NEW YORK, Sept. 2, 2022 /PRNewswire/ — One of the key trends in the outdoor apparel market is the growing tourism industry. The increase in personal disposable incomes and the growth of the tourism industry have raised participation in outdoor activities such as hiking and trekking. This, in turn, has increased the demand for outdoor apparel. The growth of inbound and outbound tourism is driven by the rise in the number of international and domestic business, leisure, and sports tourists. These factors will support the market growth during the forecast period.
The outdoor apparel market size is expected to grow by USD 4.40 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 5.3% during the forecast period, according to Technavio.
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Outdoor Apparel Market: Major Segmentation
The outdoor apparel market is segmented by distribution channel (offline and online) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
By distribution channel, the offline segment will generate maximum revenue in the outdoor apparel market owing to factors such as the adoption of new business and retail strategies, such as pricing and wide assortments by retailers, as well as business expansion. Consumers prefer purchasing outdoor apparel from department stores owing to the availability of a wide range of products and the presence of expert customer service personnel.
In terms of geography, APAC will present significant opportunities for market vendors owing to the factors such as The rising millennial population, increasing disposable income, and growing awareness about health and fitness among people. Moreover, market growth in this region will be faster than the growth of the market in other regions. China and India are the key countries for the outdoor apparel market in APAC.
Outdoor Apparel Market: Major Growth Drivers
Product innovation leading to portfolio extensions and product premiumization is driving the growth of the market. Manufacturers are introducing outdoor apparel that has innovative designs, quality, and features. The rise in purchasing power, along with the increasing preference for innovative, comfortable, and lightweight outdoor apparel, is driving the sales of such products. Product premiumization is leading to an increase in the sales of outdoor apparel. Moreover, premiumization helps manufacturers in improving customer engagement with their brands and products, which will drive market growth.
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Outdoor Apparel Market Scope
Report Coverage
Details
Page number
120
Base year
2021
Forecast period
2022-2026
Growth momentum & CAGR
Accelerate at a CAGR of 5.3%
Market growth 2022-2026
USD 4.40 billion
Market structure
Fragmented
YoY growth (%)
4.9
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
APAC at 33%
Key consumer countries
US, China, Germany, France, and UK
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
Companies profiled
adidas AG, Aigle International SA, Amer Sports Corp., ANTA Sports Products Ltd., ASICS Corp., Boardriders Inc., BYN BlackYak and Arendicom GmbH, Callaway Golf Co., Canadian Tire Corp. Ltd., Columbia Sportswear Co., Fenix Outdoor International AG, G-III Apparel Group Ltd., Hanesbrands Inc., Newell Brands Inc., Nikwax Ltd., Norrona Sport AS, Outdoor Research, Patagonia Inc., Under Armour Inc., and VF Corp.
Market Dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Browse Consumer Discretionary Market Reports
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
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Email: [email protected]
Website: www.technavio.com/
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SOURCE Technavio
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