SAN FRANCISCO, June 30, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled «Functional Apparel – Global Market Trajectory & Analytics». The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: January 2021
Executive Engagements: 3629
Companies: 198 – Players covered include 361 Degrees International Limited; Adidas AG; Amer Sports Oyj; Asics Corporation; Calvin Klein; Columbia Sportswear Company; HanesBrands Inc.; Head; Hugo Boss AG; Icebreaker; Jockey International, Inc.; Lululemon Athletic Inc; MIZUNO Corporation; NIKE, Inc.; Phillips-Van Heusen Corporation; Puma SE; Ralph Lauren Corporation; Reebok International Ltd.; Russell Brands, LLC; Skechers USA Inc.; The Gap, Inc.; The North Face, Inc.; Umbro; Under Armour, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product (Sportswear, Footwear, Protective Clothing, Activewear, Other Products); Distribution Channel (Offline, Online)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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Global Functional Apparel Market to Reach $372.5 Billion by 2026
Functional clothing is considered to be an evolution of technical textiles. Functional clothing is an area where clothing integrates with medicine, nanotechnology, computing, physics, and biotechnology domains to address the increasingly complex and multi-faceted needs of users. Functional apparel meets specific performance requirements and are designed and engineered to protect or provide comfort to the wearer while being normal. Functional clothing can be termed a bridge between commercial clothing and technical textiles with a commercial market. While functional clothing enumerates traits of technical textiles in offering protection or comfort for the wearer, they can also be used as regular wear, thus carving a niche that spans technical textiles and the clothing market. Typical functional apparel includes sportswear, protective wear, medical clothing, and special clothing. At present, a wide variety of functional apparel are currently available in the form of medical clothing, sports clothing, and protective clothing among others.
Amid the COVID-19 crisis, the global market for Functional Apparel estimated at US$265.8 Billion in the year 2020, is projected to reach a revised size of US$372.5 Billion by 2026, growing at a CAGR of 5.7% over the analysis period. Sportswear, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$128.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Footwear segment is readjusted to a revised 6.3% CAGR for the next 7-year period. This segment currently accounts for a 22.5% share of the global Functional Apparel market.
The U.S. Market is Estimated at $89.6 Billion in 2021, While China is Forecast to Reach $52.5 Billion by 2026
The Functional Apparel market in the U.S. is estimated at US$89.6 Billion in the year 2021. The country currently accounts for a 32.32% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$52.5 Billion in the year 2026 trailing a CAGR of 7.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.9% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.2% CAGR while Rest of European market (as defined in the study) will reach US$56.2 Billion by the close of the analysis period.
The ongoing health and wellness trend continues to be the primary driver of the global functional apparel market, prompting consumers to spend on these apparels, mainly sportswear and active wear products. Consumer focus on healthy regime and rising level of health-consciousness are making people to get selective regarding apparels for gym sessions, personal training and casual work. Increasing engagement in sports and adventurous activities like cycling and trekking is favoring the market expansion. In addition, aggressive efforts by fitness influencers to promote active wear and attract consumers have resulted in the athleisure cult, encouraging people to wear active wear on gyms as well as social gatherings and runways. The market growth is also propelled by rising adoption of functionality-specific apparels and footwear and technological advancements. The use of engineered fabrics in functional apparel offers protects from extreme cold or heat, chemicals and radiation. These fabrics can absorb sweat and keep users cooler in summer and warm in winters. Some of the latest functional apparel are made using anti-bacterial materials capable of preventing body odor. On the other hand, athletic footwear offered by major brands maximizes user comfort and improves athletic performance while reducing the risk of injuries. Increasing incident of foot diseases and allergies is prompting companies to offer sports shoes & socks with specialized features. While various manufacturers are offering sports socks with extra padding to mitigate risk of foot allergies, others are increasingly incorporating sophisticated technologies in their hosiery products. Moreover, increasing focus of various medical laboratories on R&D is expected to bolster the adoption of medical laboratory-wear apparels.
Protective Clothing Segment to Reach $66.6 Million by 2026
Protective clothing is designed to provide protection to the wearer from the hazards at workplaces or at any other places. High visibility garments also fall under protective clothing. Protective clothing finds uses in a wide range of applications and include fire & heat protection; nuclear, chemical, and biological hazard protection; protection from sharp objects such as stab wounds, cuts, and abrasions; protection from extreme cold; and protection from static electricity, and high voltage among others. In the global Protective Clothing segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$39.8 Billion in the year 2020 will reach a projected size of US$55.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$7.1 Billion by the year 2026, while Latin America will expand at a 5.6% CAGR through the analysis period. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.