Athletic Footwear Industry Analysis, Statistics - Segmented by Product (Running Shoes, Aerobic Shoes, Sports Shoes, Trekking Shoes ), Distribution Channel (Shoes Stores, Sports & athletic goods stores, Supermarket/Hypermarket, E-commerce), End User and Geography - Growth, Trends and Forecasts (2018 - 2023)
Athletic Footwear Industry
The global athletic footwear market is expected to register a CAGR of 5.8% during the forecast period, 2018 to 2023. The global athletic footwear industry is projected to grow owing to increasing demand from fitness conscious customers, gym goers, and ones who use athletic footwear during the fitness routines. The surprise launch of new and innovative athletic footwear offers a competitive edge to manufacturers as consumers actively looking for new innovative products which is driving the market growth.
Improving Distribution Network to Drive the Athletic Footwear Market Growth
Increasing awareness of health risks such as obesity, type 2 diabetes and high blood pressure is encouraging consumers for more various sports and physical activities which is supporting the market growth. Key players are focusing more on innovations in athletic footwear such as 3D printing is likely to play major role in growth of the athletic footwear market. For example, Under Armour, Inc. launched Hovr Phantom and Hovr Sonic smart shoes with tracking capabilities on distance, stride length, and others in January 2018. Adidas AG launched sneaker with 3D printed sole in 2017. Growing popularity of customization and personalization in athletic footwear such as NikeId by Nike, Inc. is playing key role to boost the sales of athletic footwear across the globe.
Running Shoes to Witness Fastest Growth during the Forecast Period
On the basis of product, the athletic footwear market is led by the ball sports shoes as participation in various sports such as soccer, cricket, hockey, and tennis is increasing across the globe. The availability of different types of athletic footwear made from high quality raw materials, such as leather, foam, and plastic is influencing the demand of athletic footwear. The continuous change in youth fashion trends is also playing key role to drive innovation in athletic footwear market. Availability of strong distribution channel and ease of availability of athletic footwear at e-commerce platforms are likely to rise the demand for athletic footwear during forecast period.
Asia-Pacific Region to Witness Higher Growth Rate in Athletic Footwear Industry during Forecast Period
North America region holds significant market share followed by Europe over the forecast period due to increased demand of sport participation in the developed countries like US, Canada, and UK. Key players in athletic footwear are highly investing in Asia-Pacific region as it contributes more than two third of all athletic footwear produced globally. In Asia-Pacific, China holds significant market share compare to other Asian countries like India, Japan, and Australia. In North America, athletic footwear market size is expected to grow at moderate rate, owing to high competition, increasing raw material and labor cost in the region.
Key Developments in the Athletic Footwear Industry
Jul 2017: Nike has launches the new running shoes called Zoom Pegasus Turbo which is an upgraded iteration of the Pegasus model that the brand said is inspired by its Vaporfly Elite and 4% marathon shoes. According to the brand, the sneaker was built to deliver a feeling similar to the Pegasus but with the lightweight sensation of a racing flat.
Jul 2018: Under Armour, the Baltimore-based athletic brand is having a sample sale in its own backyard. Hosted by Under Armour’s Summer League interns, its annual Hometown Sample Sale will be set up as a pop-up shop and offer footwear, apparel and accessories at a discount.
Athletic Footwear Market Major Players
New Balance Athletics, Inc.
Skechers USA Inc.
Under Armour, Inc.
Wolverine World Wide Inc.
FILA Korea, Ltd.
Reasons to Purchase Athletic Footwear Industry Report
Analyzing outlook of the market with the recent trends and Porter’s five forces analysis