Market Overview:
The scope of our recent study on " Athleisure Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Top Wear, Bottom Wear, Footwear, and Others), Category (Men, Women, Unisex, and Kids), Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography,” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.
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The athleisure market is expected to grow from US$ 411.02 billion in 2021 to US$ 793.46 billion by 2028; it is estimated to grow at a CAGR of 9.9% from 2021 to 2028. Athleisure is a growing fashion trend that represents the fusion of athletic and casual wear, involving comfortable clothing which can also be used as casual wear.
The athleisure market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South & Central America (SCAM), and the Middle East & Africa (MEA). In 2020, North America dominated the global athleisure market. The rising trend of fitness and health consciousness is generating demand for comfortable and fashionable activewear. Furthermore, several manufacturers concentrate on specific activewear product categories and offer tailored gear that is best suited to individuals. The rising participation of working women in domestic sports and fitness activities in the region is expected to drive the market during the forecast period. The e-commerce industry across North America is on the rise and consumers are increasingly buying products on online retail channels. According to the data from the Census Bureau of the Department of Commerce, e-commerce sales in the US increased by 9.4% (±0.9%) from Q4 2020 to Q4 2021. The rapid penetration of e-commerce in the region is providing growth opportunities for athleisure manufacturers as it helps them to cater to a larger customer base. Furthermore, the growing influence of lifestyle blogs and celebrity endorsements in marketing athleisure items to a broader customer base favors the market progress in the region. Europe ranked third, in terms of share, in the market for athleisure in 2020. The growing awareness about health and fitness among European consumers is bolstering the sales of exercise clothes and equipment. Athleisure is gaining popularity in Europe due to the societal trend toward a healthier and more active lifestyle among all age groups, and the growing popularity of sportswear worn as casualwear.
Impact of COVID-19 Pandemic on Athleisure Market
The COVID-19 pandemic adversely affected the athleisure market due to the shutdown of manufacturing facilities, and restrictions on transportation and logistics. Disruptions in supply chain also hampered the supply of athleisure products. Following the state and regional guidelines, manufacturers had to implement extensive measures to protect the health and safety of their employees. Many of them temporarily closed their operations or restricted the production capacity in early 2020. Also, in the early stages of the crisis, manufacturers were majorly dependent on inventory. Further, amid lockdown periods during the pandemic, the sports and wellness facilities such as gyms were closed, which lowered the demand for athleisure products. However, businesses started recovering since late 2020 as the governments of various countries eased the restrictions imposed earlier in that year. Moreover, successful vaccination drives further eased the current scenario leading to a rise in business activities worldwide, which helped the athleisure market through revival.
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Adidas AG; Asics; Athleta LLC; Authentic Brands Group; Columbia Sportswear Company; Hennes and Mauritz AB; Lululemon Athletica; Nike, Inc.; Puma SE; and Under Armour Inc. are among the leading players in the athleisure market. These companies are adopting strategies such as mergers and acquisitions, and product launches to expand their geographic presence and consumer bases.
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