The sportswear industry will grow an annual 5% on average until 2023 embraced by technological advancements that will improve the sports performance of users
The sports clothing industry grows steadily. A growing interest among the global population on sport activities has caused an increase of sales of this kind of product and an average increase of 5% every year is expected until 2023, reaching a revenue of 50.46 billion dollars (44.49 billion euros). The sector will be enhanced by technological advancements according to the Global sports and fitness wear market report carried out by Techanvio.
The manufacturers of fitness clothing will focus on improving technology and product characteristics to achieve a greater customer satisfaction in base to sports performance. People purchasing those products seek high-quality material that can improve their activities; for which innovations regarding fabrics that absorb dampness, react to swear or dry fast, are key from the perspective of growth.
“Currently, many vendors such as adidas, ASICS, PUMA, and VF Corporation are also introducing several technologies and features to enhance users’ experience, owing to the increased expectations of consumers” commented a senior analyst at Technavio. “This rapid change in technology and consumer preferences is expected to have a positive impact on the global sports and fitness wear market during the forecast period”, concludes the expert.
North America will continue to be the main market for the sector, with a market share above 36%, followed by the Asia-Pacific region and then by Europe, the Middle East and Africa, respectively. Nevertheless, it is expected that for the 2018-2023 period, the region that will showcase a larger growth is the Asia-Pacific one.