FACTS AT A GLANCE
Editing: 7; Posted: January 2021
Management commitments: 3629
Companies: 198 – Players covered include 361 Degrees International Limited; Adidas AG; Amer Sports Oyj; Asics Corporation; Calvin klein; Columbia Sportswear Company; HanesBrands Inc .; Lead; Hugo Boss SA; icebreaker; Jockey International, Inc .; Lululemon Athletic Inc; MIZUNO Company; NIKE, Inc .; Phillips-Van Heusen Corporation; Puma SE; Ralph Lauren Company; Reebok International Ltd. ; Russell brands, LLC; Skechers United States Inc .; The Gap, Inc .; The North Face, Inc .; Umbro; Under Armor, Inc. and others.
Blanket: All major geographies and key segments
Segments: Product (sports clothing, footwear, protective clothing, sports clothing, other products); Distribution channel (offline, online)
Geographies: World; United States; 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 Clothing Market To Reach $ 372.5 billion by 2026
Functional clothing is considered an evolution of technical textiles. Functional clothing is an area where clothing integrates with the fields of medicine, nanotechnology, computer science, physics and biotechnology to meet the increasingly complex and multifaceted needs of users. Functional clothing meets specific performance requirements and is designed and manufactured to protect or provide comfort to the wearer while being normal. Functional clothing can be described as a bridge between commercial clothing and technical textiles with a commercial market. While functional clothing lists the characteristics of technical textiles providing protection or comfort for the wearer, it can also be used as regular clothing, thus creating a niche that covers technical textiles and the clothing market. Typical functional clothing includes sportswear, protective clothing, medical clothing, and special clothing. Currently, a wide variety of functional clothing is currently available in the form of medical clothing, sportswear, and protective clothing, among others.
In the midst of the COVID-19 crisis, the global functional clothing market is estimated at 265.8 billion US dollars in 2020, is expected to reach a revised size of US $ 372.5 billion by 2026, with a CAGR of 5.7% over the analysis period. Sportswear, one of the segments analyzed in the report, is expected to grow at a CAGR of 5.6% to reach 128.4 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the footwear segment growth is readjusted to a revised CAGR of 6.3% for the next 7 year period. This segment currently represents a 22.5% share of the global functional clothing market.
The US market is estimated at $ 89.6 billion in 2021, when China is expected to reach $ 52.5 billion by 2026
The functional clothing market in the United States is estimated at 89.6 billion US dollars in 2021. The country currently represents 32.32% of the world market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 52.5 billion during the year 2026, with a CAGR of 7.3% throughout the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 4.9% and 5% respectively over the period of analysis. In Europe, Germany is expected to grow by around 5.2% CAGR while the rest of the European market (as defined in the study) will reach US $ 56.2 billion before the end of the analysis period.
The current health and wellness trend continues to be the main driver of the global functional clothing market, prompting consumers to spend on such clothing, mainly sportswear and sportswear. Consumers’ emphasis on healthy dieting and increasing levels of health awareness are leading people to choose clothes for gym sessions, personal training, and casual work. The growing engagement in sports and adventure activities like cycling and trekking promotes the expansion of the market. Additionally, aggressive efforts by fitness influencers to promote sportswear and attract consumers has resulted in the cult of athleisure, encouraging people to wear sportswear at gyms as well as at social gatherings and parades. . Market growth is also being driven by the increasing adoption of feature-specific clothing and footwear and technological advancements. The use of technical fabrics in functional clothing offerings protects against extreme cold or heat, chemicals and radiation. These fabrics can absorb sweat and keep users cool in summer and warm in winter. Some of the newer functional clothing is made from anti-bacterial materials that can prevent body odor. On the other hand, sports shoes offered by major brands maximize user comfort and improve athletic performance while reducing the risk of injury. The increasing incidence of foot diseases and allergies is prompting companies to offer athletic shoes and socks with specialized features. While various manufacturers offer athletic socks with additional padding to reduce the risk of foot allergies, others are increasingly incorporating sophisticated technologies into their hosiery products. In addition, the increasing emphasis of various medical laboratories on R&D is expected to promote the adoption of medical laboratory clothing.
Protective clothing segment to be reached $ 66.6 million by 2026
Protective clothing is designed to protect the wearer from hazards in the workplace or any other location. High visibility clothing is also part of protective clothing. Protective clothing finds uses in a wide variety of applications and includes protection against fire and heat; protection against nuclear, chemical and biological risks; protection against sharp objects such as stab wounds, cuts and abrasions; protection against extreme cold; and protection against static electricity and high voltage, among others. In the global protective clothing segment, United States, Canada, Japan, China and Europe will drive the estimated 4.9% CAGR for this segment. These regional markets representing a combined market size of US $ 39.8 billion in 2020 will reach a projected size of US $ 55.7 billion at the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach 7.1 billion US dollars by 2026, while Latin America will increase at a CAGR of 5.6% throughout the analysis period. After
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