The global sneakers market is projected to witness a significant growth, growing with a CAGR of 6.8% during the forecast period from 2023 to 2030. Sneakers are varied into different categories mainly athletic shoes, gym shoes and many more. Sneakers were basically designed for various sports activities but now-a-days are used for everyday wear. Manufacturers are focusing on sustainable resources for manufacturing these shoes. For instance, according to the annual report of Puma SE, Puma is going to arrange 90% of its cotton and polyester from sustainable sources. In addition, in March 2021, Adidas produced more than five million pair shoes from plastic which has recycled from oceans, and plans to increase the production to 11 million in the near future.

Increase in IOT technology and e-commerce trend is one of the key factor driving the growth of the market. For instance, in 2020, according to the statistics provided by Adidas, e-commerce was the fastest-growing sales channel globally. Demand for sneakers is continuously increasing, as consumers nowadays are inclining towards sporty lifestyle and turning sportswear into daily wear. Moreover, sports and physical activities like yoga, gym and many other activities are driving the sales of sneakers in the young population on a global scale. Companies are producing sneakers for specific purposes, for instance, on April 2021, Nike, Inc. launched its new gym red edition for women, especially designed for working out in gyms. The Air Max 720 is textured in white shade, having a midsole clip of plastic and same sporty outsole.

Adult sneakers market will grow significantly at a healthier CAGR

In 2021, the adult sneakers segment held largest share in the global sneakers market. The dominance of this segment is supported by many reasons, like consumers have become more comfort-oriented and are now ready to invest more in footwear which offers extra comfort. For instance, June 2021, Nike released new shoes collection which includes in brands softest and most flexible form shoes. The Nike air max 270 react is manufactured with bar track technology and no-sew materials are used for the manufacturing of these shoes. Moreover, the trend for sneakers among women are also rising, and companies are focusing to provide sneakers for their female customers. For instance, Nike has launched a digital program for women. Nike unlaced is a platform where women can able to choose footwear, with new styles and collaborations. Nike unlaced is being updated weekly with new brands and innovative shoes, thereby helping women to wear different styles of sneakers as of men sneakers. This is one of the key reason driving the growth of adult sneakers market. 

North America accounted largest market share in 2021

In 2021, North America dominated the sneaker market and is likely to continue its dominance during the forecast period from 2023 to 2030. The U.S. holds the majority of market share in the overall North America market. People in the U.S. prefer quality products and are ready to pay high prices for branded products. Moreover, factors such as rising e-commerce and product innovation are also increasing the demand for sneakers. In contrast, Asia Pacific is the fastest-growing region of the sneakers market.  The market growth is associated with the inclination of people towards branded products, and fitness, thus propelling the demand for sneakers market in the Asia Pacific region. For instance, in November 2020, Adidas had opened its largest brand center of the Asia Pacific region in Shanghai, China. The brand center displays all the innovations and recent retail concepts related to new styles. Adidas further has plans to expand its reach in the Asia Pacific region due to an increase in the overall demand for sneakers in countries such as India, Japan, Indonesia, South Korea, and others.

Competitive Insights

The major players identified in the sneaker market include Puma SE., Adidas AG, Nike, Inc., Under Armour, Inc., ASICS, New Balance Athletics, Inc., Mizuno Corporation, Li Ning Company, ECCO Sko A/S, K-Swiss, Inc., Skechers USA, Inc., Anta Sports Products Limited, 361 Degrees International Limited, Xstep International Holdings Limited, Peak Sportswear Ltd and lotto Sport Italia among others. Technological advancement and new product development remain some of the major strategies implemented by the major players in the sneakers market. For instance, in September 2020, Puma SE. launched its latest product, named Hybrid. Hybrid includes two variants hybrid runner and rocket. Hybrid includes beads which provide extra cushion while running.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

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.

Research Methodology

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 Sneakers market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Sneakers market and their expected impact during the forecast period.

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.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Sneakers market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Sneakers market?
• Which is the largest regional market for Sneakers market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Sneakers market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Sneakers market worldwide?