DUBLIN--(BUSINESS WIRE)--The "Athletic Footwear Market by Type, End User and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
The athletic footwear market was valued at $109.7 billion in 2020, and is projected to reach $165.0 billion by 2030, registering a CAGR of 4.2% from 2020 to 2030.
Athletic footwear refers to those shoes that are designed for sports and other outdoor activities. The global consumption volume indicates a trend of these being used as casual and fashion footwear by people of all age groups. The market offers a variety of footwear with options in color, design, and price to cater to the needs and purchasing abilities of individual customers. The athletic footwear market is highly competitive with players making huge investments in marketing and brand building to differentiate themselves and attract more number of players. There are numerous small players that offer tough competition to the global athletic footwear giants, primarily in developing markets.
Large population size, coupled with rising disposable income is among the major factors that boost demand for high-end footwear in developing markets. Increase in sales through online channels, innovative product launches, attractive marketing, and promotional strategies are other factors that propel the overall growth of the athletic footwear market. Increasing environmental concerns and rising prices of raw materials are the major challenges for players operating in the market. However, the market is anticipated to unfold attractive business opportunities, owing to changing consumer lifestyles and increasing penetration of online retailing.
Consumers are becoming more health conscious due to work-related stress and lifestyle disorders. Thus, increase in number of health-conscious consumers has created a strong demand for athletic sportswear and footwear, which, in turn, augments growth of the overall market. Moreover, rise in trend of fashionable sports apparel propels growth of the athletic footwear market. Furthermore, continuous innovations in sportswear and footwear notably contributes toward growth of the market. For instance, Adidas launched electronic-enabled shoes (smart shoe) that exhibit shock-absorbing feature depending on body weight, running style, speed, and running surface.
However, increase in inclination of kids toward indoor leisure activities is expected to hamper growth of the market during the forecast period. On the contrary, increase in participation of women in sports is anticipated to offer remunerative opportunities for the expansion of athletic sportswear and footwear market in the future.
Availability of fake and low-priced products restrict growth of the market. Sportswear and footwear by renowned brands have a high price range, which are not affordable by lower income groups. Hence, local suppliers design the same style products at comparatively lower costs. Such products are of low quality and hamper brand image of forerunners in the market, thereby limiting sales of original products. Availability of counterfeit or low-quality sportswear and footwear restricts sales of branded products, thus threatening growth of the athletic footwear market.
Market Dynamics
Drivers
- Growing health awareness is fostering the market growth
- Surge in government investment in sports events is boosting the demand for athletic footwear
- Rise in number of sports-inspired children is propelling the demand for athletic footwear among kids
- Growing number of outlets
- Emergence of new designs is propelling the market
Restraints
- Increasing environmental concerns is hampering the market growth
- Rising prices of raw materials
- Availability of counterfeit products
Opportunities
- Changing consumer's lifestyle
- Growing fashion trends
- Emerging role of e-commerce
Market Segments:
By Type
- Sports shoes
- Tennis Shoes
- Soccer Shoes
- Basketball Shoes
- Cricket Shoes
- Others
- Running & walking shoes
- Hiking & backpacking shoes
- Aerobic & gym wear shoes
By End User
- Men
- Women
- Kids
By Distribution Channel
- Hypermarkets/Supermarkets
- Specialty Store
- Brand Outlets
- Online Channels
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- ASEAN
- Australia & New Zealand
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- Saudi Arabia
- South Africa
- Rest of LAMEA
Companies Mentioned
- Asics Corporation
- Adidas Ag
- Puma
- Vf Corporation
- Nike, Inc.
- Fila Korea, Ltd.
- New Balance, Inc.
- Skechers Inc.
- K-Swiss, Inc
- Wolverine World Wide Inc.
For more information about this report visit https://www.researchandmarkets.com/r/f5is0a
