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The premium shoes market size is estimated to grow at a CAGR of 7.38% between 2022 and 2027. The market size is forecast to increase by USD 12.95 billion. The growth of the market depends on several factors such as product innovation and differentiation leading to premiumization, celebrity endorsements strengthening brand entity, and the growing online retail.
This premium shoes market report extensively covers market segmentation by product (sport shoes, formal, and others), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and the Middle East and Africa. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the premium shoes market growth is celebrity endorsement helps strengthen brand entity. There is an increasing adoption of various promotional strategies and different marketing campaigns in order to build their consumer base. One of the main strategies adopted by these market players is increasing the number of advertising campaigns by popular athletes and other celebrities.
Moreover, several consumers and sports and fitness enthusiasts who aspire to buy shoe products are influenced by the trending fashion as they can easily relate to the product endorsed by the celebrity. There is a rising adoption of celebrity endorsement by several market players as a marketing strategy in order to build their brand /image. Hence, such factors are positively impacting the market. Therefore, it is expected to drive market growth during the forecast period.
A key factor shaping the premium shoes market growth is product customization driving product demand. One of the emerging trends in the global premium shoe market is the customization of the shoes which is significantly contributing to the growth. Some of the key features of premium shoes that can be customized include the desired shape, form, design, graphics, and size of a product.
Moreover, there is an increasing focus by several market players to look for different designs, patterns, and styles of premium shoes due to ever-changing consumer preferences. Several prominent market players including New Balance, Adidas Group, Under Armour, and Nike offer customized sports and running shoes to their customers. Hence, such factors are positively impacting the market. therefore it is expected to drive the market growth during the forecast period.
The rise in the cost of raw materials is one of the key challenges hindering the market growth. There has been a significant increase in the cost of raw materials involved in the manufacturing of premium shoes due to various factors. There is growing competition among shoemakers due to the expanding demand for high-end shoes across the globe which has resulted in increasing demand for raw materials.
Moreover, it has become significantly difficult for manufacturers to source these raw materials due to the higher pressure on costs caused by the growing demand. Another factor that is significantly increasing the cost of raw materials is the currency exchange rates. There will be an increase in the cost of these raw materials if the currency of the nation where the raw materials are sourced appreciates against the currency used by shoemakers. Hence, such factors are expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Premium Shoes Market Customer Landscape
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 market.
Adidas AG: The company offers premium shoes such as Adidas sneakers, which include categories of cloud white and cloud blue.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The sports shoes segment is estimated to witness significant growth during the forecast period. Some of the main factors that are significantly fuelling the growth of this segment in the global premium shoes market include the high concentration of players in developed and emerging economies, the large number of SKUs, and the growing scope of international and regional sports tournaments across the world. In addition, there is an increasing health awareness among individuals which is fuelling the customer memberships in gyms contributing to the growth of the segment.
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The sport shoes segment was the largest segment and was valued at USD 18.08 billion in 2017. The premium sports shoes segment comprises cleats, running shoes, court game shoes, gym and training shoes, athleisure, and others (hiking, walking, aerobics, golf, and cricket shoes). This segment is specifically designed for those consumers who are involved in activities such as training, running, and working out in gyms. Athleisure is one of the most promising sub-segments in the premium sports shoes segment due to the increasing use of premium sports shoes as regular shoes, apart from their use in workplaces and as partywear. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during he forecast period.
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Europe is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main countries that are significantly contributing to the growth of the premium shoe market in Europe include several West-European countries such as the UK, Germany, France, Russia, and Spain. There is an increasing preference for fitness and outdoor activities in this region which is positively impacting the market.
Additionally, there is a significant increase in participation in sports in several European countries such as Germany, France, Spain, Italy, and the UK due to the various sports activities in the region. For example, Adidas Group, which is one of the key vendors, sells premium shoes through brands such as Stella McCartney, Adidas TERREX, Performance, and Porsche Design Sport in Europe. Hence, such factors are expected to drive market growth in Europe during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global premium shoes market witnessed a significant slowdown due to the temporary closure of retail outlets selling premium shoes in Europe. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of retail operations. Such factors are expected to drive the market during the forecast period.
The premium shoes market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Premium Shoes Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.38% |
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Market growth 2023-2027 |
USD 12.95 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.18 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 32% |
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Key countries |
US, China, France, Germany, and Italy |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adidas AG, ASICS Corp., Avia, British Knights Int B.V., Brooks Sports Inc., Caleres Inc., Columbia Sportswear Co., Kering SA, Lotto Sport Italia Spa, Mason Garments B.V, New Balance Athletics Inc., Newton Running Co. Inc., Nike Inc., PUMA SE, Salvatore Ferragamo S.P.A., Skechers USA Inc., Steven Madden Ltd., The Rockport Co. LLC, Under Armour Inc., and VF Corp. |
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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, and Market condition analysis for the forecast period. |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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