The global Functional Clothing Market is forecast to reach USD 519.04 Billion by 2027, according to a new report by Reports and Data. The increase in health and wellness trend is one of the main influencing factors that has propelled the demand for explicitly athletic wear or sportswear items of various types of garments. Consumers around the world have been taking their fitness activity seriously into consideration by indulging in multiple sports and fitness activities.
The report offers a panoramic view of competitive landscape of the global market to offer key insights into the key players and their business expansion plans. It also offers critical insights into their financial status, global position, product portfolio, revenue and gross profit margins, and technological and research developments. It further sheds lights on MA activities, collaborations, partnerships, agreements, deals, and product launches among others. The research study deploys advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis to offer deeper insights into key players.
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The study also analyses the crucial market aspects, including RD, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and the growth pattern on both regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends.
The competitive landscape section of the report discusses in detail the company overview, product and services portfolio, business expansion plans, production and manufacturing capacity, financial standing, and global market position. It further sheds light on the recent mergers and acquisitions, collaborations, partnerships, corporate and government deals, agreements, and product launches.
The report’s precise market projections are based on historical, current, and future market contexts. Additionally, the report highlights the forecast global market value, upcoming market trends, gross revenue generation, manufacturer and buyer landscape, available products services, technological breakthroughs, and end-use industries. The report further offers full coverage of the COVID-19 pandemic on this industry and its leading segments. It thus highlights the profound changes that took place in this business sphere following the coronavirus outbreak.
Market-O-Nomics:
- Manufacturers of sportswear have initiated efficient commercial campaigns that help to raise awareness among target customers of their product offerings. One of the key players in the segment, Under Armour Inc., witnessed an increase in demand for its sportswear products on the global market in 2017, posted aggressive promotional activities that were organized that year.
- Companies concentrate on technical advancement, updating equipment, and process changes, reducing costs, and increasing efficiency. Competition remains high in the industry.
- In light of rising consumer preferences and lifestyles, a significant number of healthcare improvement and recreation activities result in increased demand for the market in APAC. Increasing disposable income, urbanization, and the launch of technologically advanced goods in emerging economies, including India, China, and Bangladesh, is anticipated to escalate global demand.
- The compression technology is one of the most common technologies implemented in training clothing, shoes, and socks. The application of a controlled surface pressure over different parts of the body speeds up blood flow, enhances the supply of oxygen to the muscles being exercised out, and improves their efficiency.
Key Participants:
Key participants include Nike Inc., Adidas AG, Asics Corporation, Hanes Brand Inc., Reebok, Jockey International Inc., Russell Brands LLC, PUMA S.E., Hugo Boss AG, and Columbia Sportwear Company, among others.
Further key findings from the report suggest:
- In North America, the professional athletic segment accounted for 46.2% of the revenue share in 2019 and is anticipated to grow from USD 46.81 billion in 2019 to USD 80.37 billion. This can be due to their changing lifestyle and increased participation in sports activities.
- Athletic footwear is designed to enhance comfort by reducing/eliminating injuries and aid in improving athletic efficiency. The increase in the occurrence of foot allergies and diseases drives the need for advanced features in athletic shoes and socks continuously. Textile industry manufacturers integrate cutting-edge technology into hosiery goods.
- The hypermarket/supermarket segment is responsible for a larger market share of Functional Clothing because most of the products/ services are conveniently available at a low rate in such stores. These stores promote the availability of practical fashion items, both branded and private label
- The rising need for eco-friendly products is intended to generate new opportunities for industry growth because of increasing health and environmental issues about many different kinds of fabrics. Technological developments such as anti-bacterial material, sweat-absorbent, and warmer clothing for cold climate are expected to see strong growth over the projected timeframe.
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Market Segmentation:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Sportswear
- Activewear
- Protective Clothing
- Footwear
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Professional Athletic
- Armature Athletic
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Supermarkets
- Convenience Stores
- Online
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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Identifying the basic business drivers, challenges, and tactics adopted:
- The report provides intrinsic details and fluctuating aspects that influence the commercial dynamics of the Functional Clothing market along with integral factors of the rise in the demand for the product have been mapped across vital geographical regions.
- An overview of the multifarious applications, business areas and the latest trends observed in the industry has been laid out by this study.
- Various challenges overlooking the business and the numerous strategies employed by the industry players for successful marketing of the product have also been illustrated.
- The research inspects the sales channels (indirect, direct, marketing) that companies have chosen for the primary product distributors and the superior clientele of the market.
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