer limited to only being worn during sports, but more combined with daily commuting and going out, which means that the design and beauty of sportswear are becoming more and more important!
2、The size of the sportswear industry
From a global perspective, in recent years, the global sportswear market revenue increased steadily. In 2020, the global sportswear market revenue reached 188.2 billion US dollars, with a year-on-year growth of 3.98%, and in 2021, the market revenue reached 192 billion US dollars. The global sportswear market is estimated to reach 220 billion yuan in 2022 and is expected to reach 365,720 million dollars in 2027, with a compound annual growth rate (CAGR) of 4.8% (2021-2027). North America is the most dominant market for sportswear, accounting for about 30% of the total, followed by Europe at 25% and China at 15%. Nike, Adidas, Under Armour, Anta, and Puma are the major sportswear makers, with the top three accounting for about 7 percent of the market. From 2011 to 2020, the market share of the global top five sportswear brands increased from 23.5% to 29.5%. As fashion elements change the appearance of sportswear, science and technology elements strengthen the function of sportswear, and the wearing scenarios of sportswear continue to expand. In the value chain of sportswear, fiber accounts for 4%, weaving accounts for 8%, and garment manufacturing accounts for 24%. Due to the different key elements in different stages, the proportion of direct labor is ranked as garment manufacturing> weaving>spin yarn.
Development Prospects of The Sportswear Industry
1、The development trends of the sportswear industry
In the process of socialized mass production, the specialization of the market division of labor is the inevitable trend of development. At present, the major sportswear brands, especially the world’s leading sportswear brands, focus on the building of brand value, product design, and marketing systems, and entrust the production and manufacturing of clothing to professional manufacturers. In the general trend of specialization, sportswear manufacturers and sportswear brand operators depend on each other, and the launching of a new product requires the joint efforts of brand operators and manufacturers.
More and more consumers are accustomed to purchasing clothing products online, and it is predicted that the proportion of online transactions will increase from 17% in 2017 to 27% in 2023. Driven by the positive energy atmosphere of the body, women accept that being thin does not necessarily equate to beauty, and anyone with a body shape should dress up for themselves. Especially in the United States, the market share of oversized sizes (such as yoga pants/swimwear) is expected to increase from 22.8 billion in 2018 to 46.6 billion in 2021, with a compound growth rate of+104%. In recent years, environmental protection issues have been highly valued, and more consumers are paying attention to sustainable clothing ecology. A survey conducted in multiple international cities in 2018 showed that 64% of respondents expressed support for sustainable fashion. Sustainable fashion represents the production process and the use of environmentally friendly fabrics and accessories, taking into account various ethical issues.
2、Development opportunities for the sportswear industry
There are plenty of opportunities in the sportswear industry, the most important of which is the “fitness craze”. In recent years, the popularity of fitness activities has led to a significant increase in demand for sportswear, footwear, and related accessories, which is widely regarded as an opportunity for the development of the sportswear industry.
According to market research, more than 40% of consumers prefer famous brands, and famous brands also attach great importance to the sportswear market, they will continue to introduce their own unique sportswear, which will bring new development opportunities for the sportswear industry.
What’s more, with the development of social media, online marketing has become a big opportunity for the sportswear industry. Social media can help sportswear companies better promote their products and provide consumers with more information and services to better meet consumer needs.
Finally, the opening of the global market by the World Trade Organization (WTO) also brings development opportunities for the sportswear industry. The WTO’s trade liberalization policy can promote the trade flow, thus providing development opportunities for foreign sportswear enterprises and helping to form a global sportswear market.
In short, the sportswear industry is rich in development opportunities, increasing consumer brand recognition, the development of social media, and the implementation of WTO trade liberalization policies will create more development opportunities for the sportswear industry.