Functional Apparels Market CAGR Status Analysis by Product Type (Protective Wear, Sportswear, Laboratory Wear, and Others), End User (Men and Women), and Region (North America, Europe, Asia-Pacific, and Rest of the World) - Global Industry Forecast till 2023
Functional Apparel is among the most important equipment for Sportsmen/Women and Athletes in the present age. Growing trend towards intelligent clothing with integrated sensors has increased the demand for products such as breathable running shirts and lightweight outdoor jackets. Changing fashion trends and growing awareness are expected to influence consumer preference towards functional apparels thereby, boosting the Global Functional Apparels Market during the forecast period.
The Functional Apparels Market in North America is expected to dominate and record the highest CAGR during the assessment period. A radical shift in the clothing trend of North America has fueled the regional market growth. People, majorly in the US are considering apparels that are work-appropriate and incorporate sports-inspired materials in their dressing such as Spandex, Lycra or elastane, and other synthetic fibers.
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Furthermore, styling is evolving to merge business casual and functional sportswear into one which is increasing the demand for functional apparels among consumers of the regions. Changing consumer preference of Americans towards apparels that include a combination of durability and comfort is further expected to fuel the Regional Functional Apparel Market Growth during the forecast period.
Top Key Drivers:
Some of the key players in the Global Functional Apparels Market are Adidas AG (Germany), Icebreaker (New Zealand), Tommy Hilfiger Licensing LLC (Netherlands), Nike, Inc. (US), New Balance Athletics, Inc. (US), Under Armour, Inc. (US), ASICS Corporation (Japan), Russell Brands, LLC (US), Skechers USA, Inc. (US), and Puma SE (Germany).
Asia-Pacific is expected to witness the fastest growth in the Global Functional Apparel Market during the forecast period due to growing awareness about the latest fashion trends. Rapid urbanization has led to the people shifting from rural to urban areas in search of jobs and better education. Major players in the region have introduced clothing lines on the concept of shape retention, anti-stain, anti-odor, anti-perspiration, quick dry and many more due to the importance of functional/performance apparels among these urban dwellers.
The Europe Market for functional apparels is expected to grow substantially during the assessment period. Due to effective marketing and promotional campaigns by leading apparel manufacturers and awareness about the benefits of functional apparels is expected to fuel the demand for functional apparels in the region during the forecast period. Moreover, countries such as Paris and Milan being a hub to high end fashion trends and popularity of active clothing among people involved in activities such as running, and cycling are expected to boost the regional sales of functional apparels during the forecast period.
The Global Functional Apparels Market has been segmented by Product Type, End Use, and Region.
By Product Type, the global functional apparels market has been classified as protective wear, sportswear, laboratory wear, and others. The protective wear segment has been further segmented into eye protection, hand protection, foot protection, and others. The sportswear segment has been divided into head gear, eye & face shields, mouth guards, and others. The laboratory wear is further segregated into safety goggles, footwear, lab coat, hand wear, and others.
Based on End Use, the global functional apparels market has been segregated into men and women.
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Furthermore, growing number of occupational accidents in the past years caused by avoidance of protective gear is also propelling the demand for functional apparels in Asia-Pacific. For instance, Japan Industrial Safety and Health Association has stated that in 2016 the number of work-related fatalities was 928 across Japan. The major reason responsible for such high number of fatalities is anticipated to be negligence in terms of protective wear during work in risky environment. Growing occupational accidents in the past have affected lives of individual workers as well as the productivity and profitability of their enterprises.
Therefore, growing need for protective wear among Government workers and employers as well as rising inclination of population towards sports activities in Asia-Pacific is expected to boost the market in Asia-Pacific during the forecast period. The market in the rest of the world is expected to grow due to growing awareness about the uses of functional apparels in day to day use as well as awareness about the benefits of functional apparels created by market players through campaigns and promotions.
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