Global Sports and Fitness Wear Market to Witness Growth Through 2020 Owing to Increasing Health Awareness: Reports Technavio

LONDON–(BUSINESS WIRE)–#ConsumerAndRetailTechnavio
analysts forecast the global
sports and fitness wear market
to grow at a CAGR of more
than 4% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global sports
and fitness wear
market for 2016-2020. The report also
presents the competitor landscape and brand offerings of key retailers.
In addition, it provides a corresponding detailed analysis of the key
competitors in the market. The report also contains the five forces
analysis and an overview of the key leading countries.

There has been a growing demand for active wear for both fitness
and sports apparel globally. North America has been a leading market
with more than 37% of the total global sportswear sales. Market leaders
such as Nike and Under Armour strategize to increase their focus on
athleisure –
formal sportswear – and fitness wear
principally targeting the 2016 Summer Olympics in Rio de Janeiro,
Brazil. The emphasis on athleisure and fitness wear is due to the
increasing acceptability for athletic-casual wear in a wide variety of
social situations.

Technavio consumer
and retail
analysts highlight the following three factors that
are contributing to the growth of the global sports and fitness wear
market:

  • Increase in memberships in gyms and health clubs
  • Increasing celebrity endorsements for sportswear
  • Awareness of benefits of a physically active lifestyle

Increase in memberships in gyms and health clubs

According to Mantri Charan Kumar, a lead analyst at Technavio for retail
goods and services
research, “Gym and health club memberships
have witnessed a steady increase over the past decade.” The number of
health clubs and fitness
centers is also rapidly increasing due to the intense competition. To
enhance their sales, these clubs are coming up with exclusive packages
to attract consumers and provide them with yearly or monthly packages
with discounts. According to the International Health, Racquet, and
Sports Club Association (IHRSA), there has been a significant increase
in the number of health clubs, gyms, and other fitness centers. Gym and
fitness centers in the US have gradually experienced a membership
increase from 50.2 million in 2012 to 55 million in 2015. The number of
people exercising at home gyms has also risen.

This rise in the number of memberships in gyms and health clubs have
resulted in a rise in the demand for sports and fitness apparel
globally. Fitness apparel currently occupies approximately 8% of the
market share in the global sports and fitness wear market, and this
share is expected to rise during the forecast period, due to increasing
demand for comfortable fitness wear.

Demand for regular walking and running apparel and comfortable fitness
apparel is also increasing. For instance, adidas introduced their
adidas Performance Tank Tops, which have a high neckline along with drop
armholes that provide comfort and convenience to the consumer while
working out with their convenient and barrier-free designing. The
apparel is also designed using the climalite fabric technology, which
helps remove moisture away from the body and provides the user with a
comfortable and dry feel.

Increasing celebrity endorsements for sportswear

Launching advertising campaigns by famous athletes and sportspersons is
an age-old and successful marketing strategy followed by most
established players, including sportswear manufacturers. Most consumers
generally tend to purchase products that their favorite sportspersons
promote. Famous athletes such as Usain Bolt often launch new product
lines of international vendors. Many vendors also use the names of
popular runners for their sports apparel collection to help propel
sales. For example, Usain Bolt currently is the global brand ambassador
for the German sportswear company, Puma. Celebrity endorsements can
enhance the brand image by engaging consumers with the particular brand
their favorite celebrity is promoting. Some of the popular female brand
ambassadors for the global sports apparel marketers include Maria
Sharapova and Allyson Felix for Nike.

Vendors also sponsor a number of running or sports events. Some of the
other common promotional strategies include offering discounts, seasonal
offers, and lucky draws. “The increased penetration of the internet has
also enabled vendors to effectively increase their reach and gain
customer loyalty through the online
mode,” says Mantri.

Awareness of benefits of a physically active lifestyle

The global sports and fitness wear market is being driven by the
increase in awareness of the importance of leading a healthy lifestyle
and being physically fit. Hectic work schedules and increasing health
issues have been compelling people to opt for different sporting
activities as a form of exercise. As a direct result of this, the market
is registering an increase in the demand for sports and fitness apparel
for running or jogging and for participating in different sporting
events. This, in turn, has been fueling the growth of the global sports
and fitness wear market.

Obesity,
as a health problem, has become so common that the World Health
Organization (WHO) has formally declared it as a global epidemic. In
2013, the American Medical Association classified obesity as a disease.
More than one-third of the US adults are obese. Almost one in six
children and adolescents in the US are also suffering from problems of
obesity. The world obesity rates are on the rise and consumers are
becoming increasingly conscious, leading them to take up precautions in
the form of exercise like running. More than 45% of the US populace
spends on sports/recreation footwear. Approximately half of the younger
generation comprising of millennials were involved in high calorie
burning activities which augurs well for the growth of the sports and
fitness wear market during the forecast period.

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