Functional Apparels Market Analysis
The global functional apparels market will touch USD 505.85 billion at a 7.9% CAGR by 2030, as per the recent Market Research Future report.
Growing Health and Wellness Trend to Boost Market Growth
One of the major factors driving demand for various types of functional gear, notably activity or sporting items, is the expanding trend of health & wellbeing. Global consumers have been partaking in a variety of sports & fitness activities as a way to take their fitness seriously. As a result, this target audience is frequently advertised to by the fitness sector. On the other side, several fitness gurus have backed apparel companies that have caught the attention of potential customers.
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Eminent industry players profiled in the global functional apparels market report include 361 Degrees International Limited, Adidas AG, Amer Sports Oyj, Asics Corporation, Calvin Klein, Columbia Sportswear Company, Hanes Brands Inc., Head, Hugo Boss AG, Icebreaker, Jockey International, Inc., Lululemon Athletic Inc, MIZUNO Corporation , NIKE, Inc., Phillips-Van Heusen Corporation, Puma S.E., Ralph Lauren Corporation, and Reebok International Ltd.
Increasing Use in Construction & Mining to offer Robust Opportunities
The construction & mining industries, where workers are exposed to harsh environments, are seeing an increase in the need for practical workforce wear. It is projected that the introduction of the flame resistant textiles, water resistance, flame monitor, and steel-edged gloves and boots would increase demand for practical clothing.
Restraints and Challenges
High Price to act as Market Restraint
The high price of functional apparels and availability of fake products may act as market restraints over the forecast period.
The global functional apparels market is bifurcated based on end user and product type.
By product type, sportswear will lead the market over the forecast period.
By end user, men will domineer the market over the forecast period.
The coronavirus outbreak has adversely impacted the growth of the functional clothing industry due to a worldwide halt in production and postponement of important projects. Lockdowns implemented by the government have limited transit activity and significantly reduced the scale of the sector. Additionally, the market expansion in the near future may be hampered by the diminishing demand for functional clothes from various end-user sectors and the high price of volatile raw materials at the time of the pandemic. Rapid immunization programs and expanding home construction will significantly increase the share of the functional apparel market globally.
North America to Head Functional Apparels Market
The global market for functional apparel is dominated by North America. One of the chief factors influencing the growth of the region is the advancement of healthy lifestyles and tantrum-prone bodies. People born after World War II are investing more in wellness and preventative measures, which has had an impact on market growth. Therefore, the market growth in this area is driven by the American youth’s increasing sports revenue and their population’s increased expenditure in sports & wellness activities. A growing population that prefers to live a healthier lifestyle promotes market growth and more dependable investment in sports & wellness activities. Mechanical improvements in plans have led to improved comfort & supported execution, which primarily appeals to fitness and game enthusiasts.
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