The global compression sportswear market size is expected to gain momentum by reaching USD 6.59 billion by 2028 from USD 4.24 billion in 2021. This information is published by Fortune Business Insights in its latest report, titled, “Compression Sportswear Market, 2023-2028.” The report further mentions that the market stood at USD 4.03 billion in 2020 and is projected to exhibit a CAGR of 6.5% between 2023 and 2028. The increasing cases of sports injuries owing to hectic international sporting schedule is expected to drive the product’s demand worldwide.
Information Source:
https://www.fortunebusinessinsights.com/compression-sportswear-market-105147
COVID-19 Impact – Market Exhibited -9.7% Growth Rate in 2020; Reduced Sports Activities Dampens Sales
According to the Sports Industry: Structure, Size, and Trends, global sportswear sales in 2019 were estimated to be around USD 353.7 billion. However, the COVID-19 pandemic disrupted the sportswear industry significantly due to postponed/halted sports activities across the globe. The market exhibited a negative growth rate of -9.7% in 2020 leading to sluggish demand for the product. However, the pandemic brought in significant changes and the future looks exciting for the sports apparel industry. The major deviation towards fitness and the growing participation in sports by several people is expected to bode well for the product’s adoption in the forthcoming years.
List of Top Companies Profiled in the Global Compression Sportswear Market:
- Nike, Inc. (United States)
- Adidas AG (Germany)
- Under Armour, Inc. (United States)
- PUMA SE (Germany)
- Superdry (United Kingdom)
- ASICS Corporation (Japan)
- FILA Korea (South Korea)
- Columbia Sportswear Company (United States)
- YONEX Co., Ltd. (Japan)
- PVH Corp. (Speedo International) (United States)
- 2XU (United States)
- Lululemon Athletica (Canada)
- A4 Sportswear (United States)
- Augusta Sportswear (United States)
- BV SPORT (France)
- Compressport (Switzerland)
- Craft (United States)
- CW-X (United States)
- Medi (CEP) (Germany)
- Zensah (United States)
- Pacterra Athletics (United States)
What does the Report Provide?
The global market report provides an in-depth analysis of the market. It primarily focuses on key aspects such as leading companies, product/service types, competitive landscape, and leading product applications. Additionally, it offers valuable insights into the current market trends and highlights key industry developments obtained from several research methodologies by our research analyst. In addition to the factors mentioned above, the report encompasses qualitative and quantitative analysis of several key factors that have contributed to the growth of the market during the forecast period.
DRIVING FACTORS:
Increasing Incidence of Sports Injuries to Aid Growth
According to the data from the American Academy of Pediatrics, in the U.S., about 30 million young people participate in some form of sports every year. Moreover, around 3.5 million sports-related injuries are experienced by sports players. The growing number of sports injuries is propelling manufacturers to develop innovative sportswear. Compression apparel aids in expediting the process of rebuilding muscles and significantly reduces fatigue. Owing to their myriad benefits, the sports players opt for the apparel to prevent injuries that are likely to contribute to the global compression sportswear market growth in the forthcoming years.
REGIONAL INSIGHTS:
Asia-Pacific – The region is expected to remain dominant and hold the highest position in the market during the forecast period. This is ascribable to factors such as the presence of a young population in the region and the active youth participation in sports activities in countries such as India, China, Japan, and South Korea in the region. Asia-Pacific stood at USD 1.35 billion in 2020. According to the United Nations, around 60% of the global youth population is present in Asia-Pacific.
North America – The market in the region is expected to experience significant growth in the forthcoming years. This is due to the improved standard of living and the presence of a number of sports such as athletics, football, and other endurance events that will boost the adoption of advanced compression sportswear between 2021 and 2028.
Key Market Segmentation:
On the basis of type, the market is categorized into tops, bottoms, socks, bras, and others. Based on gender analysis, the market is divided into men, women, kids, and unisex.
Based on gender analysis, the men’s segment held a global compression sportswear market share of about 57.3% in 2020 and is likely to showcase significant growth during the forecast period. This is due to the increasing number of male participants in sporting events worldwide.
On the basis of the distribution channel, the market is bifurcated into online and offline. Lastly, on the basis of region, the market is segmented into Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa.
COMPETITIVE LANDSCAPE:
Product Innovation by Major Companies to Amplify Their Market Prospects
The global market is consolidated by the presence of major companies striving to maintain their presence by adopting innovative and advanced technologies to develop compression sportswear to cater to the evolving needs of sportspersons. Moreover, other key players are adopting organic and inorganic strategies to gain a competitive edge over their rivals in the highly competitive global marketplace.
Detailed Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Weighted Average Selling Price Trend Analysis
- Global Compression Sportswear Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subject to data availability in the public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
TOC Continued…!
Key Industry Development:
February 2021 – NIKE, Inc. acquired Catalog, a data integration platform. The acquisition is aimed at bringing a digital transformation in its business operations and further integrating data to cater to consumer requirements.
