Sports Footwear Market Trends, Top Players, and Business Opportunities
17 June 2019, The global sports footwear market is subject to witness a substantial growth due to the
rising enthusiasm towards sporting events, increasing focus towards fitness
activities, and growing penetration of retail e-commerce sector across the
globe. Additionally, rising disposable income and health consciousness among
young population in both developed and developing economies worldwide are
anticipated to drive the growth of the athletic footwear sales market over the
forecast period. Globally, the market is predicted to grow at a significant
CAGR in the forecast period, providing numerous opportunities for market
players to invest for research and development in the sports footwear market.
Changing lifestyle patterns and
increasing participation in sports related activities by young population are
estimated to fuel market growth in upcoming years. Increasing awareness about
health benefits associated with sports and fitness activities such as improved
health and reduced the risk of chronic disorders are boosting market demand of
sports footwear. Additionally, sports and fitness activities helps to limit depression,
cardiovascular diseases, and diabetes. Such factors are leading to the soaring
demand of sports and fitness activities.
Rising adoption of athletic footwear
during sports activities in order to avert injuries to leg muscle, knee pain,
hip pain, and back pain, is leading to substantial purchase of athletic
footwear in North America and Asia Pacific’s market. Additionally, lowering
cost of the athletic footwear in Asia-Pacific market is expected to augment
market demand in near future. The recent development of innovative
manufacturing technology that is increasingly adopted by industry players, has
led to production of high performing and comfortable sports shoes.
For example, advent of a forged mesh
technology, that allows development of a single layer shoe with a ribbed
pattern on the upper portion with help of ARAMIS, which is a motion capture
technology, has gained a lot of appreciation and demand from North America and
European region. ARAMIS technology, developed by Adidas, Inc., helps to identify
amount of the strain exerted on the foot.
These technologies are helping
sports players by providing required level of comfort, adequate support and
flexibility along the ankle to ensure free and faster foot movement. Athletic
footwear sales market is divided into five brad categories such as aerobic
shoes, running & walking shoes, trekking & hiking shoes, and sports
shoes.
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| Sports Footwear Market |
The sports shoes are considered as one of the fastest
growing segment in the athletic footwear sales market with substantial revenue
generation in the last couple of years. Increasing demand form sports such as
soccer, baseball, basketball, American-football, hockey, tennis, cricket and
badminton is expected to boost the growth of sports shoes market segment.
Growing popularity of Soccer, basketball and tennis are expected to heighten
market advancement in years to come.
Furthermore, introduction of technologies such as
surround technology by W.L. Gore & Associates Incorporations with Salewa
Corporations are anticipated expand market reach in upcoming years. Surround
technology helps to laminates upper portion of shoe that is increasingly used
during trekking & hiking exercises. This allows foot to be surrounded from
all sides, thus expelling the sweat and heat out of the shoes by side
ventilation. Men’s footwear market segment has witnessed significant growth in
the last decade, is expected to advance in near future as well. While, women’s
footwear market segment is expected to catch up gradually with men’s footwear
market segment, as the popularity of sports continues to grow among general
population.
The market is divided by region such as North America,
Europe, Asia-Pacific, Latin America and Africa. North America has shown major
growth in recent years owing to the rising preference towards sports, fitness,
and adventure activities, like aerobics, hiking, training, and trail running,
and presence of prominent industry players in the region. Asia-Pacific region
is predicted to hold major market share in the sports footwear market with
massive growth in forecast period.
Countries such as India, China and Singapore are leading
the Asia-Pacific market with rising enthusiasm for various sports events,
increasing per capita income, growing penetration of e-commerce websites, and
significant investment by leading industry players considering potential
opportunities in the region. The key players in the sports footwear market are
Adidas AG, ASICS Co., Fila Incorporations, Under Armour, Incorporations, Lotto
Sport Italia S.p.A., New Balance Athletics Incorporations, Vans Co., Nike
Incorporations, Puma SE, Reebok International, Saucony Co., Skechers
Incorporations, and Woodland Worldwide.
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