AI Impact On Athleisure Market Growth, Set To Increase By $176.3 bn From 2024-2028
The global athleisure market size is estimated to grow by USD 176.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.79% during the forecast period. Growing prominence of online shopping is driving market growth, with a trend towards rising popularity of denim athleisure. However, increasing competition from unorganized sector poses a challenge. Key market players include Adidas AG, ALALA, ALO LLC, American Eagle Outfitters Inc, Carbon38 Inc., Columbia Sportswear Co., EYSOM LLC, The Gap Inc., H and M Hennes and Mauritz GBC AB, lululemon athletica Inc., Michi Design Inc., New Balance Athletics Inc., Nike Inc., Outdoor Voices Inc., P.E Nation International, PUMA SE, Rhone Apparel Inc, Sweaty Betty Ltd., Under Armour Inc., and VF Corp..
Key Market Trends Fueling Growth
The denim athleisure trend is gaining significant traction in the global market, with major denim manufacturers incorporating athletic designs into their traditional jeans. For instance, Levi Strauss introduced stretch jeans in 2020 and established a research lab to explore new methods for producing flexible denim. This innovation has inspired other premium denim brands to follow suit, leading to collaborations and partnerships among manufacturers. For example, Santoni, LENZING, Tonello, and Unitin collaborated on the den/IM TECH capsule project, resulting in the creation of the I am Denim athleisure collection. This development has sparked a surge in demand for stretchable jeans that offer an athleisure appearance. Several manufacturers, including AEO Management, now produce jeans based on the desired level of stretch for customers. The increasing popularity of denim athleisure is a significant trend anticipated to fuel the expansion of the global athleisure market during the forecast period.
Market Challenges
The global athleisure market faces challenges due to the rise of local and unorganized vendors. These vendors offer cost-effective products, attracting price-sensitive consumers and occupying shelf space from established brands. The market’s fragmentation, with a multitude of local, regional, and international players, impedes growth. Low entry barriers increase buyer bargaining power, and intense price competition hampers revenue generation for major vendors. This situation may hinder the growth of the global athleisure market during the forecast period.
Research Analysis
The athleisure market is experiencing a significant surge in popularity among the young population, driven by their health consciousness and desire for comfortable, fashionable clothes. The yoga landscape, with its growing number of studios, gyms, and health clubs, is a major contributor to this trend. With the increasing availability of yoga lessons, both in-person and online, the demand for athleisure gear has reached new heights. The mass athleisure market is characterized by a wide range of activewear products, from basic to high-end, catering to various customer preferences. Brands are focusing on tailored gear, innovative designs, and differentiation to establish a strong brand identity. Copyrights and substitutes are becoming important considerations in the market, with brands investing in research and development to stay ahead. The supply chain is a critical aspect of the athleisure market, with synthetic fibers and wellness being key factors.
Market Research Overview
The athleisure market is experiencing significant growth. Due to the young population’s increasing health consciousness and desire for comfortable, fashionable clothes. This trend is particularly prominent in the yoga landscape. With yoga studios, gyms, and health clubs offering yoga lessons and activewear products. The market has been boosted by lockdown measures, driving a shift to online platforms for purchasing athleisure gear. New technologies such as smart fabrics, moisture-wicking properties, temperature regulation, and antibacterial features are becoming increasingly popular. Brands are differentiating themselves through innovation, sustainability, and tailored gear, with major companies like Athleta, Old Navy, and Lululemon leading the way.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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