Athletic footwear is designed for sports activities. They are basically used by athletes for running and playing other sports activities. Athletic footwear is classified into walking shoes, trekking shoes, sportswear, aerobics shoes, and running shoes.
The global Athletic Footwear market was accounted for US$ 85,047 Mn in terms of value by the end of 2019 and is expected to grow at 1.8% CAGR during the forecast period (2020-2027).
Increasing participation of individuals in sports activities is augmenting the market growth of athletic footwear. A growing number of young adults that aspire to lead a healthy lifestyle is another major factor fueling the demand for sports shoes. Thus, manufacturers are continuously launching more innovative and comfortable shoes due to increasing consumer demand for novel products which is again fostering the market growth. Therefore, an increasing number of people participating in sports activities is propelling the market growth of athletic footwear.
The expansion of the retail channel around the globe is triggering the market growth of athletic footwear. An increasing number of retail outlets across developing regions coupled with the emerging new brands in the market is also fueling the market growth. Also, growing awareness regarding the brands across developing regions is anticipated to foster the market growth of athletic footwear.
Figure 1. Global Athletic Footwear Market, Revenue Share (%), By Consumer Group, 2019
Consumer group of men dominated the Global Athletic Footwear market in 2019, accounting for 62.6% share in terms of value, followed by Women and Kids, respectively.
Increasing price of raw materials used in the production of athletic footwear is hampering the product demand. Hence, the increasing price of raw materials used expected to hinder the market growth.
Growing counterfeit products in the market due to the existence of a large number of small vendors in the market is creating negative impressions among consumers. This factor hampers the distribution system of products, thereby restricting the market growth of athletic footwear.
|Base Year:||2019||Market Size in 2019:||US$ 85,947 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||1.80%||2027 Value Projection:||US$ 99,131 Mn|
Nike, Inc., Adidas Group, Crocs, Inc., Wolverine World Wide, Inc., Skechers U.S.A., Inc., Under Armour, Inc., Puma AG, Geox SpA, K- Swiss, New Balance
|Restraints & Challenges:||
Improving lifestyle of the consumers is expected to offer immense market opportunities in the near future. Due to the changing lifestyle of the consumer’s luxury and premium brands are gaining huge demand among consumers. This is expected to foster the market growth of athletic footwear. Also, increasing disposable income of the consumer coupled with the growing awareness regarding the emerging brands is again anticipated to foster the market growth of the athletic footwear over the forecast period.
Changing purchasing behavior of the consumers along with the advent of innovative technology for the manufacturing of shoes is expected to bring new market opportunities. Increasing preferences for more comfortable and affordable products is again expected to upsurge the market growth in the near future. Moreover, an increasing number of urban population around the globe is further expected to augment the market growth of the athletic footwear in the near future.
Figure 2. Global Athletic Footwear Market – Opportunity Analysis
Market Trends/Key Takeaways
Changing fashion trends among consumers is one of the major factors escalating the demand for athletic footwear. For this various manufacturers are introducing fashionable shoes. The increasing popularity of sports and the growing number of sports events around the globe is again contributing to the market growth of athletic footwear. Moreover, a rise in the overall level of fitness awareness among consumers is further expected to play a key role in the growth of the athletic footwear market over the forecast period.
Strategic partnerships and agreements among key players for business expansion at the global level is one of the growing trends in the market. For instance, in May 2020, Adidas and Allbirds have announced their collaborative partnership to develop low-carbon impact athletic shoe. This partnership has been developed in order to reduce its global carbon number. Such initiatives by key players will favor the market growth of the athletic footwear in the near future.
Figure 3. Global Athletic Footwear Market, Revenue Share (%), By Retail Distribution, 2019
The store based retail distribution segment accounted for a share of 92.7% across the global athletic footwear market in 2019.
Global Athletic Footwear Market - Impact of Coronavirus (Covid-19) Pandemic
The global athletic footwear market has been impacted due to the ongoing COVID-19 pandemic. This can be attributed to the restrictions imposed by governing authorities over traveling and conducting sports activities in public. Moreover, external factors such as an obstruction in the supply chain, lack in the availability of skilled laborers, the imposition of work from home policies, and the emergence of an online education system have significantly reduced the demand for athletic footwear. However, rising health awareness among the millennial population coupled with the technological advancements undertaken by the manufacturers is projected to trigger the market growth over the post-pandemic period.
The Global Athletic Footwear Market is accounted for US$ 85,947 Mn in terms of value by the end of 2019. Athletic Footwear are largely being used by individuals while carry out sports or personal health related activities. Various types of footwear for activities like gym, aerobics, trekking and running are gaining traction across the globe.
The increasing influence of sports activities prevailing among individuals is driving the demand for Athletic Footwear across the globe. Rising health consciousness among the millennial population is also one of the key factors contributing to the growth of the market. Moreover, the rising number of retail stores offering a variety of Athletic Footwear is also expected to increase the demand for the market over the forecast period. In addition to this, the rising number of sports activities across the globe further increases the demand for such products. However, an increase in the prices of branded footwear owing to fluctuation in the prices of raw materials is expected to hinder the market growth to some extent in the upcoming years.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective