The global sports footwear market size was USD 93.57 billion in 2020 and is projected to grow from USD 97.42 billion in 2021 to USD 134.99 billion in 2028 at a CAGR of 4.8% during the 2021-2028 period. This information is given by Fortune Business Insights™ in a report titled, “Sports Footwear Market, 2023 – 2028.”
Information Source:
https://www.fortunebusinessinsights.com/sports-footwear-market-102216
List of Key Players Profiled in the Sports Footwear Market Report:
- Under Armour, Inc. (Baltimore, U.S.)
- Skechers, USA Inc. (Manhattan Beach, U.S.)
- Fila Holdings Corp (Seoul, South Korea)
- Converse (Boston, U.S.)
- Diadora S.p.A. (Caerano di San Marco, Italy)
- ASICS Corp. (Chuo City, Japan)
- Nike Inc. (Beaverton, U.S.)
- Adidas Group (Herzogenaurach, Germany)
- MIZUNO Corporation (Chiyoda City, Japan)
- Puma SE (Herzogenaurach, Germany)
Report Coverage-
The report involved four notable activities in projecting the current size of the sports shoes industry. Exhaustive secondary research was conducted to gather data about the parent market. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Drivers & Restraints-
Rising Number of Gyms and Prevalence of Chronic Ailments to Accelerate Growth
The rising cases of various chronic diseases backed by the lack of exercise are anticipated to drive the sports footwear market growth in the near future. Also, surging health consciousness among people living in urban areas would aid growth. The International Health & Fitness Association, for instance, mentioned that the global fitness club membership reached 183 million in 2019. This proves that the development of robust sports infrastructures and gyms in emerging countries would contribute to growth. At the same time, the high demand for sports shoes with numerous innovative features, such as lightweight and increased functionality, would propel growth. However, the high costs of these shoes may hamper their demand.
COVID-19 Pandemic: Closure of Educational Institutes and Social Distancing to Affect Growth
The COVID-19 pandemic has affected the sports footwear industry negatively because of the closure of educational institutions. Also, the cancellation or postponement of major sports activities across the globe has impacted growth. Besides, biking, cycling, hiking, and running activities were also stopped by sporting enthusiasts to keep up with social distancing and lockdown norms. Our research reports would help you find the best solution to generate more sales amid this pandemic.
Factors Affecting the Growth of the Sports Footwear Market:
- Increasing Sports Participation: The growth of the sports footwear market is closely linked to the rising participation in sports and fitness activities. As more people engage in sports and fitness, there is a greater demand for specialized footwear designed to enhance performance and provide comfort and support during physical activities.
- Changing Consumer Lifestyles: Changing consumer lifestyles, with a greater emphasis on health and wellness, have contributed to the growth of the sports footwear market. Consumers are increasingly adopting active lifestyles and prioritizing fitness activities, which drives the demand for sports footwear.
- Technological Advancements: Technological advancements in the sports footwear industry have significantly influenced its growth. Companies are constantly developing innovative materials, cushioning technologies, and designs to enhance performance, durability, and comfort. These advancements attract consumers seeking the latest features and improvements in sports footwear.
- Fashion and Style Trends: Sports footwear has become a fashion statement, with consumers seeking trendy and stylish designs. The influence of athletes, celebrities, and social media has contributed to the demand for sports footwear as a fashion accessory. Consumers often choose sports footwear that aligns with their personal style, which drives the market growth.
- E-commerce and Online Retailing: The growth of e-commerce and online retailing has played a significant role in expanding the sports footwear market. Online platforms provide a convenient and accessible way for consumers to explore a wide range of products, compare prices, and make purchases. The ease of online shopping has contributed to increased sales of sports footwear.
- Sports Sponsorships and Endorsements: Sports sponsorships and endorsements by athletes have a considerable impact on the sports footwear market. When popular athletes endorse specific brands or products, it creates brand visibility, trust, and a sense of aspiration among consumers. This can lead to increased sales and market growth for the endorsed footwear.
- Health and Fitness Awareness: Growing awareness about the importance of physical fitness and the health benefits of sports activities has positively influenced the sports footwear market. Consumers are increasingly conscious of the need for proper footwear to prevent injuries and improve performance during exercise or sports.
- Demographic Factors: Demographic factors such as population growth, urbanization, and the rise of middle-class populations in developing countries also contribute to the growth of the sports footwear market. As disposable incomes increase and more individuals seek an active lifestyle, the demand for sports footwear rises.
- Product Innovations and Customization: Continuous product innovations and customization options have played a crucial role in driving the growth of the sports footwear market. Consumers are looking for footwear that caters to their specific needs, such as specialized shoes for different sports activities or shoes designed for specific foot conditions.
Segments-
Men Segment Held more than 50% Share in 2020: Fortune Business Insights™
Based on gender, the market is trifurcated into kids, women, and men. Amongst these, the men segment generated more than 50% in terms of the sports footwear market share in 2020. This growth is attributable to the increasing participation of men, as compared to the other two genders. The U.S. Bureau of Labour Statistics mentioned that men spent around 5.7 hours in sports activities in the country in 2018. But, the count was around 4.9 hours for women.
Regional Insights-
Increasing Participation in Sports and Adventurous Activities to Help North America Growth
Geographically, North America procured USD 38.99 billion in 2020 in terms of revenue. This growth is attributable to the increasing participation of people residing in the region in multiple adventures and sports activities. In January 2020, for instance, the Outdoor Industry Association stated that approximately 50.5% of people participated in outdoor activities in 2018. On the other hand, Asia Pacific is estimated to be the fastest-growing region in the upcoming years because of the high consumer expenditure in sports type of footwear.
Competitive Landscape-
Key Players Focus on Introducing Innovative Products to Intensify Competition
The global market contains a large number of companies that are constantly striving to compete with their rivals. To do so, they are majorly participating in new product launches to attract more customers.
Below are the two significant industry developments:
- March 2020: Adidas introduced its ‘Faster Than’ campaign and developed a new line of shoes that would help runners achieve their goals. The new SL20 design is lightweight and features a unique Lightstrike midsole.
About Author
