The global sports footwear market is set to enjoy a valuation of US$ 115.9 Billion in 2022 and further expand at a CAGR of 5.9% to reach US$ 205.9 Billion by the end of 2032.
The sports footwear market in North America is the largest and is predicted to account for more than 30% of the worldwide market throughout the period of valuation. Because sports shoes have so many advantages over casual or formal shoes, their demand has grown over the past few years. The end-user’s attention has been drawn by rising outdoor physical activity, ongoing structural and design improvements, and enhanced comfort and safety options from the supply side. In addition, the size of the sports footwear market has continuously grown in response to the rising demand for footwear designed for particular activities.
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Market Drivers:
- Active Lifestyle and Fitness Boom: The increasing awareness of the importance of physical fitness and an active lifestyle has led to a rise in the number of people participating in sports and fitness activities. This trend has driven the demand for sports footwear designed to provide comfort, support, and performance enhancement during various physical activities.
- Athleisure Fashion Trend: The athleisure trend, where sports-inspired clothing and footwear are worn for casual and everyday activities, has gained significant popularity. Consumers’ preference for comfortable and stylish sports footwear for daily wear has boosted the demand for athleisure footwear.
- Technological Innovations and Performance Enhancement: Sports footwear manufacturers have been continuously investing in research and development to incorporate advanced technologies that enhance performance, comfort, and injury prevention. Features like cushioning, stability control, lightweight materials, and breathability have become crucial selling points for sports footwear.
- Endorsements and Celebrity Collaborations: Sports footwear endorsed by popular athletes or celebrities often gain significant attention and drive consumer interest. Collaborations between footwear brands and well-known athletes or fashion designers can lead to limited-edition collections that generate high demand.
- Rising Health and Wellness Consciousness: The increasing focus on health and wellness has prompted more people to engage in regular physical activities, leading to a higher demand for sports footwear that supports their fitness goals.
Competitive landscape:
The leading market players of sports footwear market are intensively focusing on development of technologically advanced products at economically friendly prices. Manufacturers are also focusing on innovative sales and marketing strategies to gravitate customers’ attention toward products. For instance, the market players are investing in restoration of brand websites and offering various discounts on the available products.
Additionally, businesses are working to provide more environmentally friendly products to support the world’s sustainable development. Moreover, the adoption of inorganic growth tactics such as partnerships, acquisition, and merging helps the market leader to escalate their product portfolio and maintain a market presence.
- In January 2021, New Balance has designed a novel New Balance 991 shoes in collaboration with Patta. The new sneaker will have a dusty pink/light petrol colouring and go by the name Patta x New Balance M991Pat.
- In June 2021, the market leader Adidas has introduced “Solarthon,” a comfy and light golf shoe in the market. The new sneaker features a Primeblue textile upper manufactured from recycled yarn containing at least 50% Ocean – bound Plastic to boost Adidas’ “End Plastic Waste” initiative.
- In May 2021, Nike launched the “ZoomX Invincible Run” running shoes which is the newest addition to Nike’s burgeoning line of athletic footwear.
Key Companies Profiled:
- Nike Inc
- Adidas AG
- Under Armour
- Puma SE
- Skechers USA
- New Balance
- Asics
- Brooks
- Yonex
- Fila Korea
Segmentation of Sports Footwear Industry Research:
· By Product Type:
- Running
- Training & Gym
- Basketball
- Football
- Soccer
- Baseball
- Golf
- Tennis
- Cricket
- Other Shoe Types
· By End Use:
- Men
- Women
- Children
- Unisex
· By Sales Channel:
- Independent Sports Outlet
- Franchised Sports Outlet
- Modern Trade Channels
- Direct to Customer Brand Outlet
- Direct to Customer Online Channel
- Direct to Customer Institutional Channel
- Third Party Online Channel
· By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Questionnaire answered in the Market outlook Report of Sports Footwear include:
- What is the key strategy deployed by large players to maximize Sports Footwear Market growth?
- What are the main challenges faced by players in the Sports Footwear market Demand?
- With the advent of technological advancement, how will the Sports Footwear market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Sports Footwear market size?
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