LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global running footwear market to grow at a CAGR of more than 1% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global running footwear market for 2017-2021. The market is segmented based on distribution channel (offline and online) and geography (APAC, the Americas, Europe, and MEA).
Running footwear refers to shoes that are designed for sports and other outdoor activities such as athletics and work outs. The global running footwear market is a sub-segment of the global sports footwear market and offers a wide-range of footwear that comes in multiple colors, designs, and prices to cater to the needs and purchasing abilities of individual customers. Sales expansion through omnichannel distribution mediums, innovative product launches, and attractive marketing and promotional strategies that are implemented by the companies have propelled the growth of the global running footwear market.
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Technavio consumer and retail research analysts highlight the following three factors that are contributing to the growth of the global running footwear market:
- High profit margin
- Premiumization through product innovation
- Rising online sales in sports footwear segment
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High profit margin
Running footwear is more expensive than other regular footwear. These shoes are available in different forms and innovative designs that enhance the performance of any sport. Manufacturers focus on introducing new features in their footgear and make them suitable for sports such as running, tennis, basketball, football, soccer, and other activities. The manufacturers earn high profits from premium-priced running footwear category. This is because although the manufacturing cost of these shoes is less, they are sold at high prices.
Tamal Saha, a lead retail goods and services research analyst at Technavio, says, “The sale of running footwear allows producers and marketers to earn high operating margins as part of their total income. For instance, the products of established vendors, such as Nike, have a certain degree of brand entity. Hence, their running footwear is priced higher than other regular footgear. Consumers demand more value from the expensive products they invest in, thereby making product innovation for these products imperatives.”
Premiumization through product innovation
Product innovation and differentiation are attributes that procure customer attention in the running footwear market. Advanced technical fabrications, creative product designs, and product development are facets that make running footwear premium-priced products. With growing health awareness, the adoption of outdoor sports and fitness activities have been rising across the globe. Therefore, the demand for running footwear has also experienced a surge.
“At present, consumers demand high-quality products, which are equally inventive and comfortable. Sports footwear is required for sports such as basketball, football, rugby, trail running, golf, and other workouts and activities. Manufacturers introduce new technology in running footwear per the requirements of a specific sport. To improve the performance of athletes, manufacturers are focusing on the level of comfort the products offer,” adds Tamal.
Rising online sales in sports footwear segment
Online sales of the running footwear segment have fueled the growth of the global running footwear market since 2010. The growth of online stores is expected to grow rapidly during the forecast period because of rising Internet and smartphone penetration. In the developed countries of the Americas and Europe, consumers are adopting online shopping patterns, which will help the online retail segment grow during the forecast period.
The emerging nations of APAC and MEA are also expected to make a significant contribution to the market revenue. Competitive prices, convenience, and fast-delivery services are some of the prominent causes for the expanding outreach and increasing sales through the online channel.
Top vendors:
- adidas
- ASICS
- New Balance
- Nike
- SKECHERS USA
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