Athletic footwear is footwear intend to be worn by athletes during sports activities. These shoes provide comfort during exercise and running. Athletic footwear is easily available at sports and athletic goods stores, online retail stores, and supermarket/hypermarket.
The global Athletic Footwear market accounted for US$ 85,947 Mn in terms of value by the end of 2019
The growing demand for comfortable shoes among athletes is primarily fueling the market growth of athletic footwear. Increasing preferences for shoes that offer comfort during physical activities at an affordable price is again anticipated to foster the market growth of athletic footwear. Moreover, people are also becoming more health-conscious and are looking for an active lifestyle due to this orthotic footwear are gaining huge demand which is further accelerating the market growth of athletic footwear. Hence, the growing demand for comfortable footwear coupled with the rising health awareness among consumers is propelling the market growth of athletic footwear.
Increasing product innovation by manufacturers due to the growing demand for the product among consumers is projected to serve major market opportunities over the forecast period. Various manufacturers are introducing fashionable and more innovative products as part of business strategies and to gain a competitive edge in the market. Also, consumers are becoming more conscious regarding their health and branded products which is further encouraging manufacturers to introduce quality and more innovative shoes, thereby augmenting the market growth of athletic footwear.
Growing environmental concerns associated with the product used in the manufacturing of shoes such as leather, rubber, and plastic is expected to hinder the market growth. These products release various harmful gases which lead to pollution. Thus, environmental concerns associated with the raw materials used in the manufacturing of the product is expected to restrict market growth over the forecast period.
Global Athletic footwear market was valued at US$ 85,947 million in 2019 and is forecast to reach a value of US$ 99,131 million by 2027 at a CAGR of 1.80% between 2020 and 2027.
The men consumer group segment dominated the global athletic footwear market in 2019, accounting for 62.6% share in terms of value, followed by women and kids segment, respectively.
Expansion of e-commerce due to the growing trend of digitalization around the globe is propelling the market growth of athletic footwear. Consumers are purchasing such products from an online portal due to growing awareness and also such portals offer various schemes such as discounts and coupons. Therefore, promising growth of e-commerce across developing regions due to growing consumers' preferences is augmenting the market growth of athletic footwear. Due to this various manufacturers are selling their product on such portals in order to position their product in the market and reach to target consumers.
An increasing number of women participating in sports is one of the current trends in the athletic footwear market. The government of various countries is encouraging women to participate in sports in order to promote overall health and fitness. This is again anticipated to spur the market growth of the athletic footwear. Moreover, growing awareness regarding the sports adventure activities such as hiking, running, trekking, aerobics among women is further projected to foster the market growth of athletic footwear.
Global Athletic Footwear Market - Impact of Coronavirus (Covid-19) Pandemic
The novel Coronavirus (COVID-19) has impacted almost all the industries globally including the consumer goods market. There has been a substantial increase in the demand for athletic footwear during the pandemic period owing to the increasing awareness about personal health and well being prevailing among the individuals.
Few Recent Developments
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