The global functional clothing market is expected to grow at a rate of 7.3%, from USD 305.52 billion in 2019 to USD 519.04 billion in 2027.
NEW YORK CITY, NEW YORK, USA, April 4, 2022 /EINPresswire.com/ — The Global functional clothing market is expected to reach $519.04 billion by 2027, according to a new report from Reports and Data. Rising trend in health and wellness is one of the major influencing factors that propelled the demand for explicit sportswear or sporting goods of various types of clothing. Consumers around the world take their physical activity seriously by engaging in multiple sports and fitness activities.
The competitive landscape section of the report examines in detail the business overview, product and service portfolio, business expansion plans, production and manufacturing capacity, financial status and position. in the world market. It also highlights recent mergers and acquisitions, collaborations, partnerships, corporate and government deals, deals, and product launches.
The report’s accurate market projections are based on historical, current, and future market contexts. In addition, the report highlights the global forecasted market value, upcoming market trends, gross revenue generation, manufacturer and buyer landscape, available products and services, technological breakthroughs, and usage industries. final. The report further offers comprehensive coverage of the COVID-19 pandemic on this industry and its major segments. It thus highlights the profound changes that have taken place in this sphere of activity following the coronavirus epidemic.
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The study also analyzes crucial aspects of the market including R&D, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and growth model at regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, production and consumption rates, gross revenue, profit margin, demand/supply ratio, import/export, market share, market size and market trends.
The report provides a panoramic view of the global market competitive landscape to offer key insights into the major players and their business expansion plans. It also offers essential information on their financial condition, global position, product portfolio, revenue and gross profit margins, as well as technological and research developments. It also sheds light on mergers and acquisitions activity, collaborations, partnerships, deals, deals, and product launches, among others. The research study deploys advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis to offer deeper insights into key players.
• Sportswear manufacturers have launched effective marketing campaigns that help raise awareness of their product offerings among target customers. One of the key players in the segment, Under Armor Inc., witnessed an increase in demand for its sportswear products in the global market in 2017, displayed aggressive promotional activities that were organized in that year.
• Companies focus on technical progress, updating equipment and process changes, reducing costs and increasing efficiency. Competition remains high in the sector.
• In light of growing consumer preferences and lifestyles, a significant number of healthcare and leisure improvement activities are driving increased demand for the APAC market. Rising disposable income, urbanization and the launch of technologically advanced goods in emerging economies, including India, China and Bangladesh, are expected to boost global demand.
• Compression technology is one of the most commonly implemented technologies in workout apparel, shoes and socks. Applying controlled surface pressure to different parts of the body accelerates blood flow, improves oxygen delivery to exercising muscles and improves their efficiency.
Major participants include Nike Inc., Adidas AG, Asics Corporation, Hanes Brand Inc., Reebok, Jockey International Inc., Russell Brands LLC, PUMA SE, Hugo Boss AG, and Columbia Sportwear Company, among others.
Other key findings from the report suggest:
• In North America, the professional sports segment accounted for 46.2% of revenue share in 2019 and is expected to grow from USD 46.81 billion in 2019 to USD 80.37 billion. This may be due to their changing lifestyle and increased participation in sports activities.
• Athletic shoes are designed to improve comfort by reducing/eliminating injuries and helping to improve athletic efficiency. The increase in the number of foot allergies and diseases constantly drives the need for advanced functionality in athletic shoes and socks. Manufacturers in the textile industry incorporate advanced technology into knitwear.
• The hypermarket/supermarket segment is responsible for a larger functional clothing market share because most of the products/services are easily available at low prices in these stores. These stores promote the availability of practical fashion items, both branded and private label
• The increasing need for eco-friendly products aims to generate new opportunities for industry growth due to the increasing health and environmental issues related to many different types of fabrics. Technological developments such as antibacterial, sweat-wicking materials and warmer garments for cold climates are expected to see strong growth over the forecast period.
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Market segmentation :
Product Outlook (Revenue, USD Billion; 2017-2027)
• Sports clothing
• Protective clothing
Application Outlook (Revenue, USD Billion; 2017-2027)
• Professional athlete
• Athletic armor
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
• Convenience stores
• In line
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Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
o United States
o United Kingdom
• Asia Pacific
• Latin America
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Identify core business drivers, challenges and tactics adopted:
• The report provides intrinsic details and fluctuating aspects that influence business dynamics of the Functional Clothing market as well as integral factors for rise in demand for the product have been mapped across vital geographical regions.
• An overview of the multiple applications, fields of activity and the latest trends observed in the industry have been presented by this study.
• Various challenges facing the business and the many strategies employed by industry players to successfully market the product were also illustrated.
• The research inspects the sales channels (indirect, direct, marketing) that the companies have chosen for the main product distributors and the top customer base in the market.
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