Sports Footwear Market- Global Analysis and Forecast (2023-2029)

Sports Footwear Market was valued at US$ 141.79 Bn. in 2029. Sports Footwear Market size is expected to grow at a CAGR of 4.8% through the forecast period.
Sports Footwear Market Overview:
Sports shoes are primarily made for active sports and other types of physical activity. They are vital for athletes because they give flexibility, stability or motion control, road traction, torsional stability, and other advantages. Because of the expanding number of sporting competitions, demand for the product is increasing at a rapid pace. As the demand for smart sports shoes grows among athletes, fitness professionals, and sportsmen, sports footwear makers are working on incorporating increased technology into sports footwear to improve performance. Running, basketball, gym, soccer, golf, and ice hockey are just a few of the sports and fitness activities that continue to motivate young people to participate in sports and fitness activities, resulting in increased sales of sports gear. Because of these factors, the sports footwear market is likely to increase significantly in the future.To know about the Research Methodology :- Request Free Sample Report
Sports Footwear Market Dynamics:
Market Growth: One of the significant trends that will positively affect market growth is the use of environmentally friendly materials in the manufacturing of sports shoes. Because of the growing emphasis on environmental preservation, consumers are increasingly demanding sustainable shoes. Furthermore, numerous producers are working hard to meet client demands and are continually focusing on producing sustainable and environmentally friendly footwear. Adidas, for example, released its first environmentally friendly 100 % recyclable running shoes in April 2022.

Due to increased sports involvement by children and teenagers, the footwear market is expected to rise significantly between 2022 and 2029. Nowadays, the majority of the youthful population participates in sports to stay fit and healthy. The United States had 7,937,491 students competing in high academic sports in the 2021-2022 school year. Furthermore, demand for the product is high due to expanding sports awareness, increased participation of countries in various sports and games, and a growing preference for fitness among children.

Market Drivers: The market would be driven by the rising prevalence of chronic diseases due to a lack of activity and a growing health-conscious population, particularly in metropolitan areas. Sports shoe demand is expected to rise as more emerging countries focus on creating gyms and sports infrastructure. The fitness club membership increased by 183 million. Furthermore, as people become more aware of health and fitness, the number of people participating in physical activities and sports has increased, indicating good market growth.

Furthermore, rising innovation in sport's shoes, such as greater functionality and lightweight running shoes, will have an impact on market growth. Regional and local government entities are focusing on health and new techniques to encourage people to participate in physical activity. Several wealthy countries' government bodies are continually working to build enticing healthcare offers. This will also boost the sports footwear market, as a large section of the population will be interested in sports and fitness activities. Also, governments all across the world are focusing on spending in sports, which will help to boost consumption rates.

Market Restraints: The market growth would be limited by the limited number of sports possibilities and lower adoption of high-cost sports footwear in rural areas and low-income countries. Additionally, the availability of low-cost counterfeit products, as well as the rise of a number of small-scale market participants, have posed threats to high-priced branded footwear.

Market Opportunity: Consumers' changing lifestyles are expected to create enormous business potential. Luxury and premium brands are becoming increasingly popular among customers as their lifestyles change. This is to help the footwear market flourish. Additionally, rising consumer disposable income, combined with increased awareness of emerging brands, is expected to drive market growth in sports footwear through forecast period. Newmarket opportunities are expected to emerge as consumer purchasing habits change and novel technology for shoe manufacturing becomes available. In the near future, rising demand for more comfortable and economical products is likely to boost the market growth.

Covid-19 Impact: The pandemic's impact has been unprecedented and astounding, with sports shoes seeing a negative demand shock across all regions. According to our research, the market will fall by -8.94 % in 2022, compared to the average year-on-year growth from 2018 to 2022. Physical separation is the most effective way to prevent the coronavirus from spreading. As a result, during the pandemic, local governments around the world halted most activities where the mass assembly is conceivable but not necessary. The Olympics, FIFA, and other major sporting events set for 2022 have been postponed or canceled. In reaction to government laws, all sports academies and clubs were closed.

Moreover, in most nations, schools and universities were shuttered and have yet to reopen, limiting sports activity in these institutions. As a result, lockdown regulations have had a significant impact on the sports footwear business. Sporting enthusiasts were also limited in their activities such as running, hiking, riding, and motorcycling due to the difficult weather. The market was also harmed by the closure of sports retail locations and prohibitions on the internet sale of non-essential commodities. As a result of the shelter-in-place orders, there was a decrease in product demand.

Recent Development:

1. In January 2021, Patta and New Balance teamed up to create the New Balance 991 footwear. The Patta x New Balance M991Pat is the name of the new shoe, which will come in a dusty pink/light petrol colorway.

2. In June 2021 Adidas released a lightweight and comfy golf shoe dubbed the "Solarthon". Solarthon will also be available in limited-edition grey, blue, and white colorways, according to the brand. To support Adidas' "End Plastic Waste" effort, the new sneaker boasts a Primeblue textile upper made from recycled yarn containing at least 50% Parley Ocean Plastic.

3. In May 2021, Nike debuted its newest product, the "ZoomX Invincible Run" running shoes, as an addition to its growing line of athletic footwear. The new product's design was inspired by the brand's last release, the "Nike React Infinity Run" sneakers.
Sports Footwear Market Segment Analysis:
Based on End Users, The men segment is expected to account for more than half of the market, Due to the male population's preference for sports and other physical activities. Males spent 5.7 hours on average in sports activities in 2021, while women spent 4.9 hours. In addition, the growing engagement of females in a variety of sports on a national level is fueling the rise of women's sports footwear.

The female participation rate in the PyeongChang 2021 Olympic Winter Games was 41%. Furthermore, the growing participation of women in a variety of athletic activities is expected to boost market growth. Furthermore, advanced countries have a far higher total level of fitness awareness among women than underdeveloped countries. However, in developing nations, the situation is gradually changing as a result of government initiatives to encourage women to participate actively in sports and other fitness-related activities. This is to raise sales of women's athletic footwear in emerging nations significantly.Based on the Distribution Channel, The market is expected to be led by the offline sector. Retail stores such as supermarkets, brand outlets, and discount stores fall into this category. To expand their geographical presence and consumer base, some well-known corporations plan to open retail shops in developing nations. For example, PUMA, the world's largest sportswear company, inaugurated its first revamped and interactive retail shop in India in October 2021. Because of the growing number of internet users and the simple availability and accessibility of a wide choice of sports footwear at a reasonable price, the online segment is expected to develop at the fastest rate.

Over the next few years, the online retail channel's share of the footwear market is expected to grow significantly. Footwear brands are gradually expressing an interest in extending their online presence. Business models are rethinking their tactics to emphasize online shoe sales. Brands like Nike and Adidas, for example, use the direct-to-consumer business model to sell their items online. Manufacturers can use the DTC model to engage directly with customers, offer a personalized purchasing experience, and establish trust.
Sports Footwear Market Regional Insights:
The North American region dominated the market with a 32.6 % share in 2021. The market is expected to grow because to the large number of people who participate in outdoor sports and adventurous activities. For example, 50.5 % of the US population was estimated to be engaged in outdoor activities. Furthermore, the rising rise of e-commerce businesses driving product purchases is expected to stimulate demand. Business-to-consumer e-commerce sales in the United States were USD 1,098 billion in 2021.

The Asia Pacific region is expected to witness significant growth at a CAGR of 5.1% through the forecast period. The sports footwear business in this region is expected to increase due to rising consumer spending, fueled by robust economic growth and higher disposable income. East Asia and the Pacific's GDP per capita income was 26.925 trillion, up from 26.351 trillion in 2021. Furthermore, the robust growth of numerous sports sectors, such as cricket, football, basketball, and others, would assist generate traction by encouraging more people to participate in sports as a hobby or a vocation. The brand value of the Indian Premier Competition was increased by 7% in September 2021.

The South America region is expected to grow significantly, due to the dropping employment rate throughout the years. As a result, their purchasing power increased, which helped market growth.

The Middle East is expected to develop significantly in the market as the urban population grows, resulting in an increase in the number of people participating in various fitness activities. People are becoming more aware of their health and well-being, particularly in urban areas, which is helping to drive up demand.

The objective of the report is to present a comprehensive analysis of the Sports Footwear Market to the stakeholders in the market. The past and current status of the market with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the market with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the market to the decision-makers.

The reports also help in understanding the Sports Footwear Market dynamic, structure by analyzing the market segments and projecting the Sports Footwear Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Sports Footwear Market make the report investor’s guide.
Sports Footwear Market Scope: Inquiry Before Buying



Sports Footwear Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 102.12 Bn.


Forecast Period 2023 to 2029 CAGR:
4.8%
Market Size in 2029:
US$ 141.79 Bn.


 Segments Covered:
by Type
Athletics
Non- Athletics


by Distribution Channel
Online
Offline


by End Users
Men
Women
Kids



Sports Footwear Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Sports Footwear Market, Key Players:
1. Nike Inc
2. Adidas AG
3. Under Armour
4. Puma SE
5. Skechers
6. New Balance
7. Asics
8. Brooks
9. Yonex
10.Fila Korea
11.Crocs Inc
12.Wolverine World Wide
13.Geox SpA
14.K-Swiss
15.V F Corporation
16.Reebok
17.Lotto Sports Italia
18.Anta

Frequently Asked Questions:

1] What segments are covered in the Global Sports Footwear Market report?
Ans. The segments covered in the Sports Footwear Market report are based on Type, Distribution Channel and End User.

2] Which region is expected to hold the highest share in the Global Sports Footwear Market?
Ans. The North America region is expected to hold the highest share in the Sports Footwear Market.

3] What is the market size of the Global Sports Footwear Market by 2029?
Ans. The market size of the Sports Footwear Market by 2029 is expected to reach US$ 141.79 Bn.

4] What is the forecast period for the Global Sports Footwear Market?
Ans. The forecast period for the Sports Footwear Market is 2023-2029.

5] What was the market size of the Global Sports Footwear Market in 2022?
Ans. The market size of the Sports Footwear Market in 2022 was valued at US$ 102.12 Bn.