Functional apparel is aimed to achieve specific functions according to diverse consumer necessities which can be ensuring safety against heat and water while engaging in some sporting activities. These apparels have gained admiration in recent times owing to the comfort they offer. Additionally, it shields consumers from workplace hazards such as the medical laboratory where numerous medical testing is carried out.
The functional apparel market is expected to observe an attainable high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product type, fabric finishing, application, distribution channel and region. Among segmentation by product type, the sportswear segment is expected to capture significant revenue share in the market owing to increasing awareness concerning a healthy lifestyle, which is encouraging consumers to actively consider sports and other fitness activities that required functional apparels. The sportswear segment includes functional apparels for different types of sports, such as cycling apparels, swimwear, gymnastics wear gym wear and others. The healthcare segment is projected to witness the largest share during the forecast period owing to a rush in the medical advancement segment that has enabled a continuous enhancement in clothing.
To attain a healthy regime, consumers are investing significantly in the functional apparel market. An increasing rate of sports and other adventurous activities such as trekking, cycling, and others is boosting the target market growth. Additionally, the budding demand for functionality-specific apparel and footwear together with the collective participation rate of the young populace in several sports activities are also estimated to contribute towards the growth of the target market. Moreover, growing R&D undertakings in medical laboratories is an additional factor enhancing the demand for medical laboratory wear apparel, which, in return, has led to overall market growth.CLICK TO DOWNLOAD SAMPLE REPORT
Further, a rise in disposable income, increasing commercialization of these apparel, online spending, an increasing number of market players, and awareness about functional apparel is estimated to drive the market.
There is an abundance of counterfeit products available in the market at a lower cost which is a significant factor anticipated to hamper the growth of the target market.
Our in-depth analysis of the functional apparel market includes the following segments:
Geographically, the functional apparel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is projected to hold the largest market share over the forecast period led by the US and Canada. The leading position is attributed to factors such as the increasing participation of baby boomers in fitness, and physical activities, and easy accessibility to the functional apparel in specialized and online stores.
The European region is anticipated to hold the second-largest market share in the functional apparel market. Expansion of e-commerce, rising spending power, growing population, presence of dominant market players, and rising awareness related to fitness activities are the key factors that have augmented the growth of the target market in this region.
Asia-Pacific is estimated to grow at the fastest rate during the forecast period led by the developing countries. Factors such as the growing awareness regarding functional apparel for fitness regimes, along with the rising purchasing power of the consumers, and infiltration of leading players, growing population, have been fueling the demand for the functional apparel market in this region.
The functional apparel market is further classified based on region as follows:
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