Athletic Footwear Market Share Expected to Grow to USD 120,000 Million by 2026 – Facts & Factors
Oct 22, 2020
Global Athletic Footwear Market in 2019 was approximately USD 98,000 Million. The market is expected to grow at a CAGR of 3.5% and is anticipated to reach around USD 120,000 Million by 2026.
Pune, India - October 21, 2020 /MarketersMedia/ —
According to the Facts and Factors, Research Report, the global Athletic Footwear market in 2019 was approximately USD 98,000 Million. The market is expected to grow at a CAGR of 3.5% and is anticipated to reach around USD 120,000 Million by 2026.
Athletic footwear also referred to as athletic shoes are mainly designed for sports and other outdoor and physical activities. The athletic shoes are utilized for running in a marathon, basketball, football, tennis, and rugby. However, the global consumption pattern of athletic shoes indicates a trend of these being used as casual footwear by people of all age groups. Considerable developments in the new material have made the material selection process more complicated and time-consuming for shoe designers. The parameters largely considered while material selection includes fabric performance, durability, aesthetic appearance, price, and availability at the manufacturing facility.
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Frequently new product launches, sales through online marketing channels, and an investment in research for innovative product development are the strategies adopted by companies, which have enhanced the growth of the athletic footwear market. The market is extremely competitive with the major companies making large investments in distribution and marketing channels, and brand building. As the market is growing rapidly, numerous small-scale manufacturers are tending to invest in business expansion and hence offer tough competition to the major athletic footwear companies.
Market Top Companies in Athletic Footwear:
Prominent companies studied in research reports include Asics Corporation, Nike, Inc., Adidas AG, Puma SE, New Balance, Inc., Skechers Inc., Under Armor, and other regional industry participants. New product launches, online sale discounts, and premium branding are the key business strategies used by global industry participants.
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By shoe product type, the market for athletic shoes is segmented into backpacking and hiking shoes, sports shoes, gym wear shoes, running shoes, walking shoes, and aerobic shoes. The Sports shoe segment is projected to dominate the global athletic footwear market with a 41.00% revenue share by 2025. The growing health-conscious population coupled with high interest in athletic sports is driving the demand for sports shoes. Additionally, the manufacturers are evolving their product design and development around virtual reality and artificial intelligence. Therefore, the application of artificial intelligence in product design and production can be viewed as a major industry trend.
By key end-users, the athletic shoe market share is segmented as men's shoes, women's shoes, and kid shoes. Men's shoe segment accounted for major revenue share in 2019 and the women's shoe segment is expected to record a market growth at the highest CAGR of 2.7% during 2019-2026. Lightweight shoes with vibrant designs are more popular among children.
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Primary regional segments identified in the research study include Europe, Latin America, Asia Pacific, North America, and Middle East & Africa. Asia Pacific segment represents the major market share in terms of revenue and is also estimated to register the highest CAGR of 3.5% during the market forecast. Growing population, increasing penetration of international brands, and emerging local market players are contributing to the market growth in the region. High standard lifestyles and health-conscious populations across the developed countries are inclined towards comfortable athletic shoes and are ready to offer high prices for premium products.
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Key Recommendations from Analysts:
1) Our research analyst suggests the Asia Pacific as the key region for future investments owing to low production cost, easy availability of raw materials, and affordable labor cost.
2) China is viewed as a key production hub and also offers enhanced production capacity.
End-user in developing countries prefer cost-effective and quality products. However, potential end-user in the developed countries are preferring premium and branded products.
3) Organized offline retailers and an increasing number of new entrants in the e-commerce sector are estimated to propel the market revenue during the forecast period.
4) Government trade regulations, environment policies, and cultural differences are the major macroeconomic factors expected to affect industry performance.
This report segments the Athletic Footwear market as follows:
Global Athletic Footwear Market: By Type Segmentation Analysis
Sports shoes
Running and walking shoes
Hiking and backpacking shoes
Aerobic and gym wear shoes
Global Athletic Footwear Market: By End-User Segmentation Analysis
Men
Women
Kids
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