-- Allied Market Research published a new report, titled, “Asia-Pacific Athletic Sportswear and Footwear Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Athletic sportswear and footwear are worn during workout sessions or while performing sporting and recreational activities. Initially, sports apparels were mostly worn by athletes but, with time, they have become common with regular gym-goers and other non-athletes, which acts as a key growth driver of the overall market. In addition, the expansion of distribution channels such as online stores, specialty stores, supermarkets, and hypermarkets, in Asia-Pacific has made these athletic sportswear and footwear easily accessible to users, which, in turn, contributes toward the market growth.
Furthermore, presently fashionable athletic sportswear and footwear with vibrant colors is one of the increasing Asia-Pacific athletic sportswear and footwear market trends among the users. In addition to this, the rising interest of consumers in sports and recreational activities is expected to offer immense Asia-Pacific athletic sports sportswear and footwear market opportunity during the forecast period.
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By product type, it is classified into sports shoes, running & walking shoes, hiking & backpacking shoes, aerobic & gym wear shoes, tracksuits & jerseys, t-shirts & shorts, and others. On the basis of sports, it is divided into football, cricket, basketball, tennis, adventure sports, cycling, yoga & gymnastics, running, boxing and others. Depending on user, it is differentiated into men, women, and kids. Country wise, it is studied across China, Hong Kong, Taiwan, India, Indonesia, Thailand, Philippines, Vietnam, Malaysia, Singapore, South Korea, Japan, Australia, New Zealand, South Africa, UAE and rest of Asia-Pacific.
By product type, the running & walking shoes segment accounted for the highest Asia-Pacific athletic sportswear and footwear market share in 2019. This is attributable to the IoT-embedded smart running shoes, which enable end users to monitor, track, analyze, maintain fitness, and improve their performance through different connected apps in a smartphone or other devices, thus making athletic sportswear and footwear products popular among users.
Depending on user, the kid segment is anticipated to grow at a higher CAGR during the Asia-Pacific athletic sportswear and footwear market forecast period, due to the fact that children nowadays are not restricting themselves to only studies but are also focusing on extra curriculum activities to learn and explore. Thus, active participation of kids in recreational and sporting activities such as football, cricket, basketball, running, boxing, and yoga is expected to bolster the growth of the Asia-Pacific athletic sportswear and footwear market in the near future.
The Covid-19 pandemic has a vital impact on the growth of the Asia-Pacific Athletic Sportswear and Footwear market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the Asia-Pacific Athletic Sportswear and Footwear market.
Country wise, China was the highest contributor to the market in 2019, and is expected to remain dominant through 2021–2027. However, India is expected to witness a notable growth in terms of value sales during the forecast period.
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The Asia-Pacific athletic sportswear and footwear market segments are categorized into product type, sports, and users. By product type, it is classified into sports shoes, running, and walking shoes, hiking and backpacking shoes, aerobic and gym wear shoes, tracksuits and jerseys, t shirts and shorts, and others. By sports, it is divided into football, cricket, basketball, tennis, adventure sports, cycling, yoga and gymnastics, running, boxing and others. By users, the Asia-Pacific athletic sportswear and footwear market is classified into men, women, and kids.
The key players operating in the Asia-Pacific athletic sportswear and footwear market focus on prominent strategies to overcome competition and maintain as well as improve their share worldwide. Some of the major players in the Asia-Pacific athletic sportswear and footwear industry analyzed in this report include Adidas AG, Asics Corporation, Brooks Running Company, Fila Holding Corporation, Li Ning Company Limited, New Balance, Inc. Nike, Inc., Puma Se, Skechers USA, Inc, And Under Armour, Inc.
Key findings of the study
○ By product type, the running and walking shoes segment accounted for the highest market share in 2019, growing at a CAGR of 3.8% from 2021 to 2027.
○ By sports, the running segment accounted for the highest market share in 2019, growing at a CAGR of 4.4% from 2021 to 2027.
○ By users, the men segment accounted for the highest market share in 2019, growing at a CAGR of 3.6% from 2021 to 2027.
○ Country wise, China occupied maximum share in the Asia-Pacific athletic sportswear and footwear market in 2019 and is expected to dominate the market during the forecast period.
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