Businesses can have a better understanding of the Sports industry’s comprehensive background analysis, which includes a review of the parental market, with the help of the global Sports Footwear Market document. This market research study defines, estimates, and analyses the key market drivers, constraints, opportunities, challenges, and trends. With the aid of global market research analysis, the research and analysis were done for this study to enable clients to forecast the success of a new product, the expansion of market share, or investments in emerging markets. By applying SWOT analysis, the Sports Footwear Market report clearly explains the market’s drivers and restraints and sheds light on them.
The global sports footwear market is estimated at US$ 115.9 Billion in 2022 and is expected to expand at an impressive CAGR of 5.9% during the forecast years of 2022-2032. The market is poised to grow due to remarkable product modifications and various product offerings.
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Sports footwear is primarily used by people who are actively involved in outdoor physical activities such as running, trekking, workouts, or professional sports. However, the trend has changed over the past years and will further speed up the market evolution in the coming years. The prime drivers powering the market expansion are thought to be increasing consumer disposable income, a burgeoning worldwide retail e-commerce segment, and growing passion and understanding of the health advantages of exercising and sports. To lead a balanced lifestyle, teenagers are becoming more involved in sports and other associated matters. In the meantime, people are beginning to understand how physical activities can promote good health and lower the risk of chronic conditions such as diabetes, heart disease, and depression. The above-mentioned factors are contributing to hastening the growth of the sports footwear market in the coming years.
Furthermore, the introduction of technologically driven product offerings in the marketplace will gather customer attention which will further spur market expansion. In addition, the ease of accessibility through modern trade channels for potential customer bases determines the remarkable propulsion of market growth.
Moreover, Fact.MR suggests that the manufacturers should concentrate on cost reduction of their product offerings to cater strong customer base from medium and low-income zones. Strong branding and marketing strategies will help the market players to generate strong positioning in the market.
|Sports Footwear Market Size (2021)||US$ 109.5 Billion|
|Estimated Market Value (2022)||US$ 115.9 Billion|
|Forecasted Market Value (2032)||US$ 205.9 Billion|
|Global Market Growth Rate (2022-2032)||~5.9% CAGR|
|North America Market Share (2021)||~ 31.4%|
|East Asia Market Growth Rate (2022-2032)||~ 7.4%|
|United States Market Growth Rate (2022-2032)||~ 5.5% CAGR|
|Market Share of Top 5 Companies||~17.6%|
‘’Continuous Government Funding and Initiatives in The Developing Nations to Enhance the Sports Participation Will Accelerate the Growth of Sports Footwear Market.,”
Major Companies of Sports Footwear Industry
- Nike Inc
- Adidas AG
- Under Armour
- Puma SE
- Skechers USA
- New Balance
- Fila Korea
Key Takeaways from Market Study
- The global sports footwear market is projected to expand at an impressive value of US$ 205.9 Billion by 2032.
- The market witnessed 5.4% CAGR for the period of 2017-2021.
- Under product type, training & gym footwear dominates the market and is valued at US$ 18.3 Billion in 2021.
- North America dominated the market with 31.5% market share in 2021.
- Based on region, demand for sports footwear Europe and South Asia & Oceania is expected to hold the market share of 26.1% and 9.2% respectively in 2022.
The sports footwear market is highly fragmented as the market is led by many global and regional leaders, including Nike Inc, Adidas AG, Under Armour
Puma SE, Skechers USA, New Balance, Asics, Brooks, Yonex, Fila Korea. The major market participants are vying for both customer attention and market dominance.
Major companies are heavily spending on R&D to produce items with cutting-edge technology. Product launch and technological advancement are the key strategies adopted by manufacturers to stand alone in the marketplace. Key firms are employing tactics like mergers and acquisitions, alliances, and the creation of new products to fortify their positions in the sports footwear industry.
- In June 2021, the market leader Adidas has introduced “Solarthon,” a comfy and light golf shoe in the market. The new sneaker features a Primeblue textile upper manufactured from recycled yarn containing at least 50% Ocean – bound Plastic to boost Adidas’ “End Plastic Waste” initiative.
- In May 2021, Nike launched the “ZoomX Invincible Run” running shoes which is the newest addition to Nike’s burgeoning line of athletic footwear.