by Athletic footwear, also known as sneakers or joggers, are shoes primarily designed for sports or other forms of physical exercise, but are now also widely used for casual everyday activities. The major types of athletic footwear available in the market are running shoes, basketball shoes, soccer shoes, tennis shoes, baseball shoes, cross training shoes and hiking shoes. Technological advancements have increased product features such as superior breathability, moisture-wicking, lightweight cushioning etc. Running shoes now come equipped with comfort technologies like foam cushioning, arch support, motion control etc.
The global athletic footwear market is estimated to be valued at US$ 85,047 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rise in Adventure and Outdoor Sports Activities: The increasing participation in activities such as hiking, trekking, rock climbing, mountaineering etc. is driving the demand for adventure specific athletic shoes. Technologically advanced athletic shoes with greater traction, durability and water-resistance cater to the needs of outdoor and adventure sports enthusiasts.
Popularity of Stylish and Fashionable Athletic Shoes: Athletic shoes have increasingly become a part of casual fashion. Sneakers many a times are worn not just for workout and sports but also to complement different styles of clothing. Leading brands launch limited edition collaborations and custom designs that appeal to the fashion sensibilities of trend-conscious customers. Constant innovation in design, colors and materials aid in the fashionable perception of athletic shoes.
Segment Analysis
The global athletic footwear market is dominated by the running shoes segment, which accounts for more than 30% share of the overall market. Running shoes are the most popular type of athletic shoes used by runners and joggers for various speed and distance training activities. The extensive availability of innovative running shoes from leading brands and the rising participation in marathons and running events across the globe have propelled the demand for running shoes over the recent years.
PEST Analysis
- Political: Governments in various countries are promoting health and fitness activities by increasing investments in public parks, jogging tracks, and cycling paths. This is positively impacting the sales of athletic footwear.
- Economic: Rising incomes and spending abilities of middle-class population in developing nations on fitness and lifestyle products are driving the athletic footwear market.
- Social: Growing health consciousness among individuals and increasing participation in sports and workout activities are the key social factors contributing to the market growth.
- Technological: Advancements in shoe design, innovation in material science for lightweight and breathable fabrics, and integration of smart and connected features in shoes are some of the technological developments enhancing customer experiences.
Key Takeaways
The global athletic footwear market is expected to witness high growth over the forecast period of 2023 to 2030, supported by rising youth population, increasing inclination toward fitness, expanding middle-class in developing economies, and technological advancements.
Regional analysis: North America holds the largest share currently due to strong base of health-conscious consumers and trends like indoor cycling and aerobics. Asia Pacific is expected to see the fastest growth led by countries like China and India, where growing participation in marathon running and sports is driving athletic footwear sales.
Key players: Key players operating in the athletic footwear market are Nike, Inc., Adidas Group, Crocs, Inc., Wolverine World Wide, Inc., Skechers U.S.A., Inc., Under Armour, Inc., Puma AG, Geox SpA, K- Swiss. Nike dominates with around 45% market share owing to its strong brand image and product portfolio for major sports along with running and training shoes. Adidas follows as the second largest player.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
