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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: Key Vendor Offerings
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Accelerate at a CAGR of 5.3%
North America, Europe, APAC, South America, and Middle East and Africa
US, China, Germany, France, and UK
Leading companies, competitive strategies, consumer engagement scope
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.
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.
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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 Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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