Asia-Pacific Athletic Sportswear and Footwear Market by Product Type, by Sports, by User: Regional Opportunity Analysis and Industry Forecast, 2021 to 2027
PORTLAND, OREGON, UNITED STATES, November 23, 2021 /EINPresswire.com/ — The Asia-Pacific athletic sportswear and footwear market size was valued at $89,596.3 million in 2019, and is projected to reach $110,586.9 million by 2027, registering a CAGR of 4.3% from 2021 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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.
The sports sector was severely affected during the outbreak of the COVID-19 pandemic. Many sports events were postponed or cancelled during the outbreak. For instance, the Tokyo Summer Olympic and Paralympic games were cancelled due to this global health crisis, which hampered the growth of the market. Moreover, sale of sportswear and footwear was hampered in Asia-Pacific and other parts of the world, as the outbreak has led to the closure of sports complexes, state sports activities, gyms, fitness studios, parks, and school & colleges. This further led to decline in participation in regular physical or sporting activities, which in turn, hampered the demand for sportswear and footwear.
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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.
On the basis of sports, the yoga & gymnastic is anticipated to register the fastest growth, as users are now becoming more health conscious and are focusing on leading a healthy lifestyle. This, in turn, has encouraged users toward performing yoga and gymnastic to maintain their fitness, thereby augmenting the growth of the overall market.
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.
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The key players operating in the Asia-Pacific athletic sportswear and footwear industry 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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Source: EIN Presswire