Athletic footwear includes all shoes designed for sports or other forms of physical exercise. They provide traction, support, and protection against injury. Popular types include running shoes, basketball shoes, soccer cleats, tennis shoes, cross trainers and walking shoes.
The global Athletic Footwear Market is estimated to be valued at US$ 85,047 Million 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 key trends:
One of the key trends in the athletic footwear market is the growing demand for lightweight and comfortable shoes. With more people participating in sports and fitness activities, there is an increasing preference for shoes that are breathable, flexible and cushioned for impact absorption. Many athletic shoe brands are innovating new materials and designs to create lighter weight shoes without compromising on performance, durability and support. This evolving consumer demand towards lightweight athletic footwear is expected to drive the market growth over the forecast period.
SWOT Analysis
- Strength: Athletic footwear brands are known for their innovative product designs and technologies to enhance performance and comfort. These brands continuously invest in R&D to develop advanced materials.
- Weakness: The industry is highly competitive with the presence of global brands. Frequent change in fashion trends and consumer preferences is a challenge for sustaining product relevance.
- Opportunity: Rising health awareness is fueling demand for athletic and sports activities. Growing youth population interested in active lifestyles presents an opportunity. Emerging markets offer scope for market expansion.
- Threats: Trade protectionism and uncertainties over international trade policies pose risks. Vulnerability to fluctuations in raw material prices also impacts profitability. Market saturation in developed markets is a threat to revenue growth.
Key Takeaways
The global athletic footwear market is expected to witness high growth, exhibiting a CAGR of 1.8% over the forecast period, due to increasing health consciousness among consumers. Growing participation in sports and fitness activities is driving the demand for specialized footwear for running, walking, hiking, tennis and other activities.
North America dominates the athletic footwear market, owing to growing health awareness and busy lifestyles that drive the demand for comfortable sports shoes in the region. Europe holds a significant share in the global market supported by high penetration of sports brands. Meanwhile, Asia Pacific is emerging as the fastest growing market with countries like China, India and Japan witnessing rising living standards and interest in fitness.
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, and New Balance. Nike remains the global market leader owing to its strong brand image, innovative products and extensive distribution network worldwide. Meanwhile, Adidas has a significant presence in the athletic footwear category.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
