From yoga mats to boardrooms: Could the athleisure phenomenon soar into a $450 billion empire by 2028?: Ken Research

GURUGARAM, India, 24 April 2023 (GLOBE NEWSWIRE) — The global athleisure market will grow in 2028 as demand for stylish yet comfortable clothing fueled by growing consumer fitness and health awareness projected to exceed US$450 billion by 2020.

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Athleisure is a hybrid style of clothing that fuses sport and leisure and is comfortable and durable enough for active use. It is often worn at sporting events and other places such as work, school, and other informal or social gatherings.

Ken Research shares three key insights about this opportunistic market from their latest research study.

1.

Advanced features in sports apparel drive market growth

According to research,

Global athleisure market

– valued at around US$300 billion by 2022 – is expected to grow further into an opportunity of more than US$450 billion by 2028. New products are introduced by manufacturers that are made from sturdy, long-lasting materials. Consumer interest is fueled by the availability of sports apparel with improved features such as moisture management, temperature control, and other performance-enhancing properties that reduce the risk of injury and discomfort. Because of the features, customers are willing to pay more for these additional benefits. As such, it is becoming more common for people to wear sports equipment while enjoying their free time.

2.

Increasing Wellness Trends Driving Market Growth

Wellness has evolved from a professional lifestyle choice to a new status symbol and an industry-wide expression of personal values ​​across high-end travel, high-end beauty and exercise. The streetwear athleisure trend, driven by the need of today’s affluent consumer to combine comfort and style, has had a major impact on luxury fashion. Luxury brands are benefitting the athleisure market by releasing new athletic products such as shirts, leggings and shorts.

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3.

Increased sales of counterfeit products negatively impacted the market

Consumer fraud in the form of product counterfeiting occurs when products are sold under false labeling. Products that are manufactured illegally but look genuine are called counterfeits. These products often have poor performance, reliability, or durability. It is important to learn as much as possible about the luxury and counterfeit markets and the consumers in each of these sectors. Many counterfeit goods are purchased online because customers rely on vendor information that is susceptible to falsification. The Internet allows counterfeiters to market counterfeit goods without first being inspected by consumers. Therefore, when a product is presented online in a complex and sophisticated way, it positively influences the user’s impression of the authenticity of the item and increases the user’s willingness to buy online. Hence, this is having a negative impact on market growth.

market taxonomy

By type

By end user

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By distribution channel

• hypermarket/supermarket

• specialty shop

• online sales channel

• others

by geography

• North America (USA, Canada, Mexico)

• Europe (Germany, UK, France, Spain, Italy)

• Asia Pacific (China, Japan, Korea, India, Indonesia, Australia)

• LAMEA (Latin America, Middle East, Africa)

main player

• Adidas AG

• american eagle outfitters

• Nike Inc.

• Puma SE

• Gap Co., Ltd.

• Alara

• Esprit Retail BV & Co. KG

• Carbon 38 Co., Ltd.

• Under Armor Co., Ltd.

• Columbia Sportswear Company

• Lululemon Athletica Co., Ltd.

For more information on market intelligence, please refer to the links below.

Global athleisure market

Related report by Ken Research:-

Brazilian Bags and Luggage Market Outlook 2027F- Driven by Rising Urbanization and Fast Fashion Trends

According to Ken Research estimates, the Brazilian bags & luggage market, which is projected to grow at a CAGR of ~% from 2017 to 2022 and at a CAGR of ~% from 2023 to 2027F, is driven by increasing urbanization and according to fast fashion trends). The surge in educational opportunities abroad and the increase in travel and tourism have increased the demand for luggage. The increasing convenience of online shopping has significantly changed consumer preferences when purchasing travel bags and other luggage bags through e-commerce platforms such as Amazon and eBay.

China Sporting Goods Market Outlook to 2027F- By Type (Ball Sports, Adventure Sports, Fitness, Golf Equipment), By Distribution Channel (Specialty and Sports Shops, Department/Discount Stores, Online, Others), and By Region

According to Ken Research estimates, China’s sporting goods market has grown from around RMB ~ Bn in 2017 to around RMB ~ Bn in 2022. RMB ~ Bn opportunity is projected to grow further by 2027F due to increasing consumer disposable income and growing popularity. Increase in sports and fitness activities, proliferation of online retail channels. China produces up to 60% of the world’s sporting goods, excluding apparel and footwear. Many companies source from the country because of the low labor and production costs. In China, 80% of sports goods are consumed by young people, especially high school and college students.

Indonesia Sportswear Market Outlook to 2023 – By Category (Running, Badminton, Soccer, Futsal, Basketball, etc.), By End User (Men, Women, Children, Teens); By Distribution Channels (Store Based Retail and Internet retail); sports-inspired, performance-focused apparel and footwear

The Indonesian sportswear market is expected to grow significantly in terms of revenue by the end of 2023. The Indonesian economy is expected to grow strongly over the next five years on the back of increased exports and investment. Indonesia will continue to be a preferred destination for global brands such as Adidas, Nike and Puma. The athleisure trend from 2019 is expected to continue during the forecast period of 2023. In the near future, the market will be driven by increasing consumer spending, especially by the middle-class population, and increasing e-commerce penetration.

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Ken Research Private Limited

Ankur Gupta, Director of Strategy and Growth

Ankur@kenresearch.com

+91-9015378249

Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249