In the dynamic world of fashion, the Athleisure Market has emerged as a prominent player, blending comfort and style to cater to the needs of modern consumers. Within this bustling industry, companies deploy various market share positioning strategies to stand out and capture the attention of discerning shoppers.
One effective strategy revolves around brand differentiation. Companies seek to distinguish their athleisure wear from competitors by offering unique designs, innovative fabrics, or specialized features. Whether it's moisture-wicking materials for intense workouts or seamless construction for enhanced comfort, these distinctive attributes help brands carve out their niche and attract consumers looking for something beyond the ordinary.
Pricing is another critical aspect of market share positioning. Some companies position themselves as premium brands, pricing their athleisure wear higher to convey a sense of luxury or superior quality. These brands often emphasize premium materials, meticulous craftsmanship, and exclusive collaborations to justify their higher price points. Conversely, other companies target the mass market with more affordable options, making athleisure accessible to a broader audience without compromising too much on quality.
Distribution channels play a pivotal role in reaching consumers and securing market share. Companies strategically expand their presence across various retail outlets, both physical and online, to ensure widespread availability. Additionally, exclusive partnerships with select retailers or e-commerce platforms can provide brands with greater visibility and access to new customer segments, thus bolstering their market share.
Marketing and branding efforts are instrumental in shaping consumer perceptions and driving market share. Companies invest in advertising campaigns to showcase their athleisure wear in action, highlighting its versatility, performance features, and style. Social media platforms serve as powerful tools for engaging with consumers and building brand communities, with influencers playing a significant role in amplifying brand messages and reaching new audiences.
Customer experience and satisfaction are paramount in retaining market share. Companies prioritize superior customer service, from seamless online shopping experiences to hassle-free returns and exchanges. By fostering positive relationships with customers and addressing their needs promptly and effectively, brands can cultivate loyalty and encourage repeat purchases, thereby solidifying their position in the market.
Innovation is a key driver of market share positioning in the athleisure industry. Companies invest in research and development to introduce new technologies, fabrics, and designs that offer enhanced performance, comfort, and style. Whether it's eco-friendly materials, compression technology, or athleisure wear designed for specific activities, innovation enables brands to stay ahead of the curve and capture the attention of discerning consumers.
Partnerships and collaborations can offer strategic advantages in market positioning. Brands often team up with fitness influencers, celebrities, or other fashion labels to create limited-edition collections or exclusive product lines. These partnerships generate excitement and buzz, driving sales and expanding brand reach to new audiences.
Ultimately, the success of market share positioning strategies in the Athleisure Market hinges on a deep understanding of consumer preferences, trends, and lifestyle choices. By leveraging brand differentiation, pricing strategies, distribution channels, marketing efforts, customer experience, innovation, and strategic partnerships, companies can carve out their place in this competitive landscape and thrive in the ever-evolving world of athleisure fashion.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Influence of social media and innovative marketing strategies |
Market Dynamics | Growing fitness-conscious population Demand for comfortable and trendy clothing |
Athleisure Market Size was valued at USD 510.10 million in 2023. The athleisure industry is projected to grow from USD 561.32 million in 2024 to USD 1113.0074 million by 2032, exhibiting a compound annual growth rate (CAGR) of 8.93% during the forecast period (2024 - 2032).A growing fitness-conscious population and demand for comfortable and trendy clothing are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The growing popularity of sports and fitness-related activities including yoga, aerobics, running, weight training, and running, along with the rise in the number of women engaging in these activities, is fueling the demand for athleisure products. For example, a poll conducted in Japan in November 2021 in association with the Japan Sports Agency revealed that 15.1% of participants in their twenties said they used fitness clubs.
According to the Canadian Fitness and Lifestyle Institute's Physical Activity Monitor (2019–2021), roughly 27% of Canadian adults reported participating in sports. In addition, the likelihood of consumers participating in fitness and sports activities has increased due to celebrity endorsements, high-profile international sporting events, social media influence, and government campaigns such as #FitIndia (run by the Government of India).
Figure 1: Growing prevalence of Yoga businesses in the USSource: Secondary Research, Primary Research, MRFR Database and Analyst Review
Additionally, the apparel industry has experienced a considerable revolution in recent years. Yoga has seen an increase in popularity in 2021, which is predicted to continue. demand for athleisure has increased as a result of this change. For instance, in the US, membership fees makeup 60.4% of the total revenue from health and fitness clubs. The data indicate that many Americans belong to various health and fitness clubs. Therefore, the growing fitness-conscious population has recently enhanced the athleisure market CAGR.
For instance, the growing interest in outdoor sports and recreation among the expanding youth population has increased the demand for various athleisure accessories. The growing emphasis on fitness and health consciousness, creating a high desire for stylish and comfortable clothing, is another factor driving the growth of the athleisure market revenue.
The athleisure market segmentation, based on product type, includes leggings, tights & joggers, hoodies & sweatshirts, sneakers, shorts, sports jackets, sports bras, yoga pants, and others. The leggings, tights & joggers segment held the majority share in 2021, contributing around ~40% of the athleisure market revenue. Since they are versatile and may be worn as fitness and casual clothing, leggings are necessary for athleisure wear. They can be utilized during various exercises, such as calisthenics, Zumba, cycling, and running. Over the forecast period, the yoga pants segment is expected to grow the fastest.
The athleisure market segmentation, based on end users, includes men, women, and unisex. The women segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The market is expanding due to rising involvement in health clubs and the number of women joining sports leagues. Furthermore, nearly 70% of all women in the nation participate in sports at least once a year. This element is increasing the nation's demand for athleisure and sportswear. Hence, product launches, expansion into new markets, and innovations in the athleisure space positively impact market growth.
The athleisure market data has been bifurcated by distribution channels into store-based and non-store-based. The store-based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. As a result of advances in digital technology, growing ization, and modifications in consumer purchasing patterns, the fashion industry is going through seismic shifts. And the fashion sector is more uncertain than ever because of the coronavirus's accelerated retail catastrophe. Since celebrity routinely shares products on social media platforms like Instagram, a big store platform, these collaborations might help a brand's discoverability.
October 2022: To strengthen its position in the Indian sports and athleisure market, Metro Brands, a significant footwear retailer, has announced a share purchase deal to acquire Cravatex Brands. This acquisition has further broadened the growth opportunity for the athleisure industry.
Figure 2: Athleisure Market, by Distribution Channel, 2021 & 2030 (USD Million)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America athleisure market accounted for USD 1,68,113.89 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. One of the key drivers of the market's rising growth throughout the forecast period is the expanding participation in various sporting events. Moreover, increased involvement in gyms and exercise facilities is largely due to greater health consciousness and the drive to seem fit.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: ATHLEISURE MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe athleisure market accounts for the second-largest market share. Sales of athletic clothing and equipment are increasing as customers' awareness of health and fitness increases in Europe. Due to the societal trend toward a healthier and more active lifestyle among all age groups and the rising popularity of sportswear worn as casualwear, athleisure is becoming increasingly popular in Europe. Further, the Germany athleisure market held the largest market share, and the UK athleisure market was the fastest-growing market in the European region.
The Asia-Pacific Athleisure Market is expected to grow at the fastest CAGR from 2022 to 2030. It is due to the growing millennial population in emerging nations, rapid urbanization, and rising per capita disposable incomes in emerging economies. Moreover, China athleisure market held the largest market share, and the India athleisure market was the fastest-growing market in the Asia-Pacific region.
For instance, the India athleisure market is the favored destination for health-conscious people. Traditional leaders in the athleisure market in the Asia-Pacific region include Reebok, Adidas, Nike, Puma, and Lotto. For instance, Adidas Australia introduced the "4DFWD" 3D-printed running shoe in September 2021. The e-midsole lattice structure of the 4DFWD shoe was produced by printing to convert vertical impact forces into horizontal forward motion. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the athleisure market grow even more. Market participants are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the athleisure industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the athleisure industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the athleisure industry has focused on developing a diversified product portfolio, which has intensified the competition in the market. The athleisure market major player such as Under Armour Inc. (US), Lululemon Athletica (Canada), Adidas AG (Germany), Nike Inc. (US), and others are working on expanding the market demand by investing in research and development activities.
Lululemon Athletica (Canada) is a Canadian multinational athletic apparel retailer headquartered in British Columbia and incorporated in Delaware, United States. It was established in 1998 to sell yoga pants and other yoga clothing, but it has grown to sell athletic wear, lifestyle clothing, accessories, and personal care items. In June 2020, Lululemon announced a $500 million acquisition of MIRROR. Due to the COVID-19 pandemic, more people are doing virtual exercises at home instead of visiting a gym.
Also, Puma SE (Germany) creates and produces sporting goods like clothing, footwear, and accessories that are marketed under the PUMA and Cobra Golf names. It was created as a result of a family business split into Adidas and PUMA by German brothers Rudi and Adi Dassler. Although PUMA's heritage is in shoes, garment sales are increasing. Men's golf, sailing, motorsports, and denim items have been added to its growing collection of sporting gear styles. Moreover, PUMA runs its retail locations and manages product distribution. PUMA is one of the top athletic shoe brands, along with NIKE and Adidas, and has long-standing sponsorship deals with leading sports clubs, including Manchester City, AC Milan, and the Italian national soccer team. In July 2021, 18 Indian athletes signed contracts with Puma to compete for their nation in national and international hockey, shooting, and other sports competitions.
August 2022: With the launch of its newest line, "ONLY PLAY," the renowned European fashion label for young women ONLY joined the athleisure clothing market. Excellent craftsmanship, feminine accents, and exceptional utility are all offered by ONLY PLAY, which also offers a remarkable fusion of the newest sportswear and fashion trends.
February 2022: Women's athleisure brand Aastey takes pride in being "inclusive." The clothing manufacturer has received ten crores from CXXO, a Kalaari Capital project. The $10 million CXXO program, which aims to support female entrepreneurs, received funding from Kalaari Capital.
Thursday, August 31, 2023: The financial results for lululemon athletica inc.'s second quarter of fiscal 2023 will be made public, the company stated today To discuss the financial results, the firm will hold a conference call at 4:30 p.m. Eastern time.
May 21, 2024: lululemon athletica inc.announced today that Sun Choe, the Chief Product Officer, has resigned and will be leaving the company later this month to seek another opportunity. This announcement coincides with the implementation of an upgraded and more integrated organizational structure.
Athleisure Market Segmentation
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