The tracksuits market size was valued at $8,689.8 million in 2020, and is estimated to reach $17,980.9 million by 2030, registering a CAGR of 7.6% from 2021 to 2030. In 2020, the men end user segment accounted for more than half share in the global market, and is expected to grow at a CAGR of 7.1% throughout the forecast period. Tracksuit is an athleisure wear consisting of two parts, trousers and jackets. It is majorly used in sports industry, and nowadays it is trending as casual wear. They are designed in a way that provides comfort and agility while performing physical movements. Tracksuits are made using material that allows sweat to evaporate faster, helping the person wearing it remain to fresh for longer period.
Increase in participation in sports and fitness activities has led to a more comprehensive approach of customers toward fitness and sports-related products. The female apparel segment is highly fragmented. Fashionable athleisure products have witnessed surge in demand, due increase in adoption of tracksuit among female consumers.
Rise in adoption of athleisure clothing as an office wear has positively impacted the growth of the overall market. Furthermore, numerous advantages of athleisure clothing, such as protection from adverse weather, wicking & breathability, thermal insulation, lightweight, and ease of washing & care have helped the market to gain high popularity among young consumers.
However, high price of athleisure brands has led to the advent of counterfeit athleisure brands. Counterfeit brands are popular in developing economies where customers are highly price-sensitive. This factor restricts the sale of the existing original athleisure brands, which, in turn, hampers the tracksuits market growth. Counterfeit brands are generally of low quality, and often lead to inconvenience & safety issues to customers, subsequently developing negative perceptions among customers.
Strong global concerns about the COVID-19 pandemic have largely but negatively influenced the global tracksuits market. Moreover, due to high demand and low supply trends, the prices of products increased in 2020 to overcome on economic instability. In addition, disruptions of the supply chain could lead to temporary shortages in the supply, putting upward pressure on prices in the short term.
According to the tracksuits market analysis, the market is segmented on the basis of product, end use, sales channel, and region. By product, the market is divided into cotton, fiber, wool, and others. Depending on end use, the market is segregated into men, kids, and women. As per sales channel, it is fragmented into supermarket/hypermarket, e-commerce, brand outlets, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, Italy, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Sri Lanka, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, Nigeria, Turkey, South Africa, and rest of LAMEA).
On the basis of product, the cotton segment garnered the maximum share in the global tracksuits market in 2020, and is expected to remain dominant during the forecast period. This is attributed to the fact that cotton absorbs significant amount water, but it also dries rapidly, making it ideal for moisture wicking. However, cotton's use in this category has dropped over time, owing to stiff competition from synthetic fibers such as polyester and polypropylene. Owing to its high absorbency, moisture is trapped in the fiber structure, making liquid transfer problematic.
By Product
Others segment would witness the fastest growth, registering a CAGR of 8.4% during the forecast period.
By end use, the male segment acquired higher value share. When it comes to apparel, men desire for clothing, which are comfortable for them and at the same time make them look attractive. Athleisure product offerings and features caters to such requirements, thus boosting the sale of tracksuits.
By Location
Kids SegMent witnssed a major growth rate of 8.3%
As per sales channel, the supermarket/hypermarket segment held the significant tracksuits market share in 2020, as most grooming products are easily available in such stores at affordable rates. These stores further facilitate the availability of both branded as well as private label tracksuits products. As a result, the customer base in the supermarket is higher as compared to any other stores. Walmart and Target are some of the key supermarket brands in the global market.
By Travelers Type
Supermarket/Hypermarket Segment held the major share of 43.9% in 2020
Region wise, North America dominated the tracksuits market in 2020. North America currently is one of the leading markets for tracksuits, due to the exponentially growing demand for tracksuits in the sports industry.
By Region
North America held the major share of 37.8% in 2020
Players in the tracksuits market have adopted business expansion and product launch as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in the report include Adidas AG, ASICS Corporation, HanesBrands Inc., H&M Hennes & Mauritz AB, Jack & Jones, Monte Carlo Fashions Ltd., Nike, Inc., Puma Se, Under Armour, Inc., and Wildcraft.
Key benefits for stakeholders
- The report provides quantitative analysis of the current tracksuits market trends, future estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing tracksuits market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size & segmentation assist to determine the market potential.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the tracksuits industry.
Key Market Segments
By Product
- Cotton
- Fiber
- Wool
- Others
By End Use
- Men
- Women
- Kids
By Sales Channel
- Supermarket/Hypermarket
- E-commerce
- Brand Outlets
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- Australia
- South Korea
- Thailand
- Sri Lanka
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Nigeria
- Turkey
- South Africa
- Rest of LAMEA
Tracksuit Market Report Highlights
| Aspects | Details |
 By Product |
|
 By End Use |
|
 By Sales Channel |
|
 By Region |
|
 Key Market Players | Adidas AG, Under Armour, Inc, Puma Se, Nike, Inc., Wildcraft., Jack & Jones, Monte Carlo Fashions Ltd., H&M Hennes & Mauritz AB, Hanes Brands Inc., ASICS Corporation |
Analyst Review
According to the CXOs of leading companies, rise in health and wellness trend around the globe is one of the key factors in driving the demand for global tracksuits market. With rise in demand for various athleisure products incurring from the target segments, companies have been initiating several key mergers and acquisition in the view of generating revenue from the tracksuits segment. For instance, in 2018, JD Sports announced the acquisition of the U.S. retailer Finish Line for $558 million. Finish Line is one the largest retailers of premium multi-branded athletic footwear, apparel, and accessories in the U.S. Apart from merger and acquisition, companies have been strategizing on expanding the operations to cater to the surging demand for athleisure products. For instance, high-end athleisure company, Hylete agreed to acquire rival Gracedbygrit in an all-stock transaction.
The CXOs further added that rise in rate of internet penetration around the major parts of the world makes way for manufacturers to initiate several key online marketing programs as online platforms are one of the easiest ways to create awareness about the specifications and features of tracksuits among target customers
The tracksuits market size was valued at $8,689.8 million in 2020, and is estimated to reach $17,980.9 million by 2030.
The forecast period in the Tracksuits Market report is from 2021-2030.
The base year calculated in the Tracksuits Market report is 2020.
The Top companies profiled in the report include Adidas AG, ASICS Corporation, HanesBrands Inc., H&M Hennes & Mauritz AB, Jack & Jones, Monte Carlo Fashions Ltd., Nike, Inc., Puma Se, Under Armour, Inc., and Wildcraft
Cotton segment is the most influencing segment growing in the Tracksuits Market report.
North America holds the maximum market share of the Tracksuits Market.
The companies selected in the report are based on companies annual revenue and market share in the tracksuits.
The market value of the Tracksuits Market in 2020 is $8,696.8 Million in 2020.
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