Global Functional Apparel Market Key Players Review, Gross Margin Forecast 2023

Functional clothing is defined as the types of clothing or assemblies specifically engineered to offer a pre-defined performance or functionality to the user (the person wearing the clothing), over and above its normal functions. A new report on the global functional apparels market, published by Market Research Future (MRFR), states that this market could witness growth between 2018 and 2023.

The most important market driving factor for the global Global Functional Apparel Market growth is a set of utilities offered by functional apparels that include comfort, ease of care, safety, and shape retention. The durability of functional apparel covers the serviceability of the fabric regarding abrasion resistance, strength, and resistance to possible degradation by chemicals and other foreign elements. The aesthetic performance of functional apparels is assessed on the basis of design, manufacturing, the material used, and the finish of a garment. Other global functional apparels market drivers include government-enforced safety norms, necessity of outfits to ensure ease of movement while playing sports and increasing need for protection under harsh environmental conditions during work or sporting activities or life-threatening hazards in risky jobs.

Market Segmentation

The global functional apparels market segmentation encompasses end-user and type. MRFR’s take on the market surveys various facets of the market in-depth.

Based on end-user, this market has been segmented into men and women. During the forecast period, the men segment is expected to hold the larger market share as the male population of many countries, especially in developed countries where the norm is to be health-conscious, is involved in gymnasium and other activities that include cycling, golfing, skateboarding, and many more. For these activities, men require gear that can be worn comfortably. Men employed in jobs that involve high life risks such as real estate and factories manufacturing goods also require safety gear. However, the women segment can witness faster growth rate due to increasing involvement of women in sports activities like swimming and volleyball as well as fitness regimes like yoga.

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In the context of product type, the market has been segmented into laboratory wear, protective wear, sportswear, and others. The laboratory wear segment has been sub-segmented into footwear, handwear, lab coat, and others. The protective wear segment has been sub-segmented into hand protection, foot protection, and others.

The sportswear segment has been sub-segmented into gear, footgear, and others. During the forecast period, the sportswear segment is expected to dominate the market with footwear and sports clothing expected to generate the highest amount of revenue. The growing need for sports footwear is on the basis of ground feel, high flexibility, and toe freedom. To offer these features, fabric manufacturers are incorporating properties like flex or stretch, softness, water repellency, and wind or cold-blocking options to the apparels.

Latest Industry News

• Columbia has created Sh/ft, a line of trail-ready footwear that can be useful for running and various outdoor activities that require quick movement of feet. Grammy Award winner Zedd is their brand ambassador. 5 AUG 2019

Regional Segmentation

A geographical outlining of the global functional apparels market covers North America, Asia Pacific, Europe, and Rest of the World (RoW).

North America is the most dominating regional market due to the presence of many key market players in the USA. The rising consumption of high-calorie food as well as fast food has aroused a sense of health consciousness and created awareness among consumers of the region. Hence, Americans are participating in physical and sports activities to stay fit. For sports activities they require sports gear, and for physical activities like jogging, they require jogging gear.

In Europe, the market is strong due to high density of population, developed economies, rules framed by governments regarding safety gears for hazardous jobs, presence of some key market players, and high purchasing power of consumers. The most powerful country-specific markets in Europe are France, Germany, Italy, Spain, and the UK.

The Asia Pacific region can witness the fastest growth as a regional market due to growing inclination for outdoor sports, high adoption of cross-cultural fashion trends, and increasing need for safety gears in hazardous work life. The remarkable country-specific markets in this region are China, India, and Japan.

The RoW segment covers South America, Africa, and the Middle East. South America is a decent market due to stable economies, but the purchasing power of people is lower than those in North America. In the MEA region, the market is small due to lack of awareness as well as various restrictions.

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Key Players

Big players in the global functional apparels market include Adidas AG (Germany), Asics Corporation (Japan), Icebreaker (New Zealand), New Balance Athletics Inc. (USA), Nike Inc. (USA), Puma SE (Germany), Russell Brands LLC (USA), Skechers USA Inc. (USA), Tommy Hilfiger Licensing LLC (Netherlands), and Under Armour Inc. (USA).

Note: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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