The athleisure companies have been making several important mergers and acquisition in the view of expanding its operations in both international and domestic market. According to a new report published by Allied Market Research titled, “Athleisure Market by Product Type, Gender, and Distribution Channel Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global Athleisure market size was valued at $155.2 billion in 2018, and is projected to reach $257.1 billion by 2026, growing at a CAGR of 6.7% from 2019 to 2026. In 2018, North America accounted for nearly 38.4% share of the athleisure market.
Athleisure refers to a type of casual clothing designed to be worn for exercise and general use. The most common athleisure outfits are leggings, yoga pants, sweatpants, gym tanks, sports bras, hoodies, tights, shorts, sneakers, and others. These types of products have been gaining higher traction among customers who adopt a healthy lifestyle and at the same time seek for comfort and flexibility in wearing clothes or shoes. Millennials are the key target customers in the global athleisure market growth.
Millennials tend to take a more holistic approach to health and wellness factor. They are active and always keen to indulge in fitness-oriented activities. Fitness has become an integral part of one’s daily routine. Taking in account on millennials’ perception on fitness, athleisure brands have successfully built an emotional connect between their products and customer. These customers specifically seek for apparels that promote an active lifestyle.
In its most recent trends, athleisure has been gaining preference over denim. Though in the early 2000, denim experienced higher level of demand among the customer, where consumers were willing to spend $200-$300 for a pair of jeans. However, by the end of 2010, the average denim expenditure among the customers was around $25. This sustaining trend, clearly indicates that customer have higher preference for athleisure products which are a blend of sports and fashion industry.
Due to the rise in demand for different types of athleisure products, the market has been evolving continuously in terms of its product offerings. Innovation material and technology are being used in designing and producing athleisure product ensuring odor free, stretch ability, sweat-wicking, and protection from dirt. For instance, Nike has been using a blend of classic materials like polyester and spandex and innovative manufacturing techniques. Thus, these materials are woven to create attractive shirts, sweatshirts, and vests.
The global athleisure market analysis is segmented on the basis of product type, gender, distribution channel, and region. Based on product type, the market is classified into sneaker, joggers, leggings, hoodies, and others. Based on gender, the market is segmented into male and female. By distribution channel, the market is divided into online and offline. Based on region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA).
Key Findings of the Athleisure Market :
⦁ In 2018, based on product type, the sneaker segment accounted for around higher value athleisure market share.
⦁ In 2018, based on gender, the male segment accounted for 62.2% share of the athleisure market.
⦁ In 2018, based on region, North America accounted for a prominent market share and is anticipated to grow at a CAGR of 6.2% throughout the athleisure market forecast.
The key players profiled for Athleisure industry include Puma, Nike, Under Armour, Adidas, Lululemon Athletic, Asics Corporation, Columbia Sportswear Company, Gap Inc., North Face, Phillips-Van Heusen Corporation, and others.
