The Athletic Footwear Market is estimated to be valued at US$ 92304.28 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 Overview:
Athletic footwear includes shoes designed for sports or other forms of physical exercise and activities. They provide protection, support, and stability to the foot and ankle during physical activities. Some key products in this market include running shoes, basketball shoes, soccer shoes, tennis shoes, cross training shoes, and casual athletic shoes. Evolving consumer preferences towards healthy and active lifestyle has been a key factor driving demand for advanced athletic footwear worldwide.
Market Dynamics:
The growing e-commerce industry is one of the major drivers for the athletic footwear market. E-commerce platforms provide easy access to a wide range of products along with doorstep delivery services. This has enhanced the reach of major brands and products globally. Furthermore, continuous product innovation by key manufacturers to meet the evolving consumer demands is also fueling the market growth. For instance, innovations in shoe anatomy, breathable materials, lightweight soles, and others have made athletic shoes more comfortable and functional. Additionally, rising health awareness among consumers and growing participation in sports and fitness activities is propelling the demand for specialized athletic footwear.
Segment Analysis
The Global Athletic Footwear Market Size can be segmented into specialty stores, department stores, online retail, and others. The specialty store segment dominates the market as these stores offer a wide range of branded and customized athletic footwear for various sports. Customers prefer specialty stores for the availability of expert advice and variety in product portfolios.
PEST Analysis
Political: Trade restrictions imposed by governments impact the sourcing of raw materials. Economic: Rising disposable incomes and improved living standards drive the demand for premium athletic footwear. Social: Increased health awareness and popularity of fitness activities boost the market. Technological: Advancements in material science lead to the development of lightweight, durable, and breathable shoes.
Key Takeaways
The global athletic footwear market is expected to witness high growth, exhibiting CAGR of 1.8% over the forecast period, due to increasing health consciousness. The market size for 2023 is US$ 92304.28 Mn.
Regional analysis: North America dominates the market due to strong promotional activities by key players and high consumer spending capacity. Asia Pacific exhibits the fastest growth due to rising incomes, growing youth population, and improving living standards.
Key players analysis: 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 with its extensive product portfolio and strong brand recognition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
