Rise in number of sports activities, surge in government investment in sports events, growing number of outlets, and emergence of new designs drive the growth of the global Athletic Footwear market.
According to the report, the global athletic footwear industry generated $109.70 billion in 2020, and is anticipated to generate $165.00 billion by 2030, witnessing a CAGR of 4.2% from 2021 to 2030.
Prime determinants of growth
Rise in number of sports activities, surge in government investment in sports events, growing number of outlets, and emergence of new designsdrive the growth of the global athletic footwear market. However,rise in prices of raw materials, availability of counterfeit products, and increase in environmental concernshinder the market growth. On the other hand, changes in consumer’s lifestyle, growth in fashion trends, and emerging role of e-commerce present new opportunities in the coming years.
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Leading Market Players: –
- Asics Corporation
- Adidas group
- Puma SE
- VF Corporation
- Nike, Inc.
- FILA Korea, Ltd.
- New Balance, Inc.
- SKECHERS, Inc.
- K-Swiss, Inc.
- Wolverine World Wide, Inc.
Covid-19 Scenario
- During the outbreak of the Covid-19 pandemic,a decline in consumer demand for athletic footwear was noted by brands such as Adidas, Nike, and Puma, among others.
- Consumers reduced discretionary spending due to a rise in unemployment rates, which in turn, hampered the global athletic footwear market.
The mensegment to maintain its leadership status throughout the forecast period
Based on end user, the men segment held the highest market share in 2020, accounting for nearly half of the global athletic footwear market, and is estimated to maintain its leadership status throughout the forecast period. This is due to rise in recreational and sports activities among men. However, the women segment is projected to manifest the highest CAGR of 5.2% from 2021 to 2030. This is dueto upsurge in participation of women in outdoor activities sports such as trekking, hiking, football, biking, and tennis.
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The hypermarket/supermarket segment to maintain its lead position during the forecast period
Based on distribution channel, the hypermarket/supermarketsegment accounted for the largest share in 2020, contributing more than one-third of the global athletic footwear market, and is projected to maintain its lead position during the forecast period. For all the needs of consumers, supermarkets & hypermarkets are considered to be a one-stop shop and provide all the things that an individual may need every day. This factor made the segment highest revenue generating segment.However, the online channels segment is expected to portray the largest CAGR of 5.6% from 2021 to 2030. This is attributed to the easy availability of athletic footwear and the benefits provided by them such as the information about the benefits offered by the product, and the facility of home delivery to customers.
Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for more than one-third of the global athletic footwear market. Moreover, the same region is expected to witness the fastest CAGR of 5.0% from 2021 to 2030. Consumers are becoming more conscious about their health and fitness in countries such as India, China, and Japan, which has fostered the athletic footwear market in these regions. The market players have launched many innovative products and this has increased the overall market share of athletic footwear in the Asia-Pacific.
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