Tracksuits Market is Expected to Reach $17,980.9 Million by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Tracksuits Market by Product, End Use, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The tracksuits market size was valued at $8,689.8 million in 2020, and is estimated to reach $17,980.9 million by 2030, registering a CAGR of 7.6% from 2021 to 2030. In 2020, the men segment accounted for 49.8% of share in the global tracksuits market and is expected to grow at a CAGR of 7.1% throughout the forecast period. U.S. is one of the prominent countries that accounted for a sizeable share of the total market in 2020.  

Tracksuit is sports apparel that is majorly worn during workout sessions, playing sports, and nowadays worn as causal wear. Tracksuits are designed to provide comfort and agility while performing physical movements. They are made using breathable fabrics that allow sweat to evaporate faster, helping the person wearing it remain fresh for long. Cotton, fiber, and wool are some of the most commonly used materials for the fabrication of tracksuits. Initially, tracksuits were mostly worn by athletes but, with time, it has become quite common with regular gym goers and other non-athletes.

These type of products have been gaining higher traction among customers who adopt a healthy lifestyle and at the same time seek for comfort and flexibility in wearing clothes. Millennials are the key target customers in the global tracksuits market. Millennials tend to take a more holistic approach to health and wellness factor. They are active and always keen to indulge in fitness-oriented activities. Fitness has become an integral part of one’s daily routine. Taking in account on millennials’ perception on fitness, athleisure brands have successfully built an emotional connect between their products and customer. These customers specifically seek for apparels that promote an active lifestyle. 

Athleisure products has been gaining preference over denim, though in the early 2000s, denim experienced higher demand, where consumers were willing to spend $200–300 for a pair of jeans. However, by the end of 2010, the average denim expenditure among the customers was around $25. This trend clearly indicates that customers have higher preference for athleisure products which is a blend of sports and fashion industry. 

Increase in disposable income and improvement in living standards in the emerging countries such as China and India along with rise in affinity of consumers in emerging economies toward health and fitness are the tracksuits market trends. However, availability of low-quality and counterfeit products and fluctuations in prices of raw materials used to make these apparels restrain the tracksuits market growth. On the contrary, surge in demand for trendy and fashionable apparel and increase in popularity of sports apparel among children are anticipated to provide lucrative tracksuits market opportunities for the expansion of the tracksuits industry. 

The report segments the global tracksuits market on the basis of product, end user, distribution channel, and region. Depending on product, the market is categorized into cotton, fiber, wool, and others. On the basis of end user, the market is divided into men, women, and kids. By distribution channel, it is segregated into supermarket/hypermarket, E-commerce, brand outlets, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

According to the tracksuits market analysis, by end user, the men segment generated the highest revenue in 2020, and is expected to remain dominant throughout the tracksuits market forecast period. This can be attributed to higher participation of men in sports. However, the women segment is expected to exhibit highest CAGR throughout the forecast period, due to rise in participation of women in sports coupled with increased frequency of product launch, which directly caters to the demand for women’s apparel.

By distribution channel, the supermarket/hypermarket was the most prominent segment that accounted for a maximum tracksuits market share in 2020. This can be attributed to easy availability of desired brands, designs, and varieties of tracksuits according to size in supermarket/hypermarket. 

U.S. accounted for the maximum share in the global market in 2020, and is expected to remain dominant during the forecast period. This is attributed to higher expenditure of consumers on fitness apparel, as it is considered a style statement. Moreover, developed retail structure and celebrity brand endorsements help boost sales in the U.S. However, China is expected to grow with the highest CAGR throughout the forecast period, owing to changes in the buying behavior of people due to increase in disposable income.

The key players profiled in this tracksuits market include Adidas AG, ASICS Corporation, HanesBrands Inc., H&M Hennes & Mauritz AB, Jack & Jones, Monte Carlo Fashions Ltd., Nike, Inc., Puma SE, Under Armour, Inc., and Wildcraft.

Key findings of the study    

• By service type, the lodging segment held the highest share, accounting for 20.6% of the global industry in 2020. 
• Based on location, the domestic segment held the major share of 65.1% of the tracksuits market in 2020.
• Based on travelers type, the primary segment witness an exponential growth rate of 8.7% during the forecast period 
• North America held the major share in the market and is expected to remain dominant during the forecast period.