The Global Sportswear Market- 2027 report by GlobalData estimates that the global sportswear market will reach a value of $587.2 billion from 2022 to 2027, at a Compound Annual Growth Rate (CAGR) of 5.9%. According to the report, it is estimated that this increase will occur especially due to the middle class in Asia-Pacific gradually adopting trends such as street wear and sportswear. Although there was a slowdown in ready-made clothing in 2023 due to the effect of high inflation in Europe and North America, the sportswear market continues to show higher performance.
Four Strategies for Success in Sportswear
Innovative Product Development: Sportswear brands can stay ahead of the competition by continually investing in research and development to create innovative and technological products that include the integration of moisture wicking technologies, lightweight yet durable materials, and sustainable elements to enhance performance, durability, and comfort.
Street Fashion Integration: Incorporating streetwear elements into their collections allows sportswear brands to attract trend-conscious consumers looking for a combination of sports and street aesthetics. It also appeals to an audience beyond traditional sports fans.
Participation in Niche Sports: Participating early in the development of new disciplines offers a pioneering advantage that resonates positively with consumers as well as diversifying brand engagement.
Collaborations and Partnerships: Collaborations offer sportswear brands an effective way to increase brand visibility and credibility by being associated with high-profile athletes, teams, or influencers. It also gives sportswear brands the opportunity to inject creativity into their product lines and to pioneer the industry trends.
