In the fiscal year ended March 31, 2024, Under Armour had a net income of about -232 million U.S. dollars. The company had net revenues of approximately 5.7 billion U.S. dollars that year.

Under Armour is an American sporting goods manufacturer, based in Baltimore, Maryland. The company has experienced substantial growth over the past decade, with its global net revenues amounting to approximately 5.7 billion U.S. dollars in the financial year ended March 31, 2024. Under Armour had revenues of less than one billion U.S. dollars as recently as 2009. The majority of Under Armour’s sales come from apparel, with the remainder coming from footwear and sporting equipment, and accessories. How does Under Armour compare to other companies within the sportswear and sporting goods industry? The global sportswear industry is a lucrative sector, which is forecast to keep expanding in the coming years. Nike and adidas are two of the world's leading athletic apparel companies and their brand values are on another level. Despite Under Armour being one of the largest sportswear and sporting goods manufacturers in the world, the company is still far behind these two industry giants. Puma, on the other hand, is a much closer competitor to UA and is possibly a better benchmark of where Under Armour currently stands within this industry. In 2022, the German sportswear company generated approximately 8.46 billion euros' worth of net sales.

Under Armour’s net revenue in the United States stood at an estimated 3.5 billion U.S. dollars in the financial year ended March 31, 2024. Basketball star assisting Under Armour In 2024, around 61 percent of Under Armour’s net revenue was generated in its home market of North America. The company has a large budget for advertising and marketing campaigns and as such also relies on the marketing power of one of the NBA’s highest-paid players to boost the impact of the brand: Stephen Curry. The three-time NBA champion signed with Under Armour for an initial contract worth around four million U.S. dollars per year in 2013, and his performances and personality on and off the court are proving pivotal to the company’s success. The benefits of exercise Over 230 million Americans were engaged in physical activity in 2021. This is a positive development, as the number of people participating in sports and activity has risen consistently with each consecutive year since 2013. It is common knowledge that there are many benefits to exercise, some of the most commonly highlighted being the reduced risk of disease and how it helps develop brain health.

In the financial year ended March 31, 2024, apparel sales accounted for the largest share of Under Armour’s worldwide revenue, accounting for approximately 66.5 percent of net sales. In the same year, footwear accounted for about a quarter of net sales. Footwear sales setting the pace Under Armour’s footwear segment sales rose sharply between 2015 and 2016, increasing by 333 million U.S. dollars worldwide, pushing annual revenue from this product category to more than one billion U.S. dollars for the first time. A similar evolution was recorded between the fiscal years of 2020 and 2021: while UA's shoe sales had dropped to below the billion dollar mark as a result of interruptions caused by the coronavirus pandemic, the company bounced back and set a new record for itself in 2021, at approximately 1.25 billion U.S. dollars' worth of global footwear sales. This number increased to a record 1.45 billion in 2023. The brand’s footwear line covers a wide range of sports and activities, but running shoes take the lead in terms of sales. Understanding the customers’ needs and wants Increasing sales from both its footwear and apparel units resulted in Under Armour’s global net sales exceeding five billion U.S. dollars for the first time in 2018. The company succeeded by responding to shifts in consumer preferences: a growing interest in performance products and the acknowledgement of the benefits of an active lifestyle. When Under Armour first launched in 1996, it focused on compression shirts for men, but the company has since expanded its reach to focus on athletic apparel needs of female athletes, women in general, as well as young people.

According to Cognitive Market Research, the global Body Armor Parts market size will be USD 2514.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1005.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 754.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 578.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 125.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 50.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The Level II category is the fastest growing segment of the Body Armor Parts industry

Market Dynamics of Body Armor Parts Market

Key Drivers for Body Armor Parts Market

Rising Defense Budgets in Emerging Economies to Boost Market Growth

Countries in Asia-Pacific, Latin America, the Middle East, and Africa are significantly investing in modernizing their military and law enforcement equipment, driving substantial demand for body armor components. Global military expenditure reached a record $2,240 billion in 2022, marking a 3.7% real-term increase from the previous year. Over the decade from 2013 to 2022, worldwide military spending grew by 19% and has consistently risen annually since 2015. Russia’s defense budget surged by 24% in 2023 to an estimated $109 billion, reflecting a 57% increase since 2014 when it annexed Crimea. In 2023, military spending accounted for 16% of Russia’s total government expenditure, with a military burden (spending as a percentage of GDP) of 5.9%. Ukraine ranked as the eighth-largest military spender in 2023, with a remarkable 51% rise in defense spending to $64.8 billion. This constituted a military burden of 37% and accounted for 58% of the nation’s total government expenditure. Heightened regional conflicts and growing security concerns in these regions are accelerating the adoption of advanced body armor solutions.

Growth in Civilian and Private Security Markets to Drive Market Growth

Rising crime rates and growing concerns about personal safety have driven increased demand for body armor among civilians, particularly in high-risk areas. In 2023, the FBI reported a violent crime rate of 363.8 incidents per 100,000 people. In Canada, the Crime Severity Index (CSI), which measures the volume and severity of police-reported crime, rose by 2% in 2023, marking the third consecutive year of increases and continuing an upward trend since 2015. Additionally, non-violent crimes such as fraud (+12%), shoplifting involving amounts under $5,000 (+18%), and motor vehicle theft (+5%) also saw notable increases in 2023. The expanding presence of private security firms worldwide, particularly in developing nations, offers a lucrative market for body armor components. Furthermore, growing adoption among high-net-worth individuals and executives seeking personal protection presents niche growth opportunities.

Restraint Factor for the Body Armor Parts Market

High Costs of Advanced Body Armor Will Limit Market Growth

Advanced materials such as Kevlar, Dyneema, and ceramic composites are costly, making high-performance body armor parts expensive to produce and purchase. Many smaller law enforcement agencies, security firms, and individuals may struggle to afford high-quality body armor, limiting market penetration. Defense budgets in some countries are constrained, prioritizing other military expenditures over advanced body armor acquisitions. While advanced materials aim to reduce weight, many body armor components, especially those designed for high-threat scenarios, remain bulky and uncomfortable. The lack of ergonomic designs in some armor parts may impede mobility, affecting the user’s performance and adoption in certain sectors.

Impact of Covid-19 on the Body Armor Parts Market

Lockdowns, trav...

The total assets of Under Armour, Inc. with headquarters in the United States amounted to 4.76 billion U.S. dollars in 2023. The reported fiscal year ends on March 31.Compared to the earliest depicted value from 2019 this is a total decrease by approximately 0.08 billion U.S. dollars. The trend from 2019 to 2023 shows, however, that this decrease did not happen continuously.

In the financial year ended May 31, 2024, Nike's global net income amounted to roughly 5.7 billion U.S. dollars. This represents an increase of a from the previous year, but a drop compared to fiscal 2022. Nike US-based Nike is the world leader in athletic footwear and apparel. The company, which is traded as NKE on the New York Stock Exchange (NYSE), has acquired several footwear and apparel companies over its history such as Cole Haan, Bauer Hockey, Converse, Hurley International, Starter and Umbro. The Nike swoosh is one of the most recognized logos, as well as one of the most reputable athletic sponsors in the world. Nike employed around 80,000 people and operated more than 1,000 retail stores worldwide in 2024. Much of Nike's success can be attributed to the brands worldwide marketing campaign which uses sponsorship agreements with celebrity athletes, professional sports teams and college athletic programs to use their products for the promotion of their technology and design. Sporting competition Over the years, the sporting goods industry has seen many mergers and acquisitions. Other key brands in the industry include adidas, Puma, and Under Armour. Some of these companies are joining up with fashion designers to produce new clothing styles and widen their product lines. As a result, consumption will continue to be driven by a trend toward less formal dress in the workplace and demand from specific demographics such as teenagers and baby boomers. The fiscal year end of the company is May, 31st.

In 2021, the revenue of the yoga apparel market was estimated to be worth around 22.7 billion U.S. dollars worldwide. This figure is forecast to increase to approximately 40 billion U.S. dollars by 2028, at a CAGR of 8.4 percent.

Sports & the sportswear market

In comparison to other sportswear, which may sit loosely, yoga wear is designed to provide maximum breathability and flexibility for the consumer. Articles of yoga wear include bras, tank tops, and leggings. Many sports saw an increase in usage in recent years due to a rise in health conscious consumers, and yoga is no exception. In 2020, an approximated 55 million Americans practiced yoga.The popularity of yoga as a sport has increased as it encourages flexibility and mediation, while also offering low-impact strengthening. Yoga wear, especially leggings, is also an important part of athleisure as well. When asked what is most important when purchasing sporting goods, including sportswear, over half of Americans answered with comfort.

Leading activewear brands

Lululemon, a Canadian sportswear brand, first began by offering yoga wear. In recent years, however, lululemon has branched out to other forms of activewear. Along with the rise of the fitness conscious consumer, the net revenue of lululemon also increased dramatically over the last decade. While lululemon is a popular brand for yoga wear, it is by no means the leading brand. By net sales, Nike, Adidas and Under Armour are the biggest athletic apparel companies worldwide.

As one of the largest and most recognizable athletic brands on the planet, it is of little surprise that Nike is the leader within its industry of athletic apparel, accessories and footwear, with sales reaching almost 49 billion U.S. dollars in 2024. This was more than double that of second-placed Adidas. Top athletic brands The sports apparel industry is a lucrative one, which is forecast to grow further in the coming years. Not only is Nike one of the most prominent producers within this market worldwide, but the company also holds the honor of being ranked as one of the world's leading apparel brands. Adidas, Puma, and Under Armour are some of Nike’s main competitors, as they operate within the same markets. However, Nike’s brand value has historically been significantly higher than that of its closest competitor, adidas, and the gap has grown. Sportswear stores In 2023, there were over 1,000 Nike stores worldwide. In comparison, the number of adidas Group retail stores was roughly 2,000 in 2024. The most prominent Adidas store type was factory outlets of which there were almost 1,100 worldwide.

The statistic shows the global revenues of the sporting goods companies Nike, Adidas and Puma from 2006 to 2023. That year, the adidas Group generated over 21 billion euros in revenue.

The biggest apparel brand in the world

The global sports apparel market is highly fragmented, with basic discount brands to high-end fashion name brands competing for market position. U.S.-based Nike is the world’s leading brand in athletic footwear and apparel, and the world's most valuable clothing brand in general. Nike has a higher global revenue than its main competitors, adidas and Puma, put together. North America is a key market for Nike, as close to half of its global revenue is generated there each year. Much of Nike's success can be attributed to the brand’s marketing campaign as well as sponsorship agreements with celebrity athletes and professional sports teams.

Adidas and Puma

Adidas and Puma used to be one company named Gebrüder Dassler Schuhfabrik, established by two brothers, Adolf and Rudolf Dassler. After a disagreement between the two brothers, the company split, creating the two widely known sporting brands, Adidas and Puma. Adidas is the largest sportswear manufacturer in Europe, and the second largest in the world, just behind Nike, with a brand value of approximately 15.7 billion U.S. dollars. Just as with Nike, footwear is the most important category for adidas. In 2023, over 50 percent of the adidas Group's net sales were generated by the footwear category.

Puma, also one of the globe's leading sporting goods brand, has the long-term mission of becoming the most desirable sport lifestyle company in the world. Europe and the Americas are the most profitable markets for Puma, as these regions accounted for about 80 percent of Puma’s consolidated sales. Describing itself as the 'blue mountains', Puma has been trying to incorporate more edge, creativity, and uniqueness into their designs with their collaborations with celebrities and fashion designers. This is a common strategy amongst these leading sports brands, as they aim to maintain their share of the market by broadening their product lines.

Retail sales of sportswear and outdoor apparel account for a considerable portion of the overall global apparel market. In 2016, the global sportswear and outdoor apparel market generated an estimated 172.3 billion U.S. dollars in retail sales. The global apparel market was forecast to be worth a total of around 1.5 trillion U.S. dollars by 2020.

Athletic apparel market
The global sportswear market is a lucrative market, which is forecast to grow further in the coming years. Not only is Nike one of the most prominent producers within this market worldwide, but the company was also ranked as the world's leading athletic apparel brand. Nike and adidas are, by some margin, the leading companies in the sportswear industry worldwide. Puma and Under Armour are two other big companies which operate within this market.

Outdoor clothing market
The global outdoor clothing market is also significant in size, valued at approximately 12.7 billion U.S. dollars in 2018, and forecast to reach a value of 19.6 billion U.S. dollars by 2026. VF Corp operates within this market, with the company’s The North Face brand one of the most recognizable outerwear brands around. In 2019, VF Corporation's outdoor segment had revenues amounting to 4.6 billion U.S. dollars worldwide.

In 2024, the adidas Group's market capitalization amounted to approximately 42.28 billion euros, up from 32.88 billion euros in the previous year. The company’s market capitalization almost doubled between 2015 and 2016, when its value rose by around 12 billion euros. In 2000, the company’s market capitalization amounted to 2.99 billion euros. Market capitalization represents the value of a listed company. Adidas The adidas Group manufactures and sells a wide range of clothing items and sports equipment. Adidas is one of the best-known names in this industry. Its main competitors are Nike, Puma, and Under Armour. In 2024, the adidas Group had net sales amounting to 23.68 billion euros. The company’s increase in value is possibly attributed to its sponsorship deals with some of the most influential athletes in the world, most notably David Beckham and Lionel Messi. Furthermore, adidas has collaborated with fashion designers and celebrities such as Stella McCartney and Donald Glover in recent years.

In the fiscal year of 2023, ending January 2024, the Canadian athletic apparel company known as lululemon athletica generated net revenue of over 1.3 billion U.S. dollars in Canada, which is a significant increase compared to previous years. The company’s native net sales have grown positively with each consecutive year since 2015.

lululemon's sales numbers

Even though lululemon began its journey in Canada, most of the net sales generated by the activewear enterprise are specifically made in the United States today. In the financial year of 2023, the company’s U.S. net sales amounted to more than 6.3 billion U.S. dollars. This was around 70 percent of what the company made worldwide that year.

The competition

Globally, lululemon athletica is one of the largest sportswear brands, competing with the likes of Puma, New Balance, Under Armour, as well as other household names. The world’s biggest activewear brand in terms of sales, however, is Nike. In 2023, Nike’s revenue in North America alone, amounted to over 21 billion U.S. dollars.