DUBLIN, March 23, 2021 / PRNewswire / – The “Sports & Fitness Apparel – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Disrupted opportunities for socialization threaten to create an existential crisis for the fashion industry. Sports and fitness clothing falls by -8.5%.
The global sport and fitness apparel market is projected to decline -8.5% in 2020 and then recover and grow to achieve $ 231.9 billion by the year 2027 according to the COVID-19-CAGR of 4.4% in the analysis period 2020 to 2027.
With social distancing seen as the only available and effective way to slow the spread of the disease until a vaccine arrives, all sporting events in Q1 and Q2 2020 worldwide have been canceled.
Annual competitions have been suspended and major sporting events postponed or canceled, including soccer, cricket, fencing, hockey, Formula 1 racing, cycling, sailing and skiing. The Tokyo The 2020 Olympic Games have been postponed July 2021.
Few of the other canceled major sporting events are MLB baseball that was scheduled in March 2020;; Nippon Professional Baseball in Japan;; KBO League in South Korea;; NBA basketball; South Korean Basketball League; Series A in Italy;; NBL in Australia;; EuroLeague: Milan versus Real Madrid;; European Rugby Championship; Super rugby; Asian Road Skateboard Championship; World cup in alpine skiing; Ski Cross World Championship; Snowboard world championship; among numerous others.
As a result, the sports industry faces enormous financial challenges that affect organizers, sponsors, broadcasters and participants alike.
With all sporting events expected to remain subdued through 2021, the demand for sporting goods such as sportswear, gloves and equipment has been and will be impacted. Even if governments around the world cautiously begin to relax restrictions and reopen the economy, all public places such as gyms, movie theaters, large shopping malls, schools, colleges, pubs and bars will remain strictly closed. The scenario means financial ruin for most gyms and fitness centers.
In the face of sudden and complete loss of income, several gyms are struggling to survive. 24 Hour Fitness Worldwide Inc. based at The United States in the month June 2020 Filed for bankruptcy with a $ 1.4 billion Debt burden. Although few of the gyms are reopening, it is expected that customer traffic will be low and will not bring any significant relief to businesses. in the The United StatesOver 48 to 58 out of 100 regular athletes are expected not to go to the gym by the end of the year.
Gym membership is expected to decline sharply in the coming years. Even among existing customers, rising unemployment rates, falling household wealth, and falling disposable incomes will lead customers to choose budget-friendly fitness options. The ruins of the world economy are made up of failed, collapsing, suffocating, struggling, and decimated industries and corporations, and among the vanquished is the clothing industry.
Lockdowns, on-site accommodation, work from home, voluntary foregoing social life, unemployment, and loss of household income combined have dealt an unprecedented blow and brought the industry to its knees. Concerns about future financial uncertainty limit consumer purchases to only essential goods such as food and other basic needs. While businesses are struggling to stay afloat, job cuts and bankruptcies are already driving millions into unemployment.
Main topics covered:
I. METHODOLOGY
II. SUMMARY
1. MARKET OVERVIEW
- How the COVID-19 pandemic destroyed the global economy
- Social distancing, tourism bans, rising unemployment and “decimated” consumer confidence are bringing the sports and textile industries together
- The sports industry is under the influence of social distancing as a new way of life
- The textile industry is grappling with supply chain disruptions and poor consumer spending
- Sports and fitness clothing cannot cope with the strong double blows of the headwind that blows through the sports and textile industries
- Looking at the current dire outlook, the pandemic creates a powerful platform for health and fitness
- Increased emphasis on health and fitness after COVID-19 promises to make amends for the damage suffered in 2020
- With workouts shifting to consumer products, demand for indoor sportswear to sustain a new life in the post-COVID-19 era
- The increase in fitness equipment sales in 2020 is an encouraging sign of good times for sport and fitness apparel
- Sports and fitness clothing: definition and scope
- Current market activity
- Innovations
- World brands
2. FOCUS ON SELECTED PLAYERS (322 recommended players in total):
- Adidas AG
- Reebok International Limited
- Anta Sports Products Limited
- ASICS Corporation
- Columbia Sportswear Company
- Elite Sportswear, LP.
- line
- Gap, Inc.
- Hanesbrands Inc.
- Hosa International Ltd.
- Kappa
- Li Ning Company Limited
- lululemon athletica
- Mizuno USA, Inc.
- NIKE, Inc.
- Patagonia, Inc.
- Peak Sport Products Co., Ltd.
- prAna
- Puma SE
- TerraFrog Clothing Corporation
- Under Armor, Inc.
- VF Corporation
3. MARKET TRENDS & DRIVERS
- The digitization of the fitness and fashion industry is expected to accelerate in the aftermath of COVID-19
- Connected clothing to arrive much sooner than previous predictions
- Innovation in functional sports clothing breaks loose and promises a robust future full of opportunities
- Moisture management clothing receives special focus
- Anything antimicrobial and antiviral is compounded by the COVID-19 pandemic
- COVID-19 is accelerating the transition to sustainable clothing and fashion
- Here’s why the environment and sustainability will be a top priority after the pandemic
- Here’s what you can expect from sustainable clothing and fashion
- Textile recycling collects steam
- Innovations in smart fabrics offer a glimpse into the exciting future of fashion
- Sportswear will continue to outperform the rest of the clothing categories in the post-COVID-19 era
- The epic moment in human history when sport meets fashion
- 3D printing promises to revolutionize the future of apparel manufacturing
- Women represent a large and lucrative consumer cluster. Here’s why
- COVID-19 puts e-commerce / online retail in the spotlight
4. PERSPECTIVE OF THE GLOBAL MARKET
III. MARKET ANALYSIS
- GEOGRAPHICAL MARKET ANALYSIS
- UNITED STATES
- CANADA
- JAPAN
- CHINA
- EUROPE
- FRANCE
- GERMANY
- ITALY
- UNITED KINGDOM
- SPAIN
- RUSSIA
- THE REST OF EUROPE
- ASIA PACIFIC
- AUSTRALIA
- INDIA
- SOUTH KOREA
- THE REST OF ASIA PACIFIC
- LATIN AMERICA
- ARGENTINA
- BRAZIL
- MEXICO
- THE REST OF LATIN AMERICA
- MIDDLE EAST
- IRAN
- ISRAEL
- SAUDI ARABIA
- UNITED ARAB EMIRATES
- THE REST OF MIDDLE EAST
- AFRICA
IV. COMPETITION
- Profiled companies in total: 322
Please visit https://www.researchandmarkets.com/r/9p2dpr for more information on this report
Media contact:
Research and Markets
Laura Wood, Senior manager
[email protected]
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