Global tracksuit market was worth USD 87 Billion in 2020 and is further projected to reach USD 143 Billion by 2027 at a CAGR of 74 during 20212027 forecast period ID: 895522
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Tracksuit Market, By Product, Trend Analysis, Competitive Market Share & Forecast, 2021-2027
Slide2Nail Care Products Market- Industry Trends & Forecast Report 2027A study recently conducted by the strategic consulting and market research firm
BlueWeave
Consulting revealed that global tracksuit market was worth USD 8.7 Billion in 2020. The data yielded by the study revealed that the market is estimated to grow at a CAGR of 7.4%, earning revenue of around USD 14.3 Billion by the end of 2027. A tracksuit is a sweatsuit worn by athletes, particularly runners, during training. It typically consists of a full-sleeved jacket and long pants. The best tracksuits are made from knitted cotton or nylon fabrics after cutting and stitching. Growing consumer participation in physical fitness activities, an increase in the number of young adults, and an increasing preference for athleisure have contributed to the growth of the global tracksuits market.
Slide3Growth Drivers Inclination towards healthy lifestyleTracksuits are becoming more popular among customers who follow healthy lifestyles and want comfortable and flexible clothes. Globally, the target market for tracksuits is the millennial generation, as
Millennials
tend to adopt a holistic approach to fitness. This section of society has made fitness an integral part of its daily routine. In light of millennials' perception of fitness, athletic brands have built an emotional connection with their customers. Moreover, such fitness-conscious customers are more likely to look for apparels that promotes an active lifestyle.
Slide4Restraints The high price of athleisure brands is one of the restrictions in the global tracksuit market, which has contributed to the rise of counterfeit
athleisure
brands. Fake tracksuit brands are popular in underdeveloped economies where customers are price sensitive. This factor hampers the sales of existing original athleisure brands, impeding the growth of the tracksuits market. Moreover, the quality of counterfeit tracksuit brands is incredibly low and often causes safety concerns, resulting in poor customer feedback.
Slide5Impact of COVID-19 in industryThe COVID-19-induced pandemic has had a negative influence on the global tracksuit market. Since people were confined to their homes during the nationwide lockdown imposed by different countries, the demand for tracksuits declined significantly worldwide. Additionally, the manufacturing process was adversely affected by a temporary shortage in the supply and a disruption in the supply chain. The price of products increased in 2020 because of high demand and low supply. However, with vaccination drives in full swing, the supply-demand gap will likely minimize, allowing import and export to resume.
Slide6Regional InsightThe global tracksuit market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa based on the region. Among these regions, North America dominated the market share and is likely to maintain its dominance even during the forecast period. The global tracksuit market is segmented into North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America holds the largest market share among these regions and is likely to maintain its prominence even during the forecast period. Due to the significantly rising demand for tracksuits in the region’s sports industry, North America is one of the leading markets. To become more competitive and increase profitability, several key players in this region embrace development strategies such as business expansion and new product launches
.
Slide7Competitive landscapeThe key players in the Global Tracksuit Market are Adidas AG, ASICS Corporation, HanesBrands Inc., H&M Hennes &
Mauritz
AB, Jack & Jones, Monte Carlo Fashions Ltd., Nike, Inc., Puma Se, Under Armour, Inc., and Wildcraft and other manufacturers. Business expansion and new product launches are some of the key developmental strategies adopted by the key players in the industry to increase profitability and gain a competitive edge in the market. Sample copy :https://www.blueweaveconsulting.com/report/global-tracksuit-market/report-sample
Slide8About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off.
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.
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