The global athletic footwear market valued at around USD 80 billion in 2015. This market is anticipated to grow at a CAGR of around 2%, from 2016 to 2024. Increasing participation in sports & fitness activities and ballooning global population are some factors that are projected to drive the global athletic footwear demand.
The athletic footwear market is expected to witness significant growth on account of rising disposable income, increasing awareness about healthy lifestyle, demand for comfortable & innovative footwear, and the growing e-commerce retail market.
The rising trend of adopting a healthy lifestyle and increasing active participation of the young population in sports and related activities is expected to propel the demand for the athletic footwear market.
Growing innovations in the athletic footwear market such as increased functionality and lightweight athletic shoes for running & jogging for both women and men is also expected to influence the market over the forecast period positively.
Growing demand for personalized footwear, increasing awareness about eco footwear, seasonal trends, and rising e-commerce purchases are some other factors that are anticipated to drive the athletic footwear market, from 2016 to 2020.
The factors that are expected to restrain the demand for athletic footwear are the increased prevalence of counterfeit products and healthy competition from the local footwear manufacturers. The increasing supply of counterfeit goods is anticipated to have an adverse impact on the sales and brand image of the manufacturer.
The segmentation of the athletic footwear market according to product type includes hiking shoes, sports shoes, backpacking footwear, and insert shoes. Insert shoes are expected to account for the highest market share, in 2015, followed by the sports shoe segment.
The sports shoe segment comprises of footwear specifically designed for sports such as baseball, basketball, tennis, golf, and soccer. This segment is expected to witness a growth rate of approximately 2% over the forecast period.
The athletic footwear market is also divided by end-users into women, men, and kids. The men’s footwear segment accounted for the largest share of around 60%, followed by the women segment which accounted for 30% market share, in 2015. The kid’s footwear segment is projected to grow at a significant CAGR owing to increased school infrastructural and sports facilities.
The athletic footwear market is divided by retailing & distribution channel, into store and non-store based retailing. Non-store based retailing is expected to account for a larger market share on account of growing dependence on the e-commerce industry and the broad scope of product offerings.
Geographically, the market is divided into regions such as Asia Pacific, North America, and Europe. Europe is expected to hold the largest market share, in 2015, followed by Asia Pacific. The Asia Pacific region is projected to grow at the highest CAGR of approximately 8%, from 2016 to 2024.
Increased preference for branded & high fashion footwear, growing middle-class population and increased per capita spending on clothing & accessories are some factors that are expected to drive the Asia Pacific market over the forecast period. Cheap availability of raw material, low labor cost, and the massive concentration of leading footwear manufacturers in Asia Pacific are expected to drive the demand for athletic footwear.
North America holds the largest share in the sports shoe segment and insert shoe segment in terms and is expected to grow at a significant growth rate over the forecast period. Europe is also anticipated to account for a large share in the insert shoe segment and backpacking segment over the forecast period.
The men’s athletic footwear segment is predicted to account for the largest market share and projected to grow at a high CAGR over the forecast period.
Growing preference for customized and specialized products has led manufacturers to invest in research and development activities to come up with quality and reliable products. In 2014, Nike launched a very lightweight athletic sports shoe called Free Flyknit, for running and jogging. The product gained wide acceptance in the market on account of its lightweight, high embedded fibers that provide maximum support, and precision that provides superior flexibility to muscles.
Nike, Adidas, and Asics are some of the leading athletic manufacturers across the world. Nike and Adidas have strong market penetration on account of their strong distribution channel, the number of retail outlets, and extensive consumer base. Asics and Puma are prevalent in the European region. Whereas, Skechers, New Balance, and VF Corp. are prominent companies with significant presence in the American athletic footwear market.
The leading market players in the athletic footwear market are Nike, VF Corporation, Adidas, New Balance, and Asics. These five companies account for around 80% of the overall market share. Nike and Adidas accounted for around 45% and 35% of the overall revenue generated in the athletic footwear market. Other prominent vendors include Converse, Saucony, New Balance, Vans, Skechers, K-Swiss, Wolverine Worldwide Inc., and Deckers Outdoor Corporation among others.
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