The global compression sportswear industry size is expected to gain momentum by reaching USD 6.59 billion by 2028 from USD 4.24 billion in 2021. This information is published by titled, “Compression Sportswear Market, 2021-2028.” The report further mentions that the market stood at USD 4.03 billion in 2020 and is projected to exhibit a CAGR of 6.5% between 2021 and 2028.
Increasing Incidence of Sports Injuries to Aid Growth
According to the data by the American Academy of Pediatrics, in the U.S., about 30 million young people participate in some form of sports every year. Moreover, around 3.5 million sports-related injuries are experienced by sports players. The growing number of sports injuries is propelling the manufacturers to develop innovative sportswear. Compression apparel aids in expediting the process of rebuilding of muscles and significantly reduces fatigue. Owing to their myriad benefits, the sport players opt for the apparels to prevent injuries that are likely to contribute to the global compression sportswear market growth in the forthcoming years.
Asia-Pacific – The region is expected to remain dominant and hold the highest position in the market during the forecast period. This is ascribable to factors such as the presence of a young population in the region and the active youth participation in sports activities in countries such as India, China, Japan, and South Korean in the region. Asia-Pacific stood at USD 1.35 billion in 2020. According to the United Nations, around 60% of the global youth population is present in Asia-Pacific.
North America – The market in the region is expected to experience significant growth in the forthcoming years. This is due to the improved standard of living and the presence of a number of sports such as athletics, football, and other endurance events that will boost the adoption of advanced compression sportswear between 2021 and 2028.
Key Market Segmentation:
On the basis of type, the market is categorized into tops, bottoms, socks, bra, and others. Based on gender analysis, the market is divided into men, women, kids, and unisex.
Based on gender analysis, the men segment held a global compression sportswear market share of about 57.3% in 2020 and is likely to showcase significant growth during the forecast period. This is due to the increasing number of male participants in sporting events worldwide.
On the basis of the distribution channel, the market is bifurcated into online and offline. Lastly, on the basis of region, the market is segmented into Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Product Innovation by Major Companies to Amplify Their Market Prospects
The global market is consolidated by the presence of major companies striving to maintain their presence by adopting innovative and advanced technologies to develop compression sportswear to cater to the evolving needs of sportspersons. Moreover, other key players are adopting organic and inorganic strategies to gain a competitive edge over their rivals in the highly competitive global marketplace.