Athleisure Market Size to Reach USD 8,33,199.16 million by 2030 at 10.33% CAGR – Report by Market Research Future (MRFR)
New York, US, Feb. 27, 2023 (GLOBE NEWSWIRE) —
Athleisure Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR),
Research Report Information By Product Type, By End User, By Distribution Channel, And By Region – Market Forecast Till 2030
, The athleisure market industry is projected to grow from USD 4,18,690.88 million in 2022 to USD 8,33,199.16 million by 2030, exhibiting a compound annual growth rate (CAGR) of 10.33% during the forecast period (2022 – 2030).
One of the most well-known fashion fads to sweep the globe is athleisure. It combines leisure and athletic wear and attempts to offer cozy apparel that’s still durable enough to let the person work out in it. Yet, athleisure clothing is worn by more people than simply those who enjoy working out in the gym and being fit.
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|Market Size in 2030||USD 8,33,199.16 million|
|Forecast Units||Value (USD million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, By End User, By Distribution Channel, And By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Increased sports participation|
|flourishing demand for sports apparel|
Leading industry players are investing a lot of money in R&D to broaden their product offerings, which will spur further expansion of the athleisure market. The significant market developments include the introduction of new products, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Market participants are also undertaking a variety of strategic activities to expand their reach.
- Under Armour Inc. (US)
- Lululemon Athletica (Canada)
- Adidas AG (Germany)
- Hennes & Mauritz AB (Sweden)
- Nike Inc. (US)
- Puma SE (Germany)
- Eysom (US)
- Outdoor Voices (US)
- Ten Thousand Inc. (US)
- Isaora (US),
Browse In-depth Market Research Report (90 Pages) on Athleisure:
Customers are being encouraged to incorporate sports and fitness activities into their daily routines due to rising health and self-consciousness, a desire to live active lifestyles, and a desire to look fit. A change in market dynamics brought by by this increasing engagement has increased demand for athleisure goods. Consumers who are ready to pay more for such added benefits have shown an interest in sports wear with improved attributes including moisture management, temperature regulation, and other performance-boosting qualities that reduce pain and potential injury. As a result, these improved features have encouraged consumer habits to encourage wearing sports apparel during their free time.
Athletic wear is still seen as a luxury good and costs more than typical sporting goods. The astronomical cost may significantly impede market expansion in the years to come.
Moreover, customers’ ignorance of these products and preference for lower-priced, lower-quality clothing will have a negative impact on the global market. The aforementioned low-quality items are not sustainable and may be harmful to the environment, which would negatively impact the market.
The significant effects of the COVID-19 outbreak have had a variety of effects on people’s health all across the world. The tremendous social and economic burden on individuals around the world is related to the aftermath. People are suffering from a variety of mental traumas as the major governments implement new frameworks and industries embrace cutting-edge models of expansion to maintain their relevance.
The increase in cases has sparked mental and financial problems around the world, particularly among the elderly. Also, the younger population has been experiencing difficulties as a result of the loss of jobs and is choosing family care to deal with the effects. The creation of a vaccine and the treatment of COVID-19 dominate the conversation, diverting attention from other markets. Luxurious goods aren’t considered necessities, which may hurt the athleisure industry going forward.
Product Type Insights
With over 40% of the athleisure market’s sales coming from this segment, leggings, tights, and joggers retained the majority of market share in 2021. Leggings are essential for athleisure wear since they are adaptable and may be worn as both activewear and casual attire. These can be used during a variety of exercises, including cycling, running, Zumba, and calisthenics. The category for yoga pants is anticipated to increase at the quickest rate during the projected period.
End User Insights
The women segment dominated the market in 2021 and is anticipated to increase at the fastest rate from 2022 to 2030. Due to growing membership in fitness clubs and the number of women joining sports leagues, the market is growing. In addition, around 70% of all women in the country play sports at least once a year. The demand for athleisure and sportswear in the country is rising as a result of this factor. As a result, new product introductions, market expansion, and athleisure industry breakthroughs all contribute to market expansion.
Distribution Channel Insights
In 2021, the store-based category dominated the market, and it is anticipated that during the forecast period, 2022–2030, it will grow more quickly than any other segment. The fashion business is undergoing seismic changes as a result of developments in digital technology, rising urbanization, and altered consumer purchasing patterns. Also, the hastened retail crisis caused by the coronavirus has increased uncertainty in the fashion industry. Since celebrities frequently post about their products on social media sites like Instagram, a popular channel for huge stores, these collaborations might help a brand’s discoverability.
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The athleisure market in North America, which had sales of USD 1,68,113.89 million in 2021, is anticipated to increase at a substantial CAGR over the research period. The growing interest in different athletic events is one of the major factors boosting the market’s growth over the forecast period. Furthermore, growing health consciousness and the desire to appear fit are major factors behind the increased use of gyms and exercise facilities.
The second-largest market share for athleisure is in Europe. As consumer awareness of health and fitness rises in Europe, so do sales of sports apparel and equipment. Athleisure is growing in popularity due to the societal trend toward a healthier and more active lifestyle among all age groups and the increased popularity of sportswear worn as casual clothing. Also, the UK athleisure market had the quickest rate of growth in the European region, while the Germany athleisure market had the largest market share.
From 2022 to 2030, the Asia-Pacific Athleisure Market is anticipated to experience the quickest CAGR growth. It is brought on by an increase in the number of millennials living in emerging economies, increased urbanization, and rising per capita disposable incomes. Also, the India athleisure market was the Asia-Pacific region’s fastest-growing market, while the China athleisure market had the biggest market share.
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