The US is set to dominate the global activewear market by 2023, which is set to grow to $512.39 billion in the next five years, a new report has predicted.
The study, from US-based market research firm Research and Markets, has predicted that North America will dominate the market by 2023 with a 42.3% market share. America will be followed by Europe and the Asia-Pacific regions.
The global activewear Market was valued at 351.164 Billion USD in 2017. The firm has estimated that it will grow with a CAGR of 6.5% between 2017 and 2023 to $512.39 billion.
The report cited an increase in health awareness as growth driver for the market as well as an increase in the number of people participating in sports. However, unstable raw materials costs and increased designing costs will restrictgrowth.
In order to better understand the market, the Research and Markets report profiles a number of companies including Ivy Park, Adidas, Asics, Gap, Nike, North Face, Puma, Everlast, Webb Ellis, and Prince Global Sports among others.