Sneakers Market Size, Share & Trends Analysis Report By Product Type (Low-top, Mid-top, High-top Sneakers), By Distribution Channel (Online, Specialty Stores), By End-user (Women, Men), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global sneakers market size was valued at USD 78.59 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030. The proliferation of online platforms across the globe acts as one of the major factors driving the growth of the industry. The growing inclination toward fashionable, branded, and high-fashion sneakers among all age groups and a rise in disposable income boosting the demand for more comfortable as well as innovative sneakers accelerate industry growth. However, the easy availability of copied or counterfeit products by local manufacturers is expected to hamper the growth. The easy availability of customized and innovative features in sneakers extends profitable opportunities to the market players. The increasing population along with growing concerns about health and wellness is encouraging individuals to indulge in various fitness-related activities, which are driving the industry. Moreover, the growing inclination of the young population toward fitness and sports is also increasing product demand.

The COVID-19 pandemic has had a negative impact on the global sneakers market. Due to the COVID-19 pandemic government imposed a strict lockdown and stopped production units. Sales crumpled to the lowest levels during the pandemic, as global demand fell amid the lockdown.

On the business side of things, COVID-19 has had a large negative impact. Nike reportedly lost $17 billion in market valuation as China is the most profitable and fastest-growing area for Nike according to Forbes. The pandemic led to large losses given all the retail stores were shut. Apart from sports and other forms of physical activities, sneakers are also extensively used for daily casual wear. It is a kind of footwear that has an elastic sole made up of synthetic material or rubber. Owing to their wide usage, they are high in demand. Contemporary sneakers are mostly made from synthetic materials, and the materials and manufacturing process release, on average, around 14 kg of CO2.

Thus, many key companies are trying to substitute more sustainable materials in their production process. Due to the COVID-19 pandemic, major brands, such as Adidas Inc. and Puma AG, reported drastic losses in their sale in 2020. The impact of the COVID-19 pandemic has also stopped certain release dates as a few coveted Jordans that were set to drop in March marked their way to Nike.com, SNKRS, and other places at a later date. During the COVID-19 pandemic, certain key vendors in the industry started numerous initiatives to grow their consumer base. Various companies shifted to online platforms to sell their products.

Product Type Insights

The mid-top product type segment is projected to register the fastest CAGR of 6.9% over the forecast period. Increasing consciousness toward health and fitness has led to an increase in demand for mid-top sneakers, primarily in emerging nations. Originally manufactured for sports, such as tennis and basketball, mid-top sneakers are now also a famous choice among skaters. Innovative product launches as well as a high level of comfort provided by mid-top sneakers are likely to increase the demand over the forecast period.

The low-top product type segment dominated the industry in terms of share in 2021. The segment is projected to expand further at a steady growth rate and remain dominant throughout the forecast period. Low-top sneakers are widely preferred over other types as they provide a better cut and are also lightweight, which helps increase the range of motion. Wearing low-top sneakers can provide the ankle with some slight edge in freedom of movement. Therefore, these types of sneakers are popular among basketball players who deploy a lot of abrupt cutting movements while playing.

Distribution Channel Insights

The online segment is projected to register the fastest CAGR of 5.8% over the forecast period. With increasing internet penetration and benefits, such as easy access and payment options, consumers prefer purchasing products from online channels. The selling price of any sneaker sold online differs from its market price. This is usually due to offers and discounts available on company websites or any other online platform. Moreover, reviews and feedback on particular products help customers make informed purchases.

In the U.S., 25% of product purchases are from online retailers. These factors will continue to bode well for the segment. The department store segment accounted for a considerable revenue share and is projected to grow at a significant CAGR over the forecast period. This is attributed to the convenience of trying the product to ensure comfort and match preferences. Department stores offer products of various brands. Moreover, the shopping aids, such as festive and seasonal offers, lesser prices, discounted rates, and big displays with freedom of selection are several factors that drive consumers to visit their nearby department store.

End-user Insights

The women end-user segment is projected to grow at the fastest CAGR of 5.5% over the forecast period. Many sneaker brands majorly focus on women, with Aquazzura being exclusively women’s shoes. Striving to empower women, athleisure and sports brands like Nike Inc., Skechers USA Inc., and Reebok, have followed their calls for sizing inclusivity and carried out new personalized methods in product design as well as sales techniques. Nike Inc. revealed the first glimpse of its “fantasy sneaker destination for women” at the Fall 2018 Paris Fashion Week: a classic Air max sneaker collaboration with Off-White’s Virgil Abloh.

The men end-user segment dominated the industry in 2021, in terms of revenue share. The segment is estimated to maintain its dominant position throughout the forecast period. The increasing influence of social media has led to the high adoption of the latest fashion trends in men. These factors contributed to the high demand for men's sneakers. The presence of male influencers who talk about individual styles as well as emphasize beautifying the outfit for self-expression is having a positive on the segment growth.

Regional Insights

North America is anticipated to register the fastest CAGR of 5.6% over the forecast period. This is attributed to the changing lifestyles, increasing fashion consciousness, and high consumer disposable income, which is leading to an inclination toward comfort rather than price among customers. The U.S. is the major country with an increasing demand for sneakers in the region. Sneakers have long been related to American culture, but they have now spread all over the globe. Sneakers are in large demand, particularly among the younger generation. The Asia Pacific region accounted for the highest revenue share in 2021.

China, Japan, and India accounted for major shares of the regional market. A rise in government initiatives to increase consumer awareness regarding health and well-being by encouraging 2K & 5K runs and mandating sports hours in schools and offices is expected to drive market growth in this region. Moreover, growing participation in sports recreational activities, as well as socialization by people and increasing participation of Asian countries in sports activities at national and international levels, are projected to boost the product demand in the region.

Key Companies & Market Share Insights

The key companies are growing internationally to cater to the rising demand and are presenting new designs through continuous development. These factors are is likely to intensify the industry growth. For instance,

• In July 2022, Adidas AG and Guccio Gucci S.p.A. planned to release their highly anticipated footwear collection centering around the Gazelle silhouette

• In December 2021, Chloe SAS introduced the Nama sneaker. The new sneaker reflects the company’s aim to reduce its impact on the environment by manufacturing the sneaker with lower-impact materials including recycled materials and components, which make up 40% of the sneaker's materials in weight

• In March 2020, ASICS launched a trio of sports shoes in a VR showroom and it also includes the first carbon-plate running shoes named ASICS Metaracer. This is a distance running shoe that comprises enhanced stability, redesigned mesh upper to keep the feet cool, and also redesigned toe-spring shape to decrease the strain

• In November 2019, Adidas AG launched limited-edition sneakers represented as VIT.01 shoe in collaboration with Team Vitality. Through this launch, Adidas planned to strengthen its position as a pioneering and innovative sports brand

Some of the key players operating in the global sneakers market include:

• Nike Inc.

• Adidas AG

• New Balance Athletics, Inc.

• ASICS Corp.

• Kering SA

• Skechers USA, Inc.

• Under Armour Inc.

• VF Corp.

• Puma SE

• Relaxo Footwears Ltd.

Sneakers Market Report Scope

Global Sneakers Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global sneakers market report based on product type, end-user, distribution channel, and region:

• Product Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Low-Top Sneakers

  • Mid-Top Sneakers

  • High-Top Sneakers

• End-user Outlook (Revenue, USD Million, 2017 - 2030)

  • Men

  • Women

  • Kids

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Department Store

  • Specialty Stores

  • Online

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa