The global athletic footwear market size is anticipated to expand at a rapid pace owing to the increased lifestyle awareness among people, observes Fortune Business Insights™ in its report “Athletic Footwear Market 2024-2032”.
Along with the absolute necessity to use sportswear during fitness activity, now the fashion bloggers, celebrities, social media influencers have turned the sporty look into a fashion trend. For example, pairing up sneakers with casual outfits has given an upward growth curve to the market.
Information Source: https://www.fortunebusinessinsights.com/athletic-footwear-market-104126
Top Company in the Athletic Footwear Market:
- Nike
- Adidas
- Puma
- Asics
- Reebok
- Under Armour Inc.
- New Balance
- Converse
- Lululemon
- LACOSTE
- The North Face
- H&M
- Zara
- Fila
- Skechers
Market Segmentation
The market is divided by sport types into tennis, basketball, running, cricket and others. By distribution channel, the market is segregated into specialty stores, retail outlets, department stores, online. The demand for athletic footwear to increase among men, women, kids by the end-users category. By regional segmentation, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
Government Restrictions amid Covid-19 to Witness a fall in Growth
The unfortunate event of Covid-19 bestowed upon the world, marked a significant abnormality in the daily routine of people. During the lockdown, as everybody was expected to stay indoors the requirement for outdoor activity was depreciated. The demand and supply chain of sport equipment witnessed a low demand during this time.
People have opted for a healthy lifestyle post lockdown restriction which boosted the sales of sports equipment. For instance, Decathlon reported 24% growth in 2020, while Reebok grew by 7% during lockdown.
What Does the Report Offer?
The report reflects an in-depth review of the market drivers, trends, restraints and opportunities. Moreover, the report offers a tangible insight into different aspects, thereby enhancing business decisions. Also the on-point analysis helps in accurate strategy planning. All aspects put together, the report offers key points which helps a business to thrive.
Market Drivers
Internet of Things (IoT) and Digital Connectivity Features to Boost the Market
In these times where technology is acing at both invention and its usage, IoT is the latest feather in the hat. Various gadgets are being transformed with the emergence of advanced technologies such as IoT and AI. One such example is the IoT shoes developed by Nike.
IoT shoes have the capability to adapt user convention, all controlled via a smartphone. The global sportswear manufacturer, Nike, has announced the launch of self-lacing trainers that can adjust to the shape of the user’s foot and these shoes can be controlled via a smartphone.
Increasing demand for sports and other recreational activities due to the spread awareness of leading a healthy life is motivating consumers to keep the focal point of their fitness activity. Stagnant indoor lifestyle is reminding people to keep a check on their health bar. The rise in these factors are expected to drive the athletic footwear market growth.
The fluctuating prices, uncertainty in availability of raw materials is anticipated to deprive the market of its usual growth.
Regional Analysis
North America is expected to hold the leading athletic footwear market share during the foreseeable future. This is primarily due to the increasing disposable income among consumers in this region. For instance, according to the United States International Trade Commission in 2018, the total consumer spending has increased by 3% as of last year.
The market in Asia Pacific is likely to rise at a significant rate in the upcoming years. The region has witnessed an increment in investments on sportswear and sports infrastructure in countries such as China, India, and Japan among others. According to the Ministry of Commerce and Industry, the government of India stated that import of sportswear went up from USD 292.05 million in 2018 to USD 332.06 million in 2019.
For instance, in February 2020, a real estate major company called the Savvy Group launched a world class premier sports club in Ahmedabad for recreational activities, sport practice, and to hold sport events too. Such activities are expected to drive the market.
Competitive Landscape
Top key players in the market are always on a keen lookout to expand their business successfully by diversifying their methods of operation to stay on the top of the market. With each passing day, several key players are collaborating with companies from a different domain to expand their businesses and develop advanced products for their consumers.
In 2018, Nike introduced a modern day technology zoom x foam of carbon fiber plate which results in efficient running, thereby offering comfort to its users.
Industry Developments:
July 2019: An outdoor footwear brand Lowa reached out to Rico Sports to expand its business by introducing and launching new classifications under Sportswear, classic wear, kid apparel and travel wear in Slovakia.
November 2019: Asics Corporation attained Race Roster, a designer brand known for its high end products, to associate with them for a new launch of athletic footwear made of leading technology.
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