Growth Spurt in Indian Sports Apparel, Accessories & Footwear Market
13 April 2023, Mumbai
The sports industry in India is witnessing a surge in growth, largely due to the country's growing health consciousness and the increasing popularity of sports and fitness activities among Indians. In particular, sports apparel, footwear, and accessories have played a crucial role in driving this growth.
The demand for sports footwear has been on the rise, as it is a necessary requirement for any sports-related activity. Meanwhile, the market for sports apparel is expected to grow at a CAGR of 13.5% during the forecast period of 2021-2026, according to a report by Research and Markets.
This growth is being driven by factors such as the increasing number of people engaging in sports and fitness activities, the rising popularity of athleisure wear, and the increasing disposable income of consumers.
Currently, the sports footwear market in India is worth USD 1.5 billion, with immense growth potential as more Indians adopt a healthier lifestyle.
The sports accessories market is also growing, with high demand for items such as sports watches, fitness trackers, and gym bags. This market is expected to grow at a CAGR of 6.2% during the forecast period of 2021-2026.
The sports industry in India is expected to continue its growth trajectory, fueled by the increasing awareness of health and fitness, the rising disposable income of consumers, and the expanding middle-class population.