The global athletic footwear market is primarily driven by the growing youth population, rising health awareness, increasing disposable incomes, and the trend of sports and fitness activities among individuals. Athletic footwear, also known as sneakers or running shoes, are designed for sports and other forms of physical exercise. They offer enhanced comfort, flexibility, and safety to feet during rigorous physical activity. The materials used in athletic shoes include foam, synthetic materials, leather, and rubber. These shoes offer stability, shock absorption, comfort, flexibility, slip resistance, and breathability.
The Global athletic footwear market is estimated to be valued at US$ 85,047 Mn in 2024 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.
Key Takeaways
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. These leading brands collectively account for over 50% of the global athletic footwear market share.
In terms of opportunities, the burgeoning youth demographic with higher disposable incomes and growing health awareness will continue to drive the demand for athletic footwear. Furthermore, the increasing penetration of online retail and e-commerce is making these products more accessible to consumers globally and supporting the market growth.
On the technology front, manufacturers are increasingly adopting lightweight and breathable materials like knits, engineered mesh and blow-foam cushioning in midsoles and outsoles to enhance comfort, flexibility and performance. Advanced 3D printing technology is also enabling mass-customization of athletic shoes based on individual body and activity requirements.
Market drivers
A key driver for the global athletic footwear market is the growing participation in sports and fitness activities worldwide. With rising health awareness, many individuals are engaging in outdoor recreational activities, fitness programs and sports on a regular basis which is steadily driving the demand for performance athletic shoes. Furthermore, aggressive marketing campaigns by leading brands coupled with rising fashion consciousness among youth and teenagers has made athletic footwear a popular lifestyle product beyond their functional utility. Easing availability through large retail chains as well as growing e-commerce is also supporting the greater affordability and accessibility of these products to consumers globally.
Current Challenges in Athletic Footwear Market
The global athletic footwear market is facing various challenges such as rising prices of raw materials, increasing threat from counterfeit products, and intense competition among key players. Raw material costs have witnessed a steady rise over the past few years due to inflation and global supply chain disruptions. Rising labor and transportation costs have also pushed up the production costs. Furthermore, the market players face the challenge of maintaining brand identity and exclusivity amidst surge in private label brands and counterfeit products. Developing innovative, stylish and high performance footwear at affordable prices remains a key challenge.
SWOT Analysis
- Strength: Strong brand recognition of leading players and continuous focus on product innovation, design and technology.
- Weakness: High dependence on few raw material suppliers and vulnerability to price fluctuations. Rising threat from counterfeits.
- Opportunity: Growth in demand for specialized footwear from niche sports and fitness segments. Emerging markets to offer new growth avenues.
- Threats: Intense competition and threat of substitution from local and private label brands. Changing consumer preferences and growing popularity of alternative footwear categories.
Geographical Regions
North America currently accounts for the largest share of the global athletic footwear market in terms of value sales. Within North America, the United States dominates the market due to high participation rates in sports and fitness activities. Going forward, Asia Pacific is expected emerge as the fastest growing region during the forecast period. Countries like China, India and Vietnam are anticipated to drive the demand in Asia Pacific led by changing lifestyles, growing health consciousness and rising disposable incomes.
Fastest Growing Region
Asia Pacific region is projected to be the fastest growing market for athletic footwear during 2023-2030. Rapid urbanization, rising awareness about fitness, growth of youth population and improving economic conditions in several Asian countries are fueling the demand for athletic footwear in the region. Moreover, increasing investments by leading footwear brands along with emergence of domestic footwear manufacturers are amplifying the market growth trends in Asia Pacific. Surging exports from Asia Pacific to other regions will further support the regional market over the upcoming years.
