According to a new report published by Allied Market Research, titled, “tennis shoes market by playing surface, user, and distribution channel: global opportunity analysis and industry forecast, 2021–2028,”. The global tennis shoes market size was valued at $2,193.2 million in 2020, and is estimated to reach $2,604.4 million by 2028, registering a CAGR of 2.8% from 2021 to 2028. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter’s Five Forces, and competitive scenario.
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Tennis shoes are type of athletic footwear used specially for playing tennis. It is different from other footwear as the design and qualities needed in a tennis shoe are different from other athletic shoes. Moreover, tennis shoes feature more strength and durability so that it allows players in quick side wise, forward, and backward movement while playing tennis. Tennis is gaining popularity across the globe due to events such as Grand Slams and French Open. Moreover, growth in fan base of famous tennis players such as Pete Sampras, Bianca Andreescu, and Rafael Osuna propels tennis participation rate globally and consequently fuels demand for the tennis shoes.
Increase in preference for tennis as a lifetime sport, rise in initiatives for improving tennis participation, and rapid launch of innovative products drive the global tennis shoes market. On the contrary, popularity of eSports among youth and availability of counterfeit products hinder the market growth. However, emergence of smart technology in shoes would open new opportunities in the coming years.
By type, the hard-court tennis shoes segment held the largest share in 2020, contributing to nearly half of the global tennis shoes market. Moreover, the segment is expected to manifest the highest CAGR of 2.6% during the forecast period, due to high popularity and preference of hard courts because of its affordability.
By distribution channel, the supermarket/hypermarket segment was the prominent segment, owing to high popularity and wide scale penetration of supermarket/hypermarket in leading tennis shoes markets such as North America and Europe. The supermarket/hypermarket segment is followed by specialty stores and e-commerce segments. Wide scale adoption of internet, online shopping platforms, and changes in consumer buying behavior due to COVID-19 is expected boost the e-commerce segment.
North America dominated the market, garnering around 37.4% of the total tennis shoes market share, followed by Europe. North America and Europe are characterized by high disposable income and elevated participation in tennis & demand of tennis shoes, which makes them leading markets for tennis shoes. However, Asia-Pacific is expected to show promising growth rate due to the presence of highest tennis playing population in this region. According to the International Tennis Federation (ITF), Asia contributed for around 37.9% or over 33 million of the global tennis playing population in 2019. LAMEA is anticipated to exhibit slow growth due to unawareness about different tennis shoes and low participation in tennis.
The key players profiled in this report include ADIDAS Group, ASICS Corporation, Babolat, FILA Holdings Corp., K-Swiss, Lotto Sport Italia S.p.A., New Balance, Inc., Nike, Inc., PUME SE, and Wilson Sporting Goods Company.
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Key findings of the study:
○ According to the tennis shoes market analysis, on the basis of playing surface, the hard court tennis shoes segment is projected to witness the highest CAGR of 3.8%, in terms of revenue, during the tennis shoes market forecast period.
○ According to the tennis shoes market trends, on the basis of user, the men segment is expected to dominate the tennis shoes industry from 2022 to 2031.
○ On the basis of distribution channel, the e-commerce segment is expected to grow at a significant CAGR during the forecast period.
○ According to the tennis shoes market demand, on the basis of country in North America, U.S. was the largest market for tennis shoes in 2021, in terms of revenue generation.
○ On the basis of region, Asia-Pacific is anticipated to witness highest growth rate in the tennis shoes industry, registering a CAGR of 4.5% from 2022 to 2031.
Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Tennis Shoes market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ The key findings and recommendations highlight crucial progressive industry trends in the Tennis Shoes Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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