The workout clothes market is garnering an average growth momentum with an estimated CAGR of 6.2% from 2022 to 2032. The workout clothes market share was worth US$ 210.8 Bn in 2022.
Given the growing proclivity towards physical activities among the urban populace, workout clothes manufacturers are likely to receive revenue potential as high as US$ 384.8 Bn by 2032.
“The distinction between traditional casual clothes and workout clothes is widening, thereby reflecting on latter’s sales. As hectic work schedules impose a sedentary lifestyle, the awareness pertaining to physical activity is growing in parallel with the demand for workout clothes.”
As per the FMI study on the workout clothes market, new trends reach the shore of the industry in the form of fast-dry technology for providing added comfort to consumers. Since heat accumulation during a workout makes it difficult for consumers to push their limits, workout clothes manufacturers are refining their products with cooling technology at a higher cost, of course.
The innovation in workout clothes surfaces as a cost-intensive affair, which burns a huge hole in the pockets of consumers. Hence, the frequency of buying active wear is low among the consumers with average income, which could challenge the otherwise high revenue-potential of the workout clothes market.
How Resilient Has The Workout Clothes Market Remained Under COVID-19’s Influence?
While the waves of COVID-19 crashed the shores of almost all industries, the workout clothes industry actually garnered more strength, and so speak the numbers. During the historical estimation of the workout clothes market, it grew at a CAGR of 5.2% from 2017 to 2021.
The backdrop of this favorable shift in the growth momentum lies in the fashion aspect. Previously, the buying criteria that impacted the demand for workout clothes used to be their functions—material type, drying ability, brand, etc. which has changed dramatically under the influence of the COVID-19 era.
The workout clothes market share is anticipated to grow due to rise in the number of celebrity yoga channels on different social media platforms. This became a new source of entertainment for consumers locked in during quarantine, which provided the opportunity to inject fashion into the workout clothes market and boosted the demand for workout clothes.
As a result, fashion and function altogether are boosting the sales of workout clothes. Hence, consumers are doing away with their boring pajamas and sweatshirts for a more glamorous outfit, creating a conducive environment for the workout clothes market growth.
All-in-all, the workout clothes market outlook is witnessing numerous growth factors and opportunities, thereby estimated to secure a CAGR of 6.2% during 2022-2032.
What Are The Key Workout Clothes Market Dynamics?
Over the projection period, the rising passion for sports and outdoor recreational activities among the country’s young population is expected to fuel the demand for workout clothes.
Growth in consumer fitness and health consciousness is fueling sales of workout clothes that are comfortable and trendy. This is one of the key factors driving the workout clothes market trends.
The workout clothes market share has grown due to the increased participation of women and children in sporting activities and the promotion of workout clothes. The growing popularity of online retail channels as distribution channel has accelerated the workout clothes market expansion.
The prevalence of counterfeit workout products, on the other hand, is a major restraint for workout clothes market share. Fashionable workout clothes are in high demand as they are adaptable, practical, fashionable, and can be worn for a number of events.
To meet this rising demand for workout clothes, prominent players in the workout clothes market have produced creative, technically advanced products that are both pleasant and useful, increasing their profitability.
Another factor propelling the workout clothes market’s growth is the demand for attractive color combinations in various sports activities. As traditional black and white colors are being phased out, demand for pastel colors has spread beyond workout clothes into the greater workout clothes market.
The global workout clothes market is growing as disposable income rises, and people become more fitness conscious. Furthermore, an increase in the participation of the youth and elderly in physical activities drives demand for sports products, resulting in workout clothes market growth.
However, the surge in counterfeit items is causing customer safety and quality concerns, as well as brand damage for important key players in the workout clothes market.
For example, at Dulles International Airport in Virginia in January 2018, Nike discovered counterfeit workout clothes valued at more than $50,000. These challenges are causing key industry players ‘sales of workout clothes to decline, negatively impacting the workout clothes market growth.
Furthermore, unpredictable raw material costs and high design costs result in high-end product costs. As a result of the high cost of workout clothes, sales of workout clothes among price-sensitive consumers are dropping.
On the contrary, many organizations such as the Women’s Sports Foundation, Box girls, Feminist Majority Foundation, and others are promoting sports participation through women empowerment projects and campaigns, which are expected to boost the workout clothes market dynamics.
The increased use of green textiles and the production of workout clothes using sustainable methods are projected to fuel the workout clothes market growth during the forecast period.
Which Segment Dominates The Workout Clothes Market, By Product Type?
By product type segment, other workout clothes such as shorts, sweatshirts, and hoodies, tank tops are anticipated to dominate the workout clothes market. The other workout clothes segment is projected to register a CAGR of 4.0% during the forecast period 2022-2032.
During the forecast period, the shirts segment is anticipated to hold t considerable revenue share of 30 percent in the workout clothes market. Apart from this, the pants category is predicted to hold the second-largest revenue share, and it is predicted to expand at the quickest rate during the forecast period.
Yoga’s growing popularity as a mind-body wellness practice, especially since COVID-19, has resulted in an increase in yoga devotees all over the world.
Furthermore, the adoption of workout clothes is rising as consumers are becoming more concerned about their health as the pandemic spreads over the world, and they are adopting healthier lifestyle choices.
As a result of the lockdown, yoga studios, gyms, health clubs, and other locations where in-person group yoga classes were held was shut down or temporarily closed, encouraging exercise aficionados to enroll in online/live workout programs.
Which Segment Is Likely To Lead The Workout Clothes Market, By Consumer Orientation?
During the forecast period, the women’s category is predicted to hold the highest revenue share of almost 40.0 percent in the workout clothes market. The workout clothes market is developing as a result of an increasing number of women joining physical activities and increasing involvement in fitness clubs.
The Sasakawa Sports Foundation (SSF) estimates that 72.4 percent of Japan’s population participates in sports at least once a year. Furthermore, nearly 70% of the country’s female population participates in sports at least once a year. This element is boosting the country’s demand for workout clothes.
Workout clothes market participants are also using collaborations and partnerships with athletes, particularly female athletes, to raise demand for workout clothes in the women’s category.
What Is The Regional Analysis For The Workout Clothes Market?
The U.S. workout clothes market is anticipated to hold the greatest revenue share of more than 30.0 percent during the forecast period. More people are working from home than ever before as a result of the coronavirus outbreak in the United States.
The demand for workout clothes rose as Consumers were more likely to work in sweatpants, pajamas, and athleisure as they didn’t have to dress up for work. According to the consumer survey, 14 percent of customers have purchased comfortable clothes, such as pajamas or other workout clothes, online since the start of COVID-19.
According to the National Council of Textile Organizations (NCTO), the US textile and clothing market was valued at USD 64.4 Bn in 2020 based on the value of industry shipments, while US fiber, textiles, and apparel exports were valued at USD 25.4 Bn.
Due to nations like China and India having a higher number of young people, Asia-Pacific is the fastest-growing area in the global workout clothes market. The expanding demand for foreign brands like (Under Armour, Nike, and Puma, as well as rising disposable income and a desire to live healthier lifestyles, are likely to boost sales of workout clothes in the region.
China leads the workout clothes market in the APAC region and has the potential to overtake the United States as the world’s leading workout clothes market in the future, thanks to government measures encouraging active engagement in sports.
How Is The Competition In The Workout Clothes Market?
Manufacturers are releasing new products that are built of sturdy, long-lasting, and high-quality materials. Consumers are interested in workout clothes with enhanced features such as temperature control, moisture management, and other performance-enhancing characteristics that reduce injury and pain.
Consumers are willing to pay more for such additional benefits due to all of these unique qualities. As a result, consumers are increasingly wearing workout clothes during their free time. Moreover, to support workout clothes, athletic footwear from major companies increases user comfort and promotes athletic performance while lowering the chance of injury.
Companies are developing sports shoes and socks with specialized features in response to the rising incidence of foot disorders and allergies. While some manufacturers in the workout products market offer extra padding in their sports socks to reduce the risk of food allergies, others are progressively putting sophisticated technology into their hosiery.
Recent Developments in the Workout Clothes Market
As part of a three-year strategic collaboration agreement inked with the franchise in March 2021, global sports brand PUMA introduced the Royal Challenger Bangalore (RCB) athleisure range in September 2021.
Eastbay and Champs Sports announced the debut of a new garment line, Eastbay Performance, in September 2021. Compression tops, tanks, and tights are available, as well as tees, jackets, and shorts for training and fleece pants and hoodies for casual use.
Kappa, a leading Italian fashion sports brand, and Hyosung, a global fiber manufacturer that produces world-class products and provides value chain solutions from textile mill to brand to consumer, announced their collaboration to launch Kappa’s new K-Spirit e-sports apparel collection at the Tencent Global E-Sports Arena in October 2020. (TGA).
Key Players in the Workout Clothes Market
· Adidas AG
· ASICS Corporation
· Columbia Sportswear Company
· DICK’S Sporting Goods, Inc
· Gap Inc
· NIKE, Inc
· PVH Corp
· PUMA SE
· Skechers U.S.A., Inc
· Under Armour, Inc
· V. F. Corporation (North Face, Inc.)
These insights are based on a report on Workout Clothes Market by Future Market Insights.