Innovations Driving the Athletic Footwear Market: A Detailed Examination

Athletic footwear, also known as sneakers or runners, are shoes primarily designed for sports or other forms of physical exercise. They provide comfort, support, stability and protection to athletes. Major features of athletic footwear includes enhanced cushioning, breathability, flexibility and durability. Rising popularity of sports, increasing health awareness and growing disposable income have boosted participation in sports and recreational activities globally. The growing involvement of youth in sports is generating high demand for specialized footwear that provides support and prevents injuries during rigorous physical activities.

The global Athletic Footwear Market is estimated to be valued at US$ 85,047 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity of growing participation in sports and recreational activities is expected to drive significant growth of the athletic footwear market over the forecast period. According to recent surveys, over 54% of adults and over 40% of children in North America participate in sports and recreational activities on a regular basis. Furthermore, the number of participants in various sports leagues, recreational events and tournaments have grown substantially in the past few years. As active participation in sports helps maintain a healthy lifestyle, maintain ideal weight and reduce stress, more people are taking interest in sports. This growing involvement of both adults and children in sports and physical activities is generating high demand for specialized footwear that provide adequate support, comfort, breathability and prevent injuries. The athletic footwear market players can capitalize on this opportunity by developing innovative, high-performance products customized for different types of sports and targeting sports enthusiasts worldwide.

Porter's Analysis

• Threat of new entrants: The athletic footwear market has high capital requirements and branding which makes it difficult for new companies to enter.
• Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and brands. Large retail chains bargain for discounts.
• Bargaining power of suppliers: A few major suppliers of raw materials like rubber exist giving them some power over brands.
• Threat of new substitutes: Substitute footwear like casual and formal shoes pose a threat depending on trends and occasions.
• Competitive rivalry: The market is dominated by large established brands resulting in high competition.

SWOT Analysis

• Strength: Dominant brands like Nike and Adidas have strong brand recognition, pricing power and diverse product portfolios.
• Weakness: High dependence on few suppliers of raw materials increases production costs. Seasonal demand affects profitability.
• Opportunity: Growing participation in sports and fitness activities drives demand. Emerging markets offer high growth potential.
• Threats: Trade disputes and rising costs dent profit margins. Changing consumer preferences and counterfeiting are challenges.

Key Takeaways

The global Athletic Footwear market is expected to witness high growth over the forecast period supported by growing health awareness, popularity of running and gym related activities. The global Athletic Footwear Market is estimated to be valued at US$ 85,047 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.

North America currently dominates the market owing to high sports participation and brand consciousness among consumers in the region. The market in Asia Pacific is anticipated to grow at the fastest pace during the forecast period on account of increasing disposable incomes, growing middle class population and rising health and fitness consciousness.

Key players operating in the athletic footwear market are Nike, Inc., Adidas Group, Crocs, Inc., Wolverine World Wide, Inc., Skechers U.S.A., Inc., Under Armour, Inc., Puma AG, Geox SpA, K- Swiss. Nike dominates the global market underpinned by its broad range of lifestyle, running and basketball shoes among others. Adidas, Skechers and Under Armour are other leading brands competing intensively on the basis of design, technology and endorsements.