Asia-Pacific sportswear and sports footwear market
Asia-Pacific Sportswear and Athletic Footwear Market by Product Type, by Sport, by User: Regional Opportunity Analysis and Industry Forecast 2021 to 2027. The report offers an in-depth analysis of growth strategies Keys, Drivers, Opportunities, Key Segment, Porter’s Five Forces Analysis and Competitive Landscape.
The Asia-Pacific Sportswear and Athletic Footwear market size was valued at USD 89,596.3 Million in 2019 and is projected to reach USD 110,586.9 Million by 2027, registering a CAGR of 4. 3% from 2021 to 2027.
Sportswear and sports shoes are worn during training sessions or during sports and recreational activities. Initially, sportswear was mainly worn by athletes, but over time, it has become common among regular gym goers and other non-athletes, which acts as a key growth driver for the overall market.
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Furthermore, the expansion of distribution channels such as online stores, specialty stores, supermarkets and hypermarkets in Asia-Pacific has made these sportswear and shoes easily accessible to users, which, in turn, contributes to market growth.
In addition, currently fashionable sportswear and sports shoes with bright colors are one of the growing trends in the Asia-Pacific sportswear and sports shoes market among users. In addition to this, growing consumer interest in sports and recreational activities is expected to provide immense opportunities for the Asia Pacific sportswear and sports footwear market over the forecast period.
By product type, the running and walking shoes segment accounted for the largest sportswear and athletic shoes market share in Asia-Pacific in 2019. This is attributable to IoT-integrated smart running shoes , which enable end users to monitor, track, analyze, maintain fitness and improve their performance through different connected apps in smartphone or other devices, thus making sportswear and sports shoes products popular among users .
According to the user, the children’s segment is expected to grow at a higher CAGR during the forecast period of the Asia Pacific sportswear and sports shoes market, owing to the fact that children nowadays do not are not only limited to studies, but also focus on extra-curricular activities. to learn and explore. Thus, the active participation of children in recreational and sports activities such as football, cricket, basketball, running, boxing and yoga is expected to boost the growth of the sportswear and sports shoes market in Asia-Pacific in the near future.
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Based on sports, yoga and gymnastics are expected to register the fastest growth as users are now increasingly health conscious and focus on a healthy lifestyle. This, in turn, has encouraged users to practice yoga and gymnastics to maintain their physical fitness, thereby increasing the growth of the overall market.
By country, it is studied in China, Hong Kong, Taiwan, India, Indonesia, Thailand, Philippines, Vietnam, Malaysia, Singapore, South Korea, Japan, Australia, New Zealand, South Africa, United Arab Emirates and the rest of Asia-Pacific.
The sports sector has been hit hard during the outbreak of the COVID-19 pandemic. Many sporting events have been postponed or canceled during the outbreak. For example, the Tokyo Summer Olympics and Paralympics were canceled due to this global health crisis, which hampered market growth. In addition, the sale of sportswear and footwear has been hampered in Asia-Pacific and other parts of the world, as the epidemic has led to the closure of sports complexes, state sports activities, gymnasiums , fitness studios, parks, schools and colleges. This has further led to a decline in participation in regular physical or sports activities, which in turn has hampered the demand for sportswear and footwear.
Major players operating in the sportswear and sports shoes industry in Asia Pacific include Adidas Ag, Asics Corporation, Brooks Running Company, Fila Holding Corporation, Li Ning Company Limited, New Balance, Inc. Nike, Inc. , Puma SE, Skechers USA, Inc, and Under Armour, Inc.
Main results of the study:
○ By product type, the running and walking shoes segment accounted for the highest market share in 2019, growing at a CAGR of 3.8% from 2021 to 2027.
○ By sport, the running segment accounted for the highest market share in 2019, growing at a CAGR of 4.4% from 2021 to 2027.
○ According to users, the men’s segment accounted for the highest market share in 2019, growing at a CAGR of 3.6% from 2021 to 2027.
○ Country-wise, China occupied maximum share of the Asia-Pacific sportswear and sports shoes market in 2019 and is expected to dominate the market over the forecast period.
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