The athletic footwear market is expected to reach US$ 60.5 Bn by 2026 with 5.3% CAGR during the forecast period from 2018 to 2026. In 2017, Asia Pacific led the athletic footwear market and is estimated to be the fastest growing region between 2018 and 2026.
Athletic footwear is mainly designed for sports or other forms of physical exercises and are used by athletes and climbers. Currently, these are also used as fashion and casual footwear by all age groups. The different types of athletic footwear are made up of high-quality raw materials, such as foam, leather and plastic, which basically involves the use of various advanced chemical additives. The global athletic footwear market deals with varieties of footwear with options in design, color and price which in turn aims to cater to the purchasing abilities and growing needs of individual consumers. The athletic footwear market is influenced by various advantages such as cushioning, midfoot balancing, comfort, breathability thereby slowing down perspiration, better speed control, anti-friction properties, innovations in footwear with an objective to improve functionality such as heel stabilization, weight reduction and easy availability.
Growing awareness regarding the health benefits of sports and fitness activities is one of the prime factor propelling the growth of this market. Trend shows that obesity is a major problem in developed countries mainly Europe and the U.S as one out of three persons is found to be an obesity patient. The regional population is focused on various activities that includes gym, jogging and yoga among others with an objective to combat obesity. Participating in sports and activities aims to ensure good health and also reduce the risk of various chronic disorders that includes cardiovascular diseases, depression and diabetes among others. Hence the emerging trend in sports and fitness is acting as a driving factor I the growth of this market. Additionally, youngsters are also focused on adopting healthy lifestyle thereby actively participating in various fitness and sports activities. Consumers have also started adopting different types of athletic footwear with an objective to prevent leg injuries, muscle injuries, knee pain, back pain and hip pain among others. This, in turn, is driving the demand for athletic footwear during the forecast period from 2018 to 2026. Gradual shift from rural to urban population followed by changing consumer lifestyles is another factor expected to bolster the market demand. According to the United Nations(UN), 55% of the world population lives in urban areas and this is expected to increase to 68% by 2050. Hence growing urbanization worldwide is expected to create large consumer base and fashion trends in the footwear market. With the large consumer base followed by change in lifestyle, the demand for athletic footwear is expected to rise in the near future.
However, growing environmental concerns with respect to various materials such as synthetic rubber used in athletic footwear is expected to restrain market growth. Hence, various athletic footwear companies are focusing on taking initiatives with an objective to reduce the environmental impact of athletic footwear. For example, Nike Inc., based in the U.S, launched the MAKING app which aims to facilitate the producers and designers in monitoring and tracking the environmental effect of materials used in these products.
"Running and Walking Shoes is the Largest Segment by Product Type in The Global Athletic Footwear Market"
Running shoes include shoes that are basically required for advanced running, training, road running, track running, trail running and racing among others. In 2017, the running and walking shoes segment dominated the global athletic footwear market owing to its daily usage by mass population followed by availability in wide price range starting from economy shoes to premium luxury athletic footwear. In addition, taking a daily walk and run is linked with improving the health and well-being of consumers which in turn is expected to augment the demand for running and walking shoes. The trend shows that regular walking and running aims to avoid heart diseases, reduce weight, tackle joint pain and also dodge diabetes. Hence increasing awareness regarding the health benefits of running and walking on a regular basis is expected to fuel the demand for running and walking shoes.
Manufacturers are also focusing on new product development as part of their strategy to cater to the growing demand for running and walking shoes. For example, in January 2018, Nike Inc. launched a running shoe under its brand name Epic React Flyknit. This new product is durable, lightweight, soft and aims to provide energy returns. It is basically ideal for recovery runs, distance workouts and progression runs. The foam is designed and processed in such a way that it aims to make a runner lightweight and faster on feet. All these factors are expected to boost the demand for running and walking shoes during the forecast period from 2018 to 2026. However, hiking and trekking boots and shoes is expected to be the fastest-growing segment owing to technological advancements that aims to provide more flexibility and comfort for hikers and climbers.
"Economy Segment Driving the Growth of Athletic Footwear Market"
Price range of economy athletic footwear varies from US$ 15- US$ 100.The price range for mid-level shoes ranges from US$ 100- US$ 150 whereas footwear above US$ 150 has been considered as premium segment under the scope of research. The economy segment held the largest market share owing to the fact that footwear companies are focusing on gaining market share by selling their footwear products at a low price compared to their competitors. In addition, by selling economy products, companies also aim to attain long term survival in the footwear industry by attracting consumers through the use of low-cost marginal footwear products.
"Men’s Footwear is the Largest Segment by Consumer Group in the Global Athletic Footwear Market"
In 2017, men’s footwear dominated the global athletic footwear market owing to the increasing participation of men population in various sports activities that includes soccer, cricket and basketball among others. The trend shows that footwear manufacturers are focusing on new product development as part of their business strategy to increase the revenue of men’s footwear. For example, in February 2018, SHOE MART, one of the leading footwear brand in North America, launched various footwear for men segment. The company with this launch, aims to improve the texture and comfort for soles which in turn is expected to spur the demand for this footwear during the forecast period from 2018 to 2026. Women’s footwear is also expected to remain a dynamic category owing to a huge increase in points of sale, presence of several brands and significant budgets for advertising campaigns and marketing. The government in various countries are also focusing on promoting women's sports. For example, in January 2017, under the initiative of the radio regulatory body and the French TV, the international day of women’s sport has been created.
"Sports Stores is the Largest Segment by Distribution Channel in The Global Athletic Footwear Market"
Sports stores segment is mainly driven by casual fashion trends, government initiatives for health & wellbeing and men and women’s lifestyle sports shoes. Seasonal discounts given by sports stores on different varieties of athletic footwear is also expected to propel the demand for these retail stores. Larger players in the footwear industry that includes Adidas, Nike and Puma are focusing on vertical integration from both ends of the value chain with an objective to improve margins by growing their retail operations downstream. On the other hand, leading retailers like Go Sport and Decathlon are focusing on increasingly manufacturing their own in-house brands and sell it through sports stores. Online retail is expected to be the fastest-growing segment owing to the fact that buying footwear products online aims to make shopping easier, simpler and convenient. In addition, growing e-commerce portals in emerging countries that includes India and China is also compelling the manufacturers to reorient their distribution channel strategy for these countries. All these factors are expected to boost the online retail segment in the global athletic footwear market.
"Asia Pacific is the Largest Region in the Global Athletic Footwear Market"
Globally, Asia Pacific accounted for the largest value and volume share of the athletic footwear market. The growth is mainly attributed to the growing demand for sports footwear. The influence of western culture followed by growing awareness of healthy lifestyles are also bolstering the growth of this region. Growing demand for children footwear is another factor expected to drive market growth. Footwear brands and retailers are focused on opening children's wear specialist stores and expanding their product portfolios in children’s footwear. Growing sports industry in India and China is another factor augmenting the market growth. For example, as per the State Council of China, the sports industry in China is slated to reach US$ 460 billion by 2020.The growing e-commerce industry is also expected to drive the demand for athletic footwear in Asia Pacific region. The e-commerce industry in India is expected to reach US$ 63.7 billion by 2020 growing at a CAGR of 28% from 2016 to 2020.
"New Product launch followed by Mergers and Acquisitions are the Key Strategies Adopted by the Manufacturers"
Key players operating in the global athletic footwear market include Adidas AG, Nike, Inc., Reebok International, Puma SE, Lotto Sport Italia S.p.A, ASICS Corporation, Under Armour Inc., Fila Inc., Skechers USA Inc. and New Balance Athletics, Inc. among others. In April 2016, Lotto Sport Italia S.p.A launched EVERIDE II. This running shoe that basically features Adapto Memory Foam (AMF) is made up of polymer compound. In addition, in September 2017, ASICS Corporation launched Gel-Kenun Shinkai, a footwear with GEL cushioning system and adjustable digital printed nylon mesh. The shoe was basically manufactured in collaboration with Mita Sneakers, a retailer which is located in Tokyo, Japan. In April 2018, Nike, Inc. went into a partnership agreement with Invertex Ltd., a startup based in Tel Aviv, Israel, that deals with artificial intelligence technology and proprietary computer vision. This acquisition will facilitate the company to expand their digital offerings and also enhance shoe customizations by using artificial intelligence.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Athletic Footwear market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
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