As reported by Fact.MR, a prominent provider of market research and competitive intelligence, the global sports footwear market is poised to demonstrate a Compound Annual Growth Rate (CAGR) of 5.4%. This growth trajectory is expected to lead to the market achieving a total valuation of US$ 208.7 billion by the year 2033.
Sports footwear, also known as athletic shoes or sneakers, represents specialized footwear meticulously designed for sports and physical activities. These shoes are engineered with precision to offer the necessary support and comfort crucial for various athletic endeavors. Notably, they are customized for specific sports such as running, basketball, or soccer, providing superior grip and traction to reduce the risk of slips and injuries. Furthermore, sports footwear features enhanced cushioning to absorb impact and alleviate stress on joints.
The expansion of the sports footwear market is predominantly propelled by several pivotal factors, including the evolution of fashion trends, heightened global awareness of health and fitness, and a surge in physical activities. Technological advancements in footwear design and materials, with a particular emphasis on elevating comfort, support, and performance capabilities, also play a significant role in driving this growth.
Key Takeaways:
· The market in the US is expected to grow at a CAGR of 5.5% during the forecast period (2023 – 2033). This is attributed to the growing participation in outdoor recreational activities like rafting, skiing, trekking, and more.
· With a growing emphasis on health and fitness in India, there is a surge in participation in sports like cricket and football, potentially driving increased sales of running shoes, training shoes, and similar athletic footwear in the country in the foreseeable future.
· Football’s massive popularity in Europe is a key driver of growth in the European sports footwear market, spurring demand for high-quality shoes among players and fans alike.
Technological advancements in footwear design, increasing health and fitness awareness, and the expanding middle-class population in emerging markets are the three main factors driving the market – Says FACTMR Expert
Key Companies Profiled in This Report
· Adidas AG
· Brooks
· Yonex
· Puma SE
· Under Armour
· Fila Korea
· Skechers USA
· New Balance
· Asics
· Nike Inc.
Market Competition
In this exceptionally competitive market, leading footwear manufacturers are prioritizing the expansion of their product range through the introduction of innovative offerings tailored to meet the changing preferences of consumers. Top players include Nike, Adidas, New Balance, Puma and Under Armour.
· In September 2023, Adidas announced its intention to release the Adizero Adios Pro Evo 1, an advanced running shoe priced at a substantial $500. According to the brand, these shoes represent their lightest creation in the realm of running footwear.
Winning strategies
· It Is very important in this industry to combine online platforms with physical stores. This way, you can cater to a wide range of customers and make shopping easy and convenient. By offering both options, you reach people who prefer browsing in-store and those who like shopping online.
· Featuring celebrity sports players in advertising is a powerful strategy for top sports footwear brands. It brings credibility and authority to the product, as fans trust and look up to these athletes. Their broad fan base provides a wide reach, making it a great way to connect with potential customers
· For leading brands, backing local sports events, communities, and sponsoring tournaments is vital. It shows a commitment to the grassroots of sports and builds a positive connection with sports enthusiasts. This support provides visibility for the brand, targeting specific audiences and creating a favorable brand image.
Why is the American market for sports shoes profitable?
Major footwear brands like Nike and New Balance are present.
The world’s top manufacturers of athletic footwear, including Nike, Under Armour, Sketchers, New Balance Athletics, etc., are based in the United States. The growing popularity of outdoor sports like rafting, skiing, and trekking has created enormous growth potential for the manufacturers of athletic footwear.
In January 2021, New Balance and Patta created the innovative New Balance 991 shoes. The new sneaker will be known as the Patta x New Balance M991Pat and have a dusty pink/light petrol color scheme.
Also, manufacturers’ efforts in R&D to produce the greatest sports footwear goods are promoting market expansion. Additionally, it is predicted that the United States would have an advantageous situation due to the existence of a high-end sports footwear retail infrastructure as well as the expanding popularity of basketball shoes, lifestyle sneakers, and training shoes.
Sports shoe sales are expected to increase in the US at a 5.5% CAGR between 2023 and 2033.
These insights are based on a report on Sports Footwear Market by Fact.MR.
