20 May 2023, Mumbai
According to a report by Maximize Market Research, the global tracksuit market recorded a size of USD 9.37 billion in 2022 and is expected to exhibit a compound annual growth rate (CAGR) of 7.6 percent from 2023 to 2029, reaching USD 15.95 billion by end of the forecast period.
More about it
The tracksuit market has witnessed significant growth in recent years due to various factors. Tracksuits, comprising a jacket or sweatshirt along with matching pants, are versatile ensembles primarily designed for athletic or casual wear.
Their comfort, flexibility, and stylish appeal have contributed to their rising popularity among individuals engaged in sports activities, fitness enthusiasts, and those seeking trendy yet relaxed outfits.
Growth levers
The increasing focus on health and wellness has played a crucial role in driving the tracksuit market. As people become more health-conscious, there has been a surge in sports and fitness activities, resulting in a higher demand for appropriate clothing like tracksuits.
What is trending
In terms of regional analysis, North America emerged as the leading player in 2022, fueled by remarkable growth in the demand for tracksuits within the sports industry. The region has witnessed a rise in the adoption of active lifestyles and fitness trends, leading to an increased interest in sports, gym workouts, and outdoor activities.
In 2020, the men's segment emerged as the dominant force, accounting for more than half of the global market share and expected to continue growing at a CAGR of 7.1% throughout the forecast period.
The fair sex
Moreover, the market has witnessed a surge in the fragmented female apparel segment, with female consumers embracing tracksuits as fashionable athleisure products.
Tracksuits, comprising trousers and jackets, have traditionally been associated with the sports industry but have now found favor as fashionable casual wear due to their comfort and flexibility. They are crafted using materials that facilitate rapid sweat evaporation, ensuring long-lasting freshness for the wearer.
Shedding light
The article aims at providing valuable insights about the given segment with technical analysis for the readers by sharing hard data points.
The research methodology employed a combination of primary and secondary research methods to gather valuable insights into customer behavior, preferences, and market trends, ensuring a comprehensive and reliable analysis.
The market size of tracksuits reached a noteworthy value of USD 9.37 billion in 2022.
Maximize Market Research, a leading global market research firm has earlier released a comprehensive competitive intelligence report on the "Tracksuits Market."
What keeps it ticking
The rising participation in sports and fitness activities has been a major driving force behind the increased demand for tracksuits.
The adoption of athleisure clothing as office wear has also significantly contributed to the overall growth of the tracksuit market.
The numerous advantages offered by athleisure clothing, including weather protection, moisture-wicking, thermal insulation, lightweight, and ease of care, have made it particularly popular among young consumers.
The malaise of category
Nevertheless, the market has faced challenges due to the proliferation of counterfeit athleisure brands.
These brands have gained popularity in price-sensitive developing economies, adversely impacting the sales of genuine athleisure brands. Counterfeit products are typically of inferior quality and can lead to inconvenience and safety issues, resulting in negative customer perceptions.
Snapshot
The tracksuit market is segmented based on product, end-use, sales channel, and region.
In 2020, cotton tracksuits commanded the largest market share, primarily due to their absorbent properties and rapid drying capabilities. However, competition from synthetic fibers such as polyester and polypropylene has resulted in a decline in the use of cotton tracksuits over time.
Disruptions
The global tracksuit market has also been adversely affected by the COVID-19 pandemic. The pandemic has triggered disruptions in the supply chain, leading to temporary shortages and increased prices due to high demand and limited supply.
Despite the challenges posed by the COVID-19 pandemic and counterfeit brands, the tracksuit market continues to offer substantial growth opportunities driven by increased participation in fitness activities, evolving fashion trends, and the widespread adoption of athleisure wear. While cotton tracksuits have traditionally dominated the market, the competition from synthetic fibers is intensifying.
The Role of Technology
Technological advancements, such as the utilization of the Optitex system, have played a crucial role in the design and development of new tracksuit products. This system allows designers to predict and rectify potential design and manufacturing errors before the production phase.
Different strokes for different folks
The tracksuit market can be further segmented based on fabric type, end-users, and sales channels. Cotton tracksuits currently hold the largest market share due to their exceptional comfort, durability, and moisture-wicking properties.
The male segment dominates the market, driven by men's preference for comfortable yet attractive clothing. Supermarkets and hypermarkets currently dominate the sales channel, although e-commerce is rapidly gaining importance in the tracksuit market.
Some interesting developments in the Indian Apparel space
Fashion and lifestyle brand House of Masaba has stepped into athleisure for the first time with the launch of a new brightly coloured tracksuit line.
Featuring four of the brand’s signature bright, fusion style patterns, the tracksuits present streetwear take on designer and brand founder Masaba Gupta’s vibrant, feminine aesthetic.
Brightspot
Worth the try; The projected growth of the tracksuit market indicates a promising future for the industry. As the demand for tracksuits continues to rise, manufacturers and retailers should focus on providing innovative designs, materials, and sizing options to cater to diverse consumer preferences.
Additionally, expanding e-commerce channels and strategic partnerships with sports and fitness brands can help capitalize on the growing market potential.
