Investment Rating - The report maintains a "Positive" investment rating for the sports footwear and apparel industry [6] Core Insights - The global sports footwear and apparel market is projected to reach $407.3 billion by 2024, with a CAGR of 4.6% from 2015 to 2024 [12][13] - The penetration rate of sports footwear and apparel is expected to reach 21.7% in 2024, with sports footwear at 45.7% and sports apparel at 15.7% [13] - The domestic market in China is expected to grow to 408.9 billion yuan by 2024, with a CAGR of 5.0% from 2019 to 2024, indicating a more favorable growth compared to the overall apparel sector [16] Summary by Sections 1. Market Growth and Trends - The global sports footwear and apparel market has shown resilience and is expected to grow steadily, with a significant increase in penetration rates [12][13] - In China, the market is also expanding, with a notable increase in the share of sports footwear and apparel within the overall footwear and apparel market [16] 2. Competitive Landscape - The global market is characterized by high concentration, with Nike and Adidas holding significant market shares of 13.4% and 8.2% respectively [44] - The CR10 (Cumulative Market Share of Top 10 Brands) in the global sports footwear and apparel market is 36.9% [44] - In China, the CR10 has reached 73%, with domestic brands gaining market share against international competitors [50] 3. Growth Drivers - National sports policies are increasingly supporting the industry, with infrastructure development and promotion of various sports [20][21] - There is a growing awareness of health among the population, leading to increased spending on sports and fitness [26][27] - The trend of consumption upgrading is driving the growth of niche sports segments, such as marathons and yoga [31][32] - The diversification of sportswear into everyday fashion (Athleisure) is expanding the market [36][41]

Overview - The golf apparel market in China is experiencing significant growth, with a projected market size of 1.495 billion yuan in 2024, representing a year-on-year increase of 6.86% [1][12] - The expansion of the middle class and rising national income levels are driving demand for golf products, particularly apparel [1][12] - The golf apparel segment is expected to benefit from supportive policies and changing consumer trends, indicating a promising growth trajectory [1][12] Market Policies - The Chinese government has implemented various policies to support the development of the apparel industry, including the textile industry, which positively impacts the golf apparel sector [4][6] - Key policies include the "Overall Plan for the China (Xinjiang) Pilot Free Trade Zone" and the "Textile Industry Quality Improvement Implementation Plan (2023-2025)" aimed at enhancing brand value and promoting sustainable practices [4][6] Industry Chain - The golf apparel industry consists of upstream suppliers of raw materials (natural and synthetic fibers), midstream design and production, and downstream sales channels including brand stores and e-commerce platforms [7] Market Demand - The number of golf consumers in China is expected to exceed 1.8 million in 2024, with a core consumer base of 730,000, providing strong growth momentum for the golf apparel market [9] Competitive Landscape - The golf apparel market in China is characterized by a mix of domestic and international brands, with international brands holding a significant market share, especially in the high-end segment [14][15] - Major domestic brands include 比音勒芬 (Biyinlefen) and 金狐狸 (Gold Fox), which focus on high-end and specialized golf apparel [15][18] Development Trends - There is a growing trend towards personalized and customized golf apparel, catering to consumer preferences for unique styles and functionalities [24] - The integration of fashion elements into golf apparel is becoming mainstream, appealing to younger consumers who seek stylish yet functional clothing [24]