Global Tracksuit Market Retains Robust Growth: Projected to Grow at a CAGR of 7.4 % by 2027
Published | 04 October 2021
An increase in fitness-conscious population and an increase in consumers' preference for stylish athleisure are contributing to the growth of the global tracksuit market. However, unstable raw material prices and counterfeit products are hampering market growth.
A 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.
Increasing demand among millennials driving the global tracksuit market
The millennial generation makes up a significant part of the global tracksuits market. The millennial generation is known for its holistic approach to health and wellness, which positively impacts the global tracksuit market. The section is extremely active, and members are eager to help each other improve their fitness levels. The millennial generation is increasingly upgrading tracksuits to reflect their active lifestyles and fashion-inspired activewear. Therefore, several retailers and designers that cater to sports are now offering unisex collections with new materials.
The comfort offered by tracksuits are driving market growth
Nowadays, tracksuits are commonly worn for sports, exercise, and even for leisure. This type of clothing allows one to move with comfort and agility during physical activity. The breathable fabric of tracksuits helps keep the wearer fresh for longer since it allows sweat to evaporates faster. Tracksuits are made from the finest fabrics, such as cotton, wool, and fiber. Initially, tracksuits were more popular among athletes, but over time they have become more popular with gym-goers and non-athletes alike.
Exorbitant prices of tracksuits and counterfeit athleisure brands are impeding market growth
One of the restraints in the global tracksuit market is the high price of athleisure brands, which has led to the origin of counterfeit athleisure brands. In developing economies, fake brands are popular where customers are price-sensitive. Sales of the existing original athleisure brands get affected by this factor, which hampers the tracksuits market growth. Fake brands generally exhibit substandard quality, which inevitably incurs safety concerns for customers, gradually creating negative perceptions in the minds of consumers.
Impact of COVID-19 in the industry
Nearly every industry was affected by the COVID-19 pandemic. Global tracksuit sales were mostly affected negatively by this outbreak. 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.
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Cotton fabric occupies the largest share of global tracksuit market
The global tracksuit market can be grouped into cotton, fiber, wool, and others based on products. The cotton segment has captured the largest share of the global tracksuits market and is expected to continue dominating the market for years to come. Cotton absorbs sweat well and dries quickly, which is why it has grown in popularity. It is an ideal material for moisture-wicking. Moreover, tracksuits made of cotton ensure a relaxed feel, which drives the demand for this specific segment.
North America is expected to witness significant growth in the market during the forecast period
The global tracksuit market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa based on regions. Among these regions, North America holds the largest market share 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.
The 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.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global tracksuit market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global tracksuit market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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