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The athletic footwear market size is forecast to increase by USD 22.1 billion at a CAGR of 4.36% between 2023 and 2028. The market experiences growth due to an increase in the number of athletic tournaments, a surge in online retailing, and the expanding focus on direct-to-consumer (DTC) channel expansion by vendors. However, challenges arise from fluctuations in raw material prices, rising labor costs, and the threat posed by counterfeit products, hindering further growth. Despite these obstacles, the market benefits from the heightened popularity of athletic events and the convenience of online shopping. Additionally, the strategic emphasis on DTC channels offers vendors greater control over distribution and customer relationships. To sustain growth amidst challenges, market players must navigate pricing uncertainties, mitigate labor costs, and implement robust anti-counterfeiting measures to safeguard consumer trust and market integrity.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Adidas AG, Admiral Sportwear Ltd., ASICS Corp., BasicNet Spa, Bata Brands Sarl, British Knights Int B.V., Brooks Sports Inc., Diadora Spa, Fila Holdings Corp., K Swiss Inc., Lotto Sport Italia Spa, Mirza International Ltd., Mizuno Corp., New Balance Athletics Inc., Nike Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., VF Corp., and Wolverine World Wide Inc.
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Embracing a healthy lifestyle entails engaging in fitness activities that promote overall well-being and vitality, appealing to both youngsters and individuals of all ages. Such a lifestyle can help mitigate the risk of chronic disorders while fostering a sense of balance and vitality. Brands like Under Armour offer a diverse range of athletic shoes designed for various activities, including spring sports like baseball, soccer, and golf. These shoes prioritize comfort and support, aiming to alleviate common issues like hip pain and back pain often experienced by athletes and climbers. Catering to fitness-conscious customers and gym-goers, these shoes integrate innovative features such as Boost, Bounce, Climachill, Promeknit, and Stableframe technology, enhancing performance and comfort during sports and fitness activities. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth in online retailing of athletic footwear is notably driving the market growth. Despite the fact that physical retailing stays a vital channel for the deals of athletic footwear, web-based retailing is assessed to encounter fast development during the conjecture time frame. Advantages, for example, speedy conveyance and a serious cost for items are given by online retail channels. Web-based retailing makes it simple for clients to look at items from different brands and request without going into an actual store. With respect to the conveyance of brandishing footwear, online deals are supposed to become one of the main development channels over the figure period.
However, quick delivery services and the changing demands of consumers will play significant roles in the growth of this channel during the forecast period. Developments in the logistics infrastructure in economies such as China and India are encouraging vendors to establish their online presence. Overall, increasing numbers of customers buying sports footwear online might be encouraged through a number of benefits provided by e-commerce channels and that could also lead to increased sales. This is due to the increase in the growth momentum of the world sporting footwear market over the forecast period.
The increasing availability of customized athletic footwear is a primary trend in the market. Vendors have had to focus on strategies like faster delivery times, mass customization, and personalization as footwear has evolved. Technology, the transformation of the supply chain, and organizational restructuring are the driving forces behind mass customization and personalization, which are gradually gaining traction in the footwear and apparel industry. Significant advancements in technologies for obtaining user shoe measurements, developing final products, and shipping those products have aided this trend. It is advantageous for customers to be able to select products that meet their particular requirements due to the availability of specialized models. People who are in pain or unable to find suitable footwear benefit from the creation of custom footwear.
However, those factors have increased the demand for customized models, leading footwear vendors to adopt mass customization. Footwear may be customized effectively by means of ComputerAided Designing, Body Scanners, Digital Printing, Flexible Manufacturing Systems, and Computer Integrated Production Tools and Techniques. Manufacturers will be able to attract consumers and contribute to the development of strong consumer brand loyalty through mass customization and personalization. Hence, the availability of customized footwear is expected to increase the sales of such models and accelerate the growth of the market in focus during the forecast period.
The fluctuations in prices of raw materials are a major challenge in a market. The significant fluctuations in the prices of raw materials are one of the primary factors stifling the expansion of the global market. During the forecast period, the manufacturers anticipate that fluctuations in the prices of these raw materials will have a negative impact on their profit margins. Unpredictable net revenues of sellers are difficult for the development of the worldwide market. There has been an expansion in the number of nearby players working in the market throughout the course of recent years.
The emergence of local players has led to price wars among competitors, subsequently forcing global manufacturers to reduce the prices of their products and opt for penetration pricing of their products. Another factor that contributes to the cost of vendor ownership is transport costs. These cost fluctuations have a negative effect on the vendor's profit margin. As a result of the volatility in raw material prices, producers are not able to foresee their investment and control costs. Cost-driven end-users prefer low-cost footwear instead of investing heavily in global brands. This reduces sales, which is expected to hamper the growth of the global market during the forecast period.
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The market share growth by office segment will be significant during the forecast period. In 2023, the global market was dominated by the offline segment. It is anticipated that it will continue to dominate throughout the forecast period. Specialty stores, hypermarkets, supermarkets, department stores, and other stores make up the offline segment. The offline segment shows a gradual increase in the market share of USD 65.20 billion in 2018. Popular brands are being sold through retail specialty stores' outlets. Specialty shops employ retail staff who are well-versed in products and able to provide buyers with accurate product information. As a result, customers prefer to shop at specialty stores for athletic shoes. Customers appreciate offline distribution channels because they provide a variety of price ranges. Such factors will increase segment growth during the forecast period.
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APAC is estimated to contribute 58% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
The locale is developing as a direct result of the rising working class populace, developing a way of life, and expanding mindfulness and reception of a sound way of life among the hefty populace. Numerous economies like China, India, Indonesia, Malaysia, and Singapore present extensive learning experiences. Shoppers in the age gathering of 30 to 45 years present a rewarding development potential in the market around here during the figure time frame. Moreover, several vendors in countries such as China and India sponsor different sports events and competitions to increase brand visibility. The growing participation of women in sports, fitness, and other athletic events is expected to significantly contribute to the growth of the market in APAC during the forecast period.
The market experiences significant demand driven by a myriad of factors. With an increasing emphasis on health benefits and fitness activities, particularly among youngsters and those embracing a healthier lifestyle, the market witnesses steady growth. Moreover, the rise in chronic disorders necessitates suitable footwear, further boosting demand. Various spring sports like baseball, soccer, and golf contribute to this trend. Additionally, the market caters to specific needs, including muscle injuries, leg injuries, and alleviating joint pain such as knee, hip, and back pain. Innovations in materials and technologies, such as Forged Mesh, Boost, and Climachill, ensure comfort, stability, and maximum flexibility in athletic shoes, meeting the demands of both professional athletes and fitness-conscious consumers.
The market is driven by various factors catering to different segments and activities. From performance basketball and running footwear to skate shoes and specialized footwear for climbers, the industry provides options for diverse sports and activities. This market addresses concerns such as knee and hip pain while offering solutions for fitness-conscious customers and gym-goers seeking comfort and performance. Innovations like Bounce, Promeknit, and Stableframe enhance the experience for athletes engaging in various sports and fitness activities. Additionally, the industry aligns with environmental concerns by incorporating sustainable practices and materials, addressing issues like pollution and environmental degradation. The demand for athletic shoes continues to rise, driven by a focus on healthy lifestyles and the need to combat ailments like depression, cardiovascular diseases, and diabetes through physical activity.
The sports lifestyle has become increasingly popular as people prioritize healthy lifestyles and engage in various physical activities. However, this surge in activity can sometimes lead to issues like knee pain, prompting the need for specialized footwear. Manufacturers address these concerns by leveraging innovative technologies and using high-quality raw materials such as foam and plastic, often incorporating advanced chemical additives for enhanced performance and durability. Environmental groups advocate for sustainability, encouraging the use of materials that promote the stability of sports shoes while allowing for ankle support and free foot movement. From adaptive Traxion for different terrains to specialized shoes for training, running, and various sports like baseball, basketball, tennis, and golf, the market offers a wide range of options tailored to athletes' specific needs.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 22.1 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.09 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 58% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Adidas AG, Admiral Sportwear Ltd., ASICS Corp., BasicNet Spa, Bata Brands Sarl, British Knights Int B.V., Brooks Sports Inc., Diadora Spa, Fila Holdings Corp., K Swiss Inc., Lotto Sport Italia Spa, Mirza International Ltd., Mizuno Corp., New Balance Athletics Inc., Nike Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., VF Corp., and Wolverine World Wide Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market research and growth report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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