The global functional apparel market is growing continually, mainly due to the burgeoning sports and fitness industry. Moreover, stringent regulations on work safety, such as the Occupational Safety and Health Act (OSHA) and security measures in hazardous environments, are driving a major share of the market, increasing the sales of protective clothing. Also, the growing awareness of safety measures in action sports boosts the growth of the market further.
According to Market Research Future (MRFR), the global functional apparel market is expected to witness significant growth by 2023, registering a modest CAGR throughout the review period (2017-2023). Other industries predominantly driving the market are the burgeoning law enforcement, military, and healthcare industry. The demand and supply trends in these industries define the landscape of the market.
Also, the surging demand for protective wear in the fire safety industry is a significant growth driver for the market. Furthermore, product innovations and launches with enhanced design and specifications are likely to create lucrative opportunities for the players operating in the market.
On the other hand, price volatility and the demand-supply gap of raw materials are projected to obstruct the growth of the market during the assessed period. Nevertheless, increasing usages of functional apparel would support the growth of the market throughout the review period. Also, the growing usage of protective fabrics in the OG industries is expected to provide tremendous impetus to the market growth during the years to come.
Key players leading the global functional apparels market include Icebreaker (New Zealand), Adidas AG (Germany), Tommy Hilfiger Licensing LLC (Netherlands), New Balance Athletics, Inc. (US), Nike, Inc. (US), Under Armour, Inc. (US), Russell Brands, LLC (US), ASICS Corporation (Japan), Puma SE (Germany), and Skechers USA, Inc. (US), among others.
Global Functional Apparels Market - Segments
The report has been segmented into three major dynamics.
By Product Type : Protective Wear (Hand Protection, Foot Protection, others), Sportswear (Head Gear, Footwear, others), Laboratory Wear (Footwear, Lab Coat, Hand Wear, others), and others.
By End User : Men, Women, and Children.
By Regions : Americas, Europe, Asia Pacific, Middle East Africa, and Rest-of-the-World.
Global Functional Apparels Market - Regional Analysis
North America dominates the global functional apparels market, witnessing the rising demand. Functional apparels Market share attributes to the high living standards and purchasing power of consumers. Moreover, factors such as the presence of established sports industry athletes and rising interest in sports fitness activities among the population boost the regional market growth.
Also, the strong presence of many major manufacturers impacts the regional market growth positively. The US, among other North America, nations accounts for the largest market for functional apparels. Besides, increasing RD investments in the development of advanced functional apparels foster the growth of the regional market. The functional apparels market in North America would continue with its dominance throughout the forecast period.
The functional apparels market in Europe is growing at a substantial growth rate, increasing steadily. Factors such as the increasing use of protective wears led by the stringent EU regulations on industrial hazards substantiate market growth. Also, increasing demand from the sports industry fuels regional market growth. Germany and France account for the major contributor to the growth of the regional market.
The Asia Pacific is emerging as a lucrative market for functional apparels. The market increase attributes to the growing per capita disposable income and changing fashion trends. Besides, rising awareness about the importance of health fitness among the population of the region is stimulating the market demand over the past couple of years.
Growing industrialization and infrastructure development activities in the region are increasing the sales of protective apparel. Furthermore, augmenting demand in some of the rapidly developing economies such as China, India, Japan, South Korea, Taiwan, and Malaysia is expected to heighten market growth over the next few years.
Global Functional Apparels Market - Competitive Analysis
Highly competitive, the global functional apparels market appears to be fragmented due to the presence of many large and small players. To gain a larger competitive share in the market, these players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, and technology launch. Manufacturers strive to deliver reliable and high-quality functional apparels based on innovative technologies and best practices.
Industry/ Innovation /Related News:
October 19, 2019 ---- Formosa Taffeta Co., Ltd. (FPG, Taiwan), a leading global manufacturer of textile products, announced its plans to invest up to 40 MN Swiss francs (USD 40.55 MN) in Schoeller Textil AG (Switzerland) to increase its market share of high-end products. FTC is to acquire a 50 percent stake in Schoeller Textil in March 2020. Schoeller Textil produces high-end functional outdoor sports apparel, protective textiles, and knitted textiles. The investment would strengthen FTC’s product portfolio for high-end products, which would also help raise its market share in the US Europe.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.