Athletic footwear, popularly known as sneakers, are designed for sports and other athletic activities. They provide enhanced cushioning, support, traction, and durability as compared to regular footwear. The growing participation in sports and fitness activities has boosted the demand for athletic footwear across the globe.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the athletic footwear market is the growing sports and fitness culture. With increasing health awareness, more people are engaging in sports, fitness activities, and outdoor adventures. Moreover, social media influencers promoting fitness and healthy lifestyles have encouraged young adults and teenagers to join sports and participate in marathons or outdoor sports. As a result, the sales of athletic shoes designed for specific activities such as running, basketball, tennis, cricket, baseball, hiking, etc. have witnessed steady growth over the years. Sports leagues and competitions have also boosted the demand for high-performance, technologically advanced athletic shoes. Leading brands compete to introduce innovative features in athletic shoes to aid performance and enhance the end-user experience. This growing sports and fitness culture is expected to remain a major driver for the global athletic footwear market over the forecast period.
SWOT Analysis
1. Strength: Athletic footwear brands have strong brand recognition and loyal customer bases. They invest heavily in R&D and product innovation.
2. Weakness: Changing consumer fashion trends and preference for more sustainable materials pose challenges. Rising input costs impact profitability.
3. Opportunity: Growing participation in sports and fitness activities drives demand. Emerging markets offer high growth potential.
4. Threats: Intense competition from private labels and direct-to-consumer brands. Economic slowdowns can negatively impact discretionary spend on such products.
Key Takeaways
The global athletic footwear market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
North America currently dominates the market owing to rising health awareness and active lifestyles. The Asia Pacific region is expected to grow at the fastest pace led by countries like China and India with their huge population base and rising incomes.
Key players like Nike, Adidas, Under Armour, and Skechers account for a major share of the market. Nike is the market leader with its wide range of sports and lifestyle shoes along with strong brand identity and marketing campaigns. It has established itself as a trendsetter particularly in the running shoe category.
Adidas is another major player focusing on fashion-forward styles along with performance products. It has a strong retail network globally. Under Armour is growing rapidly focusing on technical fabric and designs for various sports. New Balance, Puma, and others are strengthening their product offerings and distribution to grab market share.
Companies are launching more sustainable collections made from recycled plastics and other eco-friendly materials to appeal to conscious consumers. Innovation in cloud-based 3D printing technology is also enabling mass customization and personalization of athletic shoes to consumer tastes.
