The global functional apparel market was valued at US$ 577.7 Bn in 2018 and is expected to expand at a CAGR of 6.7% from 2019 to 2027.
New York, NY -- (ReleaseWire) -- 05/11/2020 --The global functional apparel market was valued at US$ 577.7 Bn in 2018 and is expected to expand at a CAGR of 6.7% from 2019 to 2027. Increasing desire to stay healthy and fit is expected to boost the global functional apparel market in the near future. North America held a prominent share in the global functional apparel market in 2018 followed by Europe and Asia Pacific. Asia Pacific is expected to be a key upcoming market for functional apparel during the forecast time frame. Rise in disposable income and rapid urbanization are anticipated to be the key factors driving the growth of the functional apparel market in this region.
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Increased participation in sports and fitness activities is expected to drive the demand for functional apparel in the global market. Over the last two decades, there has been a significant rise in the rate of participation of people in sports and other fitness activities. Popular brands such as Adidas and Mizuno sponsor sports events. With rise in the number of sports events, demand for functional apparel is likely to increase and this as a result will boost the production of functional apparel. Moreover, growing inclination of people toward individual fitness encourages them to get involved in gym or personal training activities in order to remain healthy and active in daily life. Stiff competition is affecting market growth. Apparel industry is highly competitive. Presence of a large number of local and regional players leads to this increased competition. Moreover, trends in the apparel industry are continually changing which forces major players to adapt to market demands. This ever-changing market contributes to strong competition among manufacturers in the industry. Additionally, challenging economic conditions and numerous new competitors have changed the way consumers spend on their purchases. Major players require strong brand positioning and defined product offering to stay competitive in the market.
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In terms of product type, the global functional apparel market has been classified into sportswear: top wear [t-shirts, bra, others (dress etc.)], bottom wear [track pants, shorts, others (briefs etc.)], footwear [shoes, socks], Activewear: top wear [t-shirts, bra, others (dress etc.)], bottom wear [track pants, shorts, others (briefs etc.)], footwear [shoes, socks], protective wear: suits, top wear, bottom wear, footwear, [boots, toe guards, others (leggings, etc.)], casual wear: top wear [shirts, t-shirts, others (dresses, etc.)], bottom wear [jeans, casual trouser, others (shorts etc.)], footwear [shoes, socks], formal wear: top wear [shirts, coat/ blazers, others (tops etc.)], bottom wear [trousers, skirts], footwear [shoes, socks], others (vanity clothing, outdoor clothing etc.) In terms of fabric, the global functional apparel market has been segmented into conventional fabric (polypropylene, cotton, nylon, wool, polyester), specialty fabric (neoprene and spandex), and others (x-static, Tencel, Gore-Tex, etc.). Based on finishes, the functional apparel market has been divided into antimicrobial, water resistant, quick dry, moisture management, fire resistant, UV protection, others (stain repellent, abrasion resistant, etc.) Based on consumer group, the functional apparel market has been divided into men, women, and kids Based on distribution channel, the offline distribution channel is expected to be the most attractive segment during the forecast period, due to preference of consumers toward offline shopping In terms of region, North America holds a major share of the global functional apparel market, followed by Europe.
The functional apparel market is dominated by several players who are focused on the development of new products to cater to the rising demand for the product in the market. The report includes the below mentioned pointers of the major players operating in the functional apparel market:
- Competition Matrix
- Company Overview
- Product Profiling
- Market Share Analysis (2018)
- Product Innovation
- Product Comparison Analysis
- Business Strategies/Recent Developments
- Technological advancements
- Key mergers and acquisitions
- Expansion strategies
- Company Financials
Some of the major players covered under the scope include Adidas AG, Asics Corporation, Columbia Sportswear Company, Inditex, Nike, Inc., Puma SE, PVH Corporation, Skechers USA, Inc., Under Armour Inc., and VF Corporation.
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