by The athletic footwear market comprises shoes that are designed for sports, exercise and recreational activities. Advancements in shoe technology have optimized performance features like breathability, cushioning, support and durability. Athletic shoes today provide enhanced comfort, shock absorption and flexibility. The growing popularity of fitness among millennials and rise in participation of sports at amateur and professional levels have boosted demand.
The Global athletic footwear market is estimated to be valued at US$ 85,047 Mn in 2024 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the athletic footwear 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 and Adidas are the global leaders with wide product portfolios catering to various sports.
The athletic footwear market provides opportunities for vegan and sustainable athletic shoes as consumers are getting more environment conscious. Technologies focused on recovery, comfort and customized performance are emerging trends.
North America dominates currently due to high participation in sports. However, Asia Pacific is expected to witness strongest growth owing to changing lifestyles, rise in disposable income and investments by major brands in developing countries.
Market drivers
Increasing health awareness and focus on fitness among global population has risen demand for athletic shoes. More people are participating in gym activities, running, yoga and team sports. This has significantly driven the market growth over the period. Promotional activities by brands coupled with celebrity endorsements and social media influence have further contributed to increased consumption.
PEST Analysis
- Political: Government regulations related to manufacturing, sale and import of Athletic Footwear are reviewed and updated periodically. Compliances are required regarding rules related to materials, environmental protection and consumer safety standards.
- Economic: Global economic growth and changes in disposable incomes influence demand for Athletic Footwear. Rising health awareness boosts preference for sports and fitness activities, driving market size expansion.
- Social: Health and fitness are top priorities for consumers across demographics. Active lifestyles, trendy sports culture and popularity of events inspire new product innovation. Running and casual styles are favored over traditional athletic shoes.
- Technological: Advancements in material sciences lead to lightweight, breathable and durable designs. Digital channels are leveraged for virtual product try-ons, online sales and contactless services. Use of data analytics aids mass customization.
Geographical regions with high market concentration in terms of value include North America, Western Europe and Asia Pacific. Factors such as high participation in sports, favorable demographics and disposable incomes contribute to market maturity in these areas.
The fastest growing region for the Athletic Footwear Market is expected to be Asia Pacific due to rapidly improving economic conditions, expansion of middle-class population and increasing health awareness in countries such as China, India and others. This facilitates greater market access and spending power for premium footwear brands in the forecast period.
