According to Fortune Business Insights, the global sports footwear market size is set to gain momentum from the increasing usage of environment-friendly materials for manufacturing. The demand for sustainable sports shoes is surging rapidly because of pollution concerns. In May 2021, for instance, Allbirds joined hands with Adidas to launch a new sneaker for the latter’s Futurecraft range. It is made out of eco-friendly materials and would generate very less carbon emissions. This information in its report titled, “Sports Footwear Market, 2021 – 2028.” As per the report, the market stood at USD 93.57 billion in 2020. It is projected to grow from USD 97.42 billion in 2021 to USD 134.99 billion in 2028 at a CAGR of 4.8% during the forecast period.
COVID-19 Pandemic: Closure of Educational Institutes and Social Distancing to Affect Growth
The COVID-19 pandemic has affected the sports footwear industry negatively because of the closure of educational institutions. Also, the cancellation or postponement of major sports activities across the globe has impacted growth. Besides, biking, cycling, hiking, and running activities were also stopped by sporting enthusiasts to keep up with social distancing and lockdown norms. Our research reports would help you find the best solution to generate more sales amid this pandemic.
Fortune Business Insights™ lists out all the sports footwear market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Nike Inc. (Beaverton, U.S.)
- Adidas Group (Herzogenaurach, Germany)
- MIZUNO Corporation (Chiyoda City, Japan)
- Puma SE (Herzogenaurach, Germany)
- Under Armour, Inc. (Baltimore, U.S.)
- Skechers, USA Inc. (Manhattan Beach, U.S.)
- Fila Holdings Corp (Seoul, South Korea)
- Converse (Boston, U.S.)
- Diadora S.p.A. (Caerano di San Marco, Italy)
- ASICS Corp. (Chuo City, Japan)
The report involved four notable activities in projecting the current size of the sports shoes industry. Exhaustive secondary research was conducted to gather data about the parent market. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Drivers & Restraints-
Rising Number of Gyms and Prevalence of Chronic Ailments to Accelerate Growth
The rising cases of various chronic diseases backed by the lack of exercise are anticipated to drive the sports footwear market growth in the near future. Also, surging health consciousness among people living in urban areas would aid growth. The International Health & Fitness Association, for instance, mentioned that the global fitness club membership reached 183 million in 2019. This proves that the development of robust sports infrastructures and gyms in emerging countries would contribute to growth. At the same time, the high demand for sports shoes with numerous innovative features, such as lightweight and increased functionality, would propel growth. However, the high costs of these shoes may hamper their demand.
Men Segment Held more than 50% Share in 2020: Fortune Business Insights™
Based on gender, the market is trifurcated into kids, women, and men. Amongst these, the men segment generated more than 50% in terms of the sports footwear market share in 2020. This growth is attributable to the increasing participation of men, as compared to the other two genders. The U.S. Bureau of Labour Statistics mentioned that men spent around 5.7 hours in sports activities in the country in 2018. But, the count was around 4.9 hours for women.
Increasing Participation in Sports and Adventurous Activities to Help North America Growth
Geographically, North America procured USD 38.99 billion in 2020 in terms of revenue. This growth is attributable to the increasing participation of people residing in the region in multiple adventures and sports activities. In January 2020, for instance, the Outdoor Industry Association stated that approximately 50.5% of people participated in outdoor activities in 2018. On the other hand, Asia Pacific is estimated to be the fastest-growing region in the upcoming years because of the high consumer expenditure in sports type of footwear.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years. Also read themeca.org
Key Players Focus on Introducing Innovative Products to Intensify Competition
The global market contains a large number of companies that are constantly striving to compete with their rivals. To do so, they are majorly participating in new product launches to attract more customers.
Below are the two significant industry developments:
- March 2020: Adidas introduced its ‘Faster Than’ campaign and developed a new line of shoes that would help runners achieve their goals. The new SL20 design is lightweight and features a unique Lightstrike midsole.
- February 2019: Xiaomi unveiled its latest Mi Men’s Sports Shoes 2 in India. They are available online for Rs 2,999 in blue, dark grey, and black colors. These are best suited for jogging, walking, and running.
Frequently Asked Questions (FAQs):
- Is the Sports Footwear Industry growing?
Answer: Fortune Business Insights says that the global market size was USD 93.57 billion in 2020 and is projected to reach USD 134.99 billion by 2028.
- Who are the key players in the Sports Footwear Market?
Answer: Nike Inc., Adidas, Reebok, and others are the key players in the market.
- What are Key Factors Raising the Market?
Answer: The increasing sports participation is driving the growth of the market.
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