Athleisure Market size to grow by USD 176.16 billion during 2023-2027, North America to occupy 31% market share, Technavio

NEW YORK, March 22, 2024 /PRNewswire/ -- The Athleisure Market size is expected to grow by USD 176.16 billion between 2022 and 2027. However, the growth momentum of the market will be progressing at a CAGR of 7.15% during forecast period. North America is set to contribute 31% to global market growth. Analysts from Technavio have detailed regional trends and drivers. In North America, the athleisure market is poised for healthy growth. Traditional denim apparel dominance is shifting due to celebrity endorsements, particularly among millennials and GenX. Corporate initiatives like in-office gyms are further propelling athleisure adoption, fostering market expansion in the region. The market is segmented by Product (Mass athleisure and Premium athleisure), Distribution Channel (Online and Offline), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).  

The report analyses the market size and growth and provides accurate predictions on the growth of the market. 

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Key Highlights:

• The report recognizes the following as some of the key players in the athleisure market: adidas AG, ALALA, ALO LLC, American Eagle Outfitters Inc, Carbon38 Inc., EYSOM LLC, Gap Inc., H and M Hennes and Mauritz GBC AB, lululemon athletica Inc., Michi Design Inc., New Balance Athletics Inc., Nike Inc., Outdoor Voices Inc., P.E Nation International, Rhone Apparel Inc, Sweaty Betty Ltd., Columbia Sportswear Co, PUMA SE, Under Armour Inc., and VF Corp.
• Athleisure Market is fragmented in nature.
• Market to observe 6.15% YOY growth in 2023.

Market Dynamics:

The increasing prominence of online shopping is driving market growth:

The market growth is fueled by the rise of online shopping, particularly in developing nations, expected to boost athleisure sales. Brands like Nike and Adidas are shifting towards online distribution in countries like the US, UK, Japan, and India. Strong e-commerce activity, driven by internet penetration, provides personalized shopping experiences and discounts, fostering year-over-year growth in the online segment.

• The industry sees a rising trend in denim athleisure, with manufacturers like Levi Strauss introducing stretch jeans and exploring new materials like elastane. This trend, accompanied by collaborations among luxury fitness wear denim makers, is set to drive market growth in the forecast period.
• Increasing competition from the unorganized sector is a major challenge for market growth. Local vendors offer competitive pricing and occupy shelf space in supermarkets, reducing revenue for major brands. The market's fragmentation and low entry barriers further intensify price competition, hindering growth.

The report also covers information on the upcoming trends and challenges. Explore detail information by 

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Segment Overview:

The mass athleisure segment is poised for significant growth, driven by rising demand among millennials globally. Footwear and bottom wear are top categories, with increased adoption for work-from-home and casual outings. Specialty stores play a key role in sales growth. The premium segment also sees substantial growth, fueled by increasing consumer purchasing power, celebrity endorsements, and social media influence. Innovations in design and materials further drive adoption, attracting luxury brands like Carbon38 and Lululemon Athletica.

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Analyst Review:

The Athleisure Market represents a dynamic fusion of fashion and fitness, offering a wide array of activewear and leisurewear options tailored to modern lifestyles. From Yoga pants, leggings, and sweatpants to joggers, hoodies, and sweatshirts, athleisure wear encompasses versatile apparel suitable for various activities and everyday wear. Key items like tank tops, sports bras, and athletic shorts provide comfort and style during workouts and leisure time.

Athletic shoes, including sneakers, training shoes, and gym wear, complement athleisure outfits, emphasizing performance and functionality. The market showcases a range of performance fabrics, moisture-wicking materials, and compression clothing, ensuring breathability, flexibility, and comfort during physical activities.

Leading brands like Nike, Adidas, Lululemon, and Under Armour dominate the athleisure landscape, offering trendy and high-quality apparel and accessories. Athleisure trends reflect the evolving preferences of Millennials, Gen Z, urban professionals, and fitness enthusiasts, driving innovation and creativity in the market.

Athleisure influencers, fitness bloggers, and yoga instructors play a crucial role in shaping athleisure aesthetics and promoting active living. Athleisure events and fashion shows celebrate the intersection of fashion and fitness, fostering a vibrant athleisure lifestyle embraced by health-conscious consumers worldwide. With diverse market segments catering to women's, men's, and children's athleisure, the industry continues to expand across online retail, brick-and-mortar stores, and specialty shops, catering to the growing demand for stylish and functional activewear.

Market Overview:

The Athleisure Market embodies a blend of fashion and fitness, offering a wide array of activewear suitable for various activities and lifestyles. From activewear to sports bras and yoga pants, athleisure wear caters to the needs of diverse demographics, including millennials, Gen Z, urban professionals, and fitness enthusiasts. Leading brands such as Nike, Adidas, and Lululemon dominate the market with their innovative designs and performance-driven fabrics. Athleisure trends reflect evolving consumer preferences, emphasizing comfort, functionality, and style. With the rise of health and wellness culture, athleisure has become more than just clothing; it represents a lifestyle choice that promotes active living and overall well-being. Athleisure sales channels span online retail, brick-and-mortar stores, and specialty shops, ensuring accessibility to consumers worldwide.

Related Reports:

• The global sports apparel market size is estimated to grow by USD 99.75 billion between  2023 and 2028. The market is accelerating at a compound annual growth rate of 8.17%.
• The licensed sports merchandise market size is estimated to reach USD 26.46 billion by 2027, growing at a CAGR of 4.7% from 2022 and 2027.

ToC:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Sizes
5. Five Forces Analysis
6. Market Segmentation by WRITERS
7. Market Segmentation by Geography
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, & Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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