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This athletic footwear market report extensively covers market segmentation by distribution channel (offline and online), end-user (men, women, and children), and geography (APAC, Europe, North America, South America, and Middle East and Africa).It also includes an in-depth analysis of drivers (factors influencing market growth), trends (emerging patterns or shifts in consumer behavior), and challenges (barriers or obstacles faced by the industry).
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Athletic Footwear Market. One of the major companies in the market include:
Admiral Sportwear Ltd. - The company offers athletic footwear under the brand Admiral Essentials.
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 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, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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 athletic footwear 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 athletic footwear 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 of athletic footwear. 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 an athletic footwear market. The significant fluctuations in the prices of raw materials are one of the primary factors stifling the expansion of the global market for athletic footwear. During the forecast period, athletic footwear 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 athletic footwear 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 athletic footwear 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 athletic footwear sales, which is expected to hamper the growth of the global athletic footwear market during the forecast period.
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The market share growth by the office segment will be significant during the forecast period. In 2022, the global market for athletic footwear 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 63.30 billion in 2017 and continued to grow by 2021. Popular brands of athletic footwear 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 athletic footwear in a variety of price ranges. Such factors will increase segment growth during the forecast period.
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The Athletic Footwear Market is segmented into three categories Men, Women and Children sub-segments.
APAC is estimated to contribute 46% during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during 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 athletic footwear 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 athletic footwear market in APAC during the forecast period.
The outbreak of COVID-19 had a negative impact on regional athletic footwear in APAC in 2020. However, in 2021, due to the availability of COVID-19 vaccines and the vaccination drives carried out by the governments of various countries in APAC, including China, Japan, South Korea, and Australia, activities in offline retail channels that supply athletic footwear gradually returned to normalcy. In addition, the demand for sporting footwear in this region is increasing as a result of sports events such as the A-League season that will take place during the 2022 China Winter Olympics. Moreover, the APAC athletic footwear market is expected to grow at a compound annual growth rate of around 5.3% over the forecast period due to increasing interest in sports like cricket, football, and tennis.
Athletic Footwear Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.3% |
Market growth 2023-2027 |
$ 21 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.61 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
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 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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