Functional Apparel Market to Exhibit US$ 638.7 Billion by 2031 Due to Surge in Demand for High-performance Application-specific Apparel Worldwide, Says Transparency Market Research, Inc.
PR Newswire
WILMINGTON, Del., Dec. 8, 2022
- The global functional apparel market is projected to expand at a CAGR of 5.9% during 2022-2031
- Surge in the use of high-performance application-specific apparel across different industries is bolstering the functional apparel market
- Increase in the adoption of next-gen technology in Europe for functional apparel production is bolstering the regional market
WILMINGTON, Del., Dec. 8, 2022 /PRNewswire/ -- The revenue of functional apparel market is prognosticated to reach a value of US$ 638.7 Bn by 2031, as per an assessment by Transparency Market Research (TMR). Furthermore, the study highlights that the market for functional apparel is expected to develop at a CAGR of 5.9% during the forecast period, from 2022 to 2031.
The report by TMR offers in-depth insight on varied factors influencing the growth of the functional apparel market. Thus, it sheds light on many vital aspects including the growth drivers, challenges, opportunities, and recent developments in the market. Moreover, readers gain access to detailed analysis of the recent and historical trends and different end-use industries of functional apparel.
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Functional Apparel Market: Key Findings
- Leading players in the functional apparel market are investing heavily in R&Ds in order to develop innovative products. Moreover, several enterprises are focusing on the use of recycled and organic fabrics in order to launch green functional apparel. Such efforts are helping companies to expand their product portfolios as well as strengthen their position in the global functional apparel market, state researchers at TMR.
- Companies in the functional apparel market are developing products using a combination of organic cotton and recycled polyester in order to launch environmental-friendly performance apparel. Such types of fabrics hold an ability to perform well in highly critical conditions including extremely cold climates and extremely humid and hot climates, note analysts of a TMR assessment on the global functional apparel market.
- The popularity of different types of functional apparels is being increasing in the recent years owing to their different advantages including their lightweight, waterproof, breathable, and airtight nature, according to TMR analysts. Moreover, these type of cloths dry quickly. Hence, a rise in the demand for these products owing to above-mentioned features is fueling the sales growth in the global functional apparel market.
- The government authorities of several nations are focusing on the promotion of local products. For instance, 'Make in India' is an initiative by the Government of India that promotes the use of locally-produced products. Such factors are anticipated to drive the growth prospects in the functional apparel market during the forecast period.
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Functional Apparel Market: Growth Boosters
- Increase in the use of high-performance application-specific apparel across varied end-use industries is creating largest opportunity for functional apparel market players
- Surge in the number of outdoor activities carried out across many developed and developing nations is leading to increase in the demand for functional apparel across these nations
Functional Apparel Market: Regional Analysis
- The functional apparel market players in Europe are prognosticated to gain notable opportunities for growth during the forecast period owing to the presence of huge apparel industry in Germany, rise in the adoption of next-gen technology, easy availability of raw materials, and lower labor cost in Europe
- The functional apparel market in North America is expected to maintain its prominent position during the forecast period owing to many factors including the presence of many local brands and rise in the product demand in the region
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Functional Apparel Market: Key Players
Some of the key players profiled in the report are:
- Asics Corporation
- Adidas AG
- Hanes Brands Inc.
- Calvin Klein
- Jockey International
- Head Icebreaker
- Nike Inc.
- MIZUNO Corporation
- Russell Brands, LLC
- Puma SE
- Umbro
- Skechers USA Inc.
- Timberland LLC
- Under Armour Inc.
Functional Apparel Market Segmentation
- Type
o Sportswear
o Outdoor Clothing
o Innerwear
o Athletic Innerwear
o Non-Athletic
o Footwear
o Athletic Footwear
o Non-Athletic
o Socks
o Athletic Socks
o Non-Athletic Socks
- Material
o Conventional Fabric
o Polypropylene
o Cotton
o Bamboo
o Wool
o Polyester
o Specialty Fabric
o Neoprene
o Spandex
o Others
- Functionality
o Protective- Functional
o Environmental Hazards Protection
o Biological, Chemical, and Radiation Hazards Protection
o Injury Protection
o Medical Functional
o Therapeutic and Rehabilitation Clothing
o Bio- sensing clothing
o Vanity Clothing
o Others
- Specification
o Chemical Resistant
o Flame Resistant
o Water Resistant
o Heat Resistant
o Extreme Cold Resistant
o Radiation Resistant
o Moisture Resistant
o Others (Sweat Absorbing, etc.)
- Size
o Small
o Medium
o Large
o Others (XXL, XS)
- End-user
o Men
o Women
o Kids
- Price
o Low
o Medium
o High
- Distribution Channel
o Online
- undefined
- Company-owned Websites
- E-commerce Websites
o Offline
- Hypermarkets/Supermarkets
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- MEA
- South America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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