Global Running Gear Market 2017-2021
About Running Gear
Footwear, apparel, and other accessories used for running as well as related activities and events are considered as running gear products. The global sports footwear market is the most relevant market related to the global running gear market. The global sports footwear market is strongly competitive with the presence of numerous brands. There are distinct types of sports footwear based on different purposes such as athleisure, running shoes, court game shoes, cleats, gym and training shoes, and other sports footwear such as hiking shoes, aerobics shoes, golf shoes, and cricket shoes. Athleisure footwear is gaining popularity among consumer worldwide.
Technavio’s analysts forecast the global running gear market to grow at a CAGR of 2.89% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global running gear market for 2017-2021. To calculate the market size, the report considers the value sales of running gear products.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Running Gear Market 2017-2021
Technavio recognizes the following companies as the key players in the global running gear market: adidas Group, ASICS, New Balance, Nike, and SKECHERS US.
Other Prominent Vendors in the market are: Amer Sports, Berkshire Hathaway, British Knights, Columbia Sportswear Company, Fitbit, Garmin, Kering (Puma), NEWTON RUNNING, sequential brands group, The Rockport Group, Under Armour, VF Corporation, and Wolverine World Wide.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Adoption of social and digital media platform for effective marketing strategies. Digital and social media marketing are important marketing strategies for vendors to increase product and brand visibility. To compete in this intensely competitive market, it has become essential for manufacturers to develop, market, and promote their sports gear products through interactions with consumers on social media platforms. Consumers are engaged by market players using their innovative marketing campaigns on social media and digital platforms such as Instagram, Facebook, Pinterest, YouTube, and Twitter.”
According to the report, one of the major drivers for this market is Product innovation leading to category premiumization. Product innovation plays a vital role in the running gear market. This is because it helps the company to differentiate its products from other players and improve the performance of the participants. Advanced technical fabrications, innovative product design, and product development position running gear products such as running footwear as premium-priced products. At present, consumers demand innovative and high-quality products that are comfortable and could deliver high performance. Sports footwear is required for different sports such as basketball, football, rugby, trail running, golf, and other workouts and activities. Manufacturers introduce modern technology in running footwear category as per the requirements of a specific sport.
Further, the report states that one of the major factors hindering the growth of this market is Increasing raw material cost impacting pricing strategy. The increasing fluctuations in the profit margins of vendors in the running gear market are due to the growing prices of raw materials and strong competition among players, which makes it difficult for manufacturers to come up with a proper pricing strategy. Ethylene vinyl acetate (EVA), which is an elastomeric polymer, is the raw material used in the production of soles of sports footwear including running footwear. Fluctuations in the price of this material have a direct impact on the prices of running footwear and other specific sports footwear.
adidas Group, ASICS, New Balance, Nike, and SKECHERS US, Amer Sports, Berkshire Hathaway, British Knights, Columbia Sportswear Company, Fitbit, Garmin, Kering (Puma), NEWTON RUNNING, sequential brands group, The Rockport Group, Under Armour, VF Corporation, and Wolverine World Wide.