Global Athletic Apparel Market 2020-2024 | Personalization of Athletic Apparel to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Jan 6, 2020--
The global athletic apparel market is expected to post a CAGR of over 6% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global athletic apparel market 2020-2024
Sponsorship for brand promotions is one of the key factors anticipated to drive the market growth during the forecast period. Sponsorships for the Olympics and other international sports-related events enable vendors operating in the global athletic apparel market to increase brand awareness and visibility. As a result, audience at these events develop a strong affinity toward the sponsoring brands. To further strengthen their relationship with existing and prospective customers, vendors also offer incentives such as event tickets and private reception. Strategies such as these make a positive impact on the audience, which in turn, helps vendors to influence the customers’ buying decisions, and thereby drive the sale of athletic apparels.
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As per Technavio, personalization of athletic apparel will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Athletic Apparel Market: Personalization of Athletic Apparel
Personalization of athletic apparel allows customers to purchase athletic outfits as per their requirements, which can be in respect to the choice of color, fabric, logo placement, and others. Vendors are also offering options for customization for athletic apparel through websites. This provides customers, especially millennials engaged in sports activities, easy access to personalization services. This trend is expected to drive the market growth during the forecast period.
“Growing preference for athleisure clothing, increasing participation in athletics, and rising brand endorsement activities will boost the athletic apparel market growth during the forecast period,” says a senior analyst at Technavio.
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Global Athletic Apparel Market: Segmentation Analysis
This market report segments the global athletic apparel market by distribution channel (offline and online) and geography (APAC, Europe, MEA, North America, and South America).
North America led the athletic apparel market share in 2019, followed by APAC, Europe, South America, and MEA respectively due to the presence of several global vendors carrying out extensive promotional activities including branding, sponsorships, and brand endorsements. However, APAC is expected to witness 32% of the growth owing to the growing demand for athletic apparel from sports enthusiast millennials from economies such as China, India, South Korea, and Australia.
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Some of the key topics covered in the report include:
Five Forces Analysis
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