by Athletic footwear includes sneakers, athletic shoes and boots designed for sports or other forms of physical exercise and performances. These shoes are lightweight, provide cushioning and support to the user for activities such as running, basketball, tennis, football and other sports. Advancements in material science have led to the development of shoes made from synthetic and breathable fabrics making them durable and comfortable for athletes.
The 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:
Growing participation in sports and fitness activities is a key driver boosting the demand for athletic footwear globally. With increasing health awareness, people are engaging in activities such as running, walking, yoga and jogging which has augmented the sales of sports shoes over the recent past. Furthermore, changing fashion trends have enabled athletic shoes to become a lifestyle product rather than being just utilitarian. Rising popularity of athletically inspired casual and lifestyle wear has expanded the market outreach of footwear brands beyond professional sporting goods.
Segment Analysis
The global athletic footwear market is dominated by the sports shoes segment. Within sports shoes, running and training shoes sub-segment holds the major share primarily due to the growing health and fitness consciousness among consumers globally. Various lifestyle and performance focused shoes launched by major brands coupled with attractive celebrity endorsements and sponsorships have been drawing more customers towards this category.
PEST Analysis
- Political: There are no significant political risks impacting the athletic footwear market globally.
- Economic: The improving economic conditions, rising disposable incomes and changing lifestyles across major countries are supporting the market growth.
- Social: Consumers are increasingly participating in sports and outdoor recreational activities which is generating high demand for athletic shoes. Further, sportswear have also become a style statement today.
- Technological: Companies are investing heavily in R&D to introduce lightweight, breathable and durable shoes using advanced materials. Many are also integrating smart and connected features in shoes.
Key Takeaways
The global athletic footwear market size was valued at US$ 85,047 Mn in 2023 and is expected to reach US$ 105,547 Mn by 2030, expanding at a CAGR of 1.8% during the forecast period. The market is driven by rising health awareness and increasing consumption of sports apparel and footwear for lifestyle purposes.
Regionally, North America accounted for the largest share of the global athletic footwear market in 2023 due to strong consumer spending on sports and fitness products in the US. Asia Pacific is expected to witness the fastest growth during the projection period led by booming e-commerce, rising living standards and the growing young population in countries such as China and India.
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, New Balance. Nike dominated the market in 2023 led by its complete portfolio of performance and lifestyle footwear, solid distribution network and long-standing sponsorships of prominent sports properties and individuals globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
