The sportswear market has seen substantial growth recently, earning a market value of $185.9 billion in 2022 and is expected to reach $356 billion valuation by 2032, according to a report from data and insight firm LaunchMetrics. The rise in sportswear’s valuation is attributed to the post-pandemic focus on health and fitness and athleisure becoming a dominant fashion trend.
“Sportswear is no longer confined to the realm of performance and sports activities; it has seamlessly integrated into everyday wear, driven by its functionality, comfort, and style,” Michael Jaïs, CEO of Launchmetrics, said in the report.
The Americas are creating the largest valuation of the impact of media placements and mentions for the sportswear market, generating a $2.7 billion valuation, a 7% year-over-year increase, according to recent data from Launchmetrics obtained by Fashion Dive.
Based on this data, the report also found that Nike, Adidas and New Balance were the top three most powerful brands in sportswear in 2022, based on its MIV algorithm used to measure the impact of media placements.
China experienced a 52% growth in MIV, to a $1.8 billion valuation. Launchmetrics attributed this to a difference in “Voice” types. Launchmetrics defines Voices as those driving the brand conversations. . Influencers are the largest contributor to China’s MIV, while media, or any third party publishing content about the brand, is the dominant driver for the rest of the world.
The report predicts that future collaborations between luxury and streetwear brands could help the sportswear market generate even more value. For luxury brands, sneakers alone contributed to 30.2% of MIV in sportswear, which report authors note could signify increasing popularity of the crossover appeal. It references the Gucci and Adidas collaboration, which drove $96.5 million in MIV, as well as the Nike and Tiffany & Co. collaboration which drove $16.7 million in MIV.
“These collaborations offer immense potential for brands to maximise [return on investment] and gain widespread brand exposure as well as tapping into new audiences,” the report states.
While many sportswear brands are focusing on boosting their sustainability efforts, the report found that sustainability only accounts for 1% of all sportswear related MIV.
Launchmetrics is a research and insights firm which collects data for the fashion, luxury and beauty industries. Earlier this year it added sportswear and homewares into its portfolio, according to a report from WWD. Launchmetrics’ recent report marks its first about sportswear since entering the vertical.