About the Athletic Footwear Market in the US
The growing health-consciousness and the need for physical fitness are propelling the demand for running shoes in the US. With changes in lifestyles, most US consumers now prefer comfort over price. As a result, the demand for comfortable footwear is increasing, which will also drive the growth of the market in the coming years.
The availability of and the demand for innovative footwear is one of the most important trends emerging in the market. For instance, Nike collaborated with technology giant Apple to produce the Nike + iPod sports kit, which has a built-in electronic chip that measures the speed and distance a wearer has run during an exercise session. The growing demand for such innovative products will have a positive impact on the market's growth over the next five years.
Technavio’s analysts forecast the athletic footwear market in the US to grow at a CAGR of 2.94% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the athletic footwear market in the US for 2016-2020. To calculate the market size, the report has taken into consideration the revenue generated from the retail sales of athletic footwear to individual consumers in the US.
The market is divided into the following segments based on product:
Technavio Announces the Publication of its Research Report – Athletic Footwear Market in the US 2016-2020
Technavio recognizes the following companies as the key players in the athletic footwear market in the US: Adidas, ASICS, New Balance, Nike, and Skechers.
Other Prominent Vendors in the market are: Amer Sports, Avia, Brooks Sports, British Knights, Columbia Sportswear, Eddie Bauer, Newton Running, Nfinity Athletic Corporation, Rockport, and Saucony.
Commenting on the report, an analyst from Technavio’s team said: “A trend propelling market growth is the increasing use of eco-friendly products. With the growing need for the preservation of the environment, most consumers today have started demanding for sustainable products. Vendors are catering to this demand by increasingly focusing on manufacturing products that can reduce the negative effects on the environment. As a result, organic cotton, recycled rubber, plastic materials, and water-based adhesives are replacing traditional leather, synthetic rubber, nylon, polyurethane, and other synthetic materials in the manufacturing of sports apparel and athletic footwear.”
According to the report, a key growth driver is the growing number of gym and health club memberships. The number of gym and health club memberships have registered a steady increase in the US over the past decade, and there were about 36,180 health clubs in the US in 2015. These gyms and fitness centers have recorded a gradual increase in the number of memberships from 50.2 million in 2012 to 55 million in 2015. The total fitness centers' or health club industry's revenue in the US was recorded at $24.2 billion in 2014. The number of participants in home-gyms also increased from 24.58 million in 2010 to 25.51 million in 2013. This growth in the number of memberships in gyms and health clubs has, in turn, resulted in a rise in the demand for athletic footwear in the country.
Further, the report states that one challenge that could hamper market growth is inconsistent raw material prices and growing competition. In the present market scenario, athletic footwear manufacturers are experiencing fluctuations in their profit margins, owing to the fluctuating prices of raw materials and the increasing vendor competition. As the establishment costs are low, an influx of local players has been observed in recent times. The emergence of local players leads to price wars among competitors, which force market vendors to reduce their products' prices; this, therefore, reduces their profit margins. The increasing price of raw materials is another prime factor that is negatively affecting vendors' profit margins.
Adidas, ASICS, New Balance, Nike, Skechers, Amer Sports, Avia, Brooks Sports, British Knights, Columbia Sportswear, Eddie Bauer, Newton Running, Nfinity Athletic Corporation, Rockport, Saucony.