Athletic apparel market in the region has grown at a CAGR of 11.7% from 2009-2014 whereas athletic footwear market in the region has bolstered at 14.4% CAGR during the same period. The region is considered to be the fastest growing market for sports apparel and footwear due to the growing consumption in emerging markets such as China and India. In addition to this, with the hosting of several international sporting events and domestic tournaments, China has emerged as the most prominent and largest market for sports apparel and footwear in Asia-Pacific region. Other developing markets for sports apparel and footwear are Singapore, Malaysia, Vietnam, Korea and Indonesia which have been significantly contributing to the market in the recent years.
On account of the above factors, the athletic apparel market in Asia-Pacific region is expected to reach USD 50 billion in 2019, growing at a CAGR of over 15% from 2015-2019.
CHINA ATHLETIC APPAREL AND FOOTWEAR MARKET
The China sportswear market during the early 2000s has achieved several milestones due to an increase in the demand for casual and comfortable sportswear influenced by the burgeoning population and higher disposable income of the middle and higher income group. In addition, the favorable economic conditions in the country before the economic turmoil in year 2009 have aided the market growth. It has been witnessed that suitable government initiatives in order to improve the infrastructure in the country has supplemented the sportswear market growth in China over the years.
The athletic apparel market in China was valued at USD ~ million in 2014 thus reflected a CAGR of 21% from 2009-2014. The market witnessed a boom period mainly due to the increasing affluence of the people towards the sportswear. Brand consciousness, availability of a wide variety of sports clothing and rising disposable income has spurred the demand in China over the last few years. The athletic footwear market in China although is a mature market but still has the potential to generate demand amongst all categories of consumers.
JAPAN ATHLETIC APPAREL AND FOTWEAR MARKET
Sports have played a significant role in the Japanese culture. Traditional sports such as sumo and martial arts as well as western sports such as baseball and football are popular in the country. Sumo wrestling is considered as Japan’s national sports. The demand for sports apparel and footwear for wrestling and baseball has surged over the years.
The athletic wear market in Japan has observed a weak growth during 2009-2014. The slow growth of the overall GDP in the country, rising inflation, occurrence of catastrophic events such as the tsunami, earthquakes and nuclear disasters have adversely affected the growth of the market. Despite increase in sports participation and health consciousness among Japanese people, the market has not been able to reach its full potential. The athletic wear market in Japan has inclined from USD ~ million during 2009 to USD ~ million in 2014, experiencing a modest growth of 1.7% during the review period 2009-2014.
The Japanese economy is characterized by low female labor force participation, which implies that women have low incomes and are thus likely to spend less on sports apparel and footwear. During the year 2014, it was observed that women’s apparel contributed only 6.5% of the share in production of athletic apparel in the country.
AUSTRALIA ATHLETIC APPAREL AND FOOTWEAR MARKET
The Australian market for sports apparel and footwear has showcased reasonably good performance during the review period. This has been envisaged by the rise in number of sports tournaments in the country along with strong growth in the spectatorship. This has been reflected in the surging sales of sportswear which is recorded to have increased at a healthy rate in Australia over the last few years.
The Australian market for sports apparel has experienced rapid growth, particularly over the last two years due to the increased desire for participation in sports and fitness activities among the masses. The athletic apparel and footwear market in Australia recorded revenues of USD ~ million in 2009 and reached a figure of USD ~ million by the end of 2014.
INDIA ATHLETIC APPAREL AND FOOTWEAR MARKET
The Indian economy has displayed tremendous growth over the past decade resulting in the increased consumption levels and changing lifestyle. The country has emerged as one of the fastest growing retail destinations globally. The consumers in India, who were conventionally considered as price sensitive, have shifted gear to become more brand conscious. Moreover, liberalization and globalization have given much required stimulus and fuelled the exponential growth in the sportswear sector.
The athletic wear market in India enlarged from USD ~ million in 2009 to USD ~ million. Overall, the market has performed exceptionally well over the last five years, witnessing an impressive CAGR of 27.7% during the period 2009-2014. Hosting of commonwealth games in the capital city can be attributed as the main factor behind the expanded sales of athletic apparel and footwear. Increasing number of marathons organized by multinational companies has led to an escalation in the number of joggers and runners.