Athletic Footwear Market is predicted to garner a compound annual growth rate (CAGR) of 7.15% in the calculated period.
Athletic footwear market consists of footwear that is intended to carry out sports and physical activities. Sportswear, aerobic shoes, walking and running shoes, and trekking shoes are mainly incorporated in the athletic footwear market. The material of athletic footwear is generally flexible made of rubber, leather, and various synthetic materials. Ethylene-vinyl acetate (EVA) and polyurethane materials provide the cushion inside the footwear. In recent years, athletic footwear has been used for casual purposes as well. Athletic footwear come with different names in different countries. Popularity of the market can be attributed to the variety it offers in terms of shapes, sizes, colours, and price ranges of the product.
Market Growth Rate & Trends:
Covid-19 led to the unprecedented disruption of supply chain. The footwear industry is likely to experience an inconsistent growth in the years to follow. Due to the unprecedented disruption of supply chain, significant export markets have collapsed leading to the global decline in the footwear market. Online platforms and E-commerce channels are popularizing over the pandemic and therefore, athletic industry is expected to recover in the forecast period. The footwear market will witness a sustainable growth owing to the rising fashion trends. Athletic footwear market is expected a significant growth owing to growing health concern among individuals especially due to the pandemic.
In November 2015, New Balance launched its first 3D printed running shoes. The production was done in collaboration with 3D systems.
In 2017, Asics signed a partnership deal with Mita Sneakers for the making of Megalodon shark-inspired GEL-KENUN SHINKAI.
The market is dominated by the running shoes segment. Other segments’ popularity is regional, for instance, U.S. has a significant share for sports shoes due to popularity of baseball. Trekking and hiking shoes are also getting popular due to the development of more durable and comfortable products.
The market is dominated by the men’s segment. Due to the promotion of sports among women, it is expected that women’s segment will catch up to men’s segment in terms of market share in developed nations.
Majority of sales in the athletic footwear market were carried out through brick & mortar stores. Even though the contribution of E-Commerce channel was low, the segment is expected to grow due to growing traction of online platforms across the world.
Geographical and Regional Presence:
Global athletic footwear market can be divided into five key major regions: North America, Latin America, Europe, Middle East & Africa, and Asia Pacific.
North America holds the largest share in the global athletic footwear market with over 30% market revenue in the forecast period. The region is expected to retain its dominance in the forecast period owing to growing awareness for health.
Preferential shift to a healthy lifestyle and popularity of fitness trends makes Asia Pacific the second largest shareholder in the global athletic footwear market in terms of revenue. The region will hold its position during the forecast period.
In terms of growth rate, Middle East & Africa is projecting the highest compound annual growth rate (CAGR). The primary drivers of the market are common for every region of the world. South Africa leads in terms of market share in the region, followed by Saudi Arabia. Quality and durability drives the demand in the region. The region has tremendous potential for market growth. Industry players are actively involved in enhancing the customer experience in the region.
Latin America is also expecting a significant growth rate in the forecast period. Europe is also an important market due to growing health concern and increasing prevalence of obesity.
Competition in the marketplace:
Global athletic footwear ecosystem is led by a few prominent players. They collectively share more than 80% of the market revenue. Key players have adopted the strategies of increasing their number of retails outlets, expanding their customer base, and establishing strong distribution channels. Brands dominate market based on region. For instance, customer in Europe are inclined towards Puma and Asics, and New Balance has a strong market presence in North America.
Competitive advantage in the athletic footwear market is based on the R&D activities carried out major players. Gaining profitability while surviving the competition is dependent of factors such as strong brand equity building, strength of capital resources, and efficient management of network.
In order to expand global customer reach and improve market presence, companies are expected to get involved in mergers and acquisitions in the following years.
Major Key Players in Athletic Footwear Market:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Athletic Footwear Market, By Category Type
6.1.1 Aerobic Shows
6.1.2 Running Shoes
6.1.3 Walking Shoes
6.1.4 Trekking & Hiking Shoes
6.1.5 Sport Shoes
6.1.6 Market Size Estimations & Forecasts (2019-2024)
6.1.7 Y-o-Y Growth Rate Analysis
6.1.8 Market Attractiveness Index
6.2 Athletic Footwear Market, By Gender
6.2.5 Market Size Estimations & Forecasts (2019-2024)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Athletic Footwear Market, By Sales Channel
6.3.1 Brick & Mortar Stores
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Category Type
7.2.3 By Gender
7.2.4 By Sales Channel
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Category Type
7.3.3 By Gender
7.3.4 By Sales Channel
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Category Type
7.4.3 By Gender
7.4.4 By Sales Channel
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Category Type
7.5.3 By Gender
7.5.4 By Sales Channel
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Category Type
7.6.3 By Gender
7.6.4 By Sales Channel
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 New Balance
8.5 Under Armour
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures