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Essay / Global Sportswear Market
The global sportswear market is expected to generate $186.4 billion by 2020, registering a CAGR of 5.3% during the forecast period 2015-2020. Sportswear is mainly worn during workouts or while playing a sport. Sportswear is designed to provide comfort and agility during physical movements of the body. The global sportswear market has witnessed astonishing growth mainly due to growing health awareness and increase in fitness activities such as aerobics, swimming, running and yoga among a large number of consumers. The market is further driven by the increasing participation of women in various sports and fitness activities. Geographically, North America was the largest revenue generating region in the global sportswear market in 2014. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayHowever, Asia-Pacific would be the top revenue-generating region by 2020, thanks to the improving level of life and the increase in disposable income in emerging countries. like India and China. However, the availability of poor quality and counterfeit products or counterfeit products has limited the growth of the global sportswear market. Many key players are operating in the market including Nike, Inc., Umbro, Ralph Lauren Corporation Ltd., Fila, Inc., Lululemon Athletica Incorporation, Columbia Sportswear Company, New Balance Athletic Shoe, Inc. These companies have adopted various strategies of growth. to capture a greater market share and increase their growing customer base. Product launches along with partnerships and acquisitions are the major growth strategies adopted by these companies to sustain the intense competition in the market. In July 2014, Adidas entered into a partnership with Manchester United and, in 2015, Nike with Chelsea, two of the most successful and popular football clubs in the world, to promote its products globally. This has helped both companies strengthen their market position in various geographies. The Indian sportswear market has evolved from a niche segment, exclusively aimed at athletes, to a growing consumer sector. Driven by growing income levels, changing lifestyles and the entry of foreign players post-liberalization, the industry has witnessed rapid growth in recent years. The ever-increasing popularity of cricket, combined with the emerging interest in sports such as football, hockey and tennis, has contributed to the growth of the effective sportswear market in the country. In addition, the trend of using sportswear as casual wear has broadened the definition of target consumers for major brands. Some brands also offer collections to meet this demand for casual clothing. The sportswear retail market in India is estimated at INR 365.8 billion and is expected to grow at a robust CAGR of 33% between 2010 and 2014. The market includes sports apparel, footwear and accessories, with footwear making up the segment the largest, representing around 60% of the total market. The country's sportswear segment is largely unorganized, with organized players constituting only around 30% of the market. Franchised exclusive brand outlets (EBOs) and multi-brand outlets are the major sportswear retail channels in India. Thus, it is necessary to research and analyze trends in).