2013-02-23 06:33:23 - Evolving fashion trends, intense competition and surging brand consciousness among the consumers expected to be the major challenges faced by the industry
New Delhi: 21/2/2013- A major trend in the sporting industry in Asia is the convergence of casual design and athletic designs. Moreover, the youth segment of the population has also been the major consumer group for sports apparel and footwear. There has been an increase in the adoption of sports apparel and footwear as casual wear since most of the youngsters imitate their sporting idols and purchase the same brand and design of apparel or footwear that their favorite celebrities endorse, thus driving the athletic apparel and footwear industry in the region. The market has exhibited prolonged development due to the driving factors such as rising demand for innovative designs, growing awareness about healthy and active lifestyle, rising population and
disposable income levels and the growth of retail culture in the region over the last few years.
In Asia-Pacific region, the sports and sport inspired apparel & footwear market has been on an up rise. Sports fashion trend is offering greater opportunity for major brands such as Nike, Adidas, Reebok, Puma and these brands have ventured into the less matured markets of India, China where the sport fashion business is booming and the consumers are brand conscious.
The athletic apparel and footwear market in Asia-Pacific region has grown at a CAGR of 9.5% from 2006-2012. The growth in the region’s market is primarily driven by China and India which have emerged as the largest suppliers of athletic apparels and footwear in the world. China has emerged as the most prominent and largest market for sports apparel and footwear in Asia-Pacific region. During 2006-2012, China and India accounted for the highest growth rates in the market for athletic footwear with average growth rates of 21.9% and 15.9% respectively during the period.
The athletic footwear market in Asian countries has witnessed a strong demand for walking, running, basketball, training and toning shoes over the last few years. The Beijing Olympics 2008, FIFA world Cup 2010, commonwealth games in India and cricket world cup during 2010 also had its effect on the athletic footwear market in these countries.
According to the research report “Asia Pacific Athletic Apparel and Footwear Market Outlook to 2017- Online Retail Boom to Escalate Demand” by Ken Research, the Asia-Pacific athletic apparel market would grow at a CAGR of 11.5% from 2013-2017, thus reaching USD 29.8 billion by 2017 due to escalating consumer interest in health and fitness activities leading to an increase in the number of sports and recreational facilities, fitness gyms in most of the Asian countries.
Aggressive promotion activities by domestic and international brands, evolving fashion trends towards less athletic and more casual look, rising standards of living and a growing number of sportswear companies in India, China, Australia leveraging on the internet platform in order to diversify the sales and marketing channels is expected to drive the industry growth in the future.
The report provides detailed overview on the athletic apparel and footwear market in Asia-Pacific region and will aid reader to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, athletic apparel and footwear manufacturing companies, suppliers and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
For more information on the industry research report please refer to the below mentioned link: