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The Global Sneakers Market size is forecast to increase by USD 29.91 billion, at a CAGR of 6.89% between 2023 and 2027. The market experiences growth fueled by key factors reshaping consumer preferences and market dynamics. With a surge in premiumization driven by innovative sneaker designs, consumers are increasingly drawn toward high-end footwear options. Moreover, the effectiveness of marketing strategies, including celebrity endorsements, amplifies brand visibility and consumer interest. Furthermore, the expansion of distribution networks broadens market reach, ensuring accessibility to diverse consumer segments globally. This dynamic market landscape underscores the pivotal role of sneakers in fashion and lifestyle choices, driving continued growth and evolution in the global footwear industry. This market growth analysis report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes market forecasts and historic market data from 2017 to 2021.
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In the realm of the Global Sneakers Market, fashion trends serve as influential drivers, guiding the design trajectory through both top-down and bottom-up approaches. From renowned brands to emerging contenders, the market showcases a rich tapestry of consumer preferences, where functionality harmonizes effortlessly with style. Catering to a broad spectrum of preferences and activities, adult sneakers epitomize versatility, comfort, and aesthetic allure. These footwear options resonate with contemporary consumers worldwide, offering a blend of functionality and fashion to suit diverse lifestyles and tastes.
This market growth analysis report extensively covers market segmentation by product (adult sneakers and children's sneakers), distribution channel (online and offline), and geography (APAC, Europe, North America, South America, and Middle East and Africa). This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. In the adult segment of the Global Sneakers Market, sneakers are not just footwear but a symbol of style, functionality, and individuality. Catering to a diverse range of consumers, from rock climbers to gym enthusiasts, sneakers have transcended their athletic origins to become a cornerstone of fashion trends worldwide. As consumer spending habits evolve, the market for athletic footwear continues to thrive, offering a wide array of options including leather, textile, and other materials. With offline and online retail channels providing accessibility, consumers can explore and purchase sneakers through both traditional brick-and-mortar stores and digital platforms.
The market share growth by the adult segment will be significant during the forecast period. The adult segment in the global market is a highly competitive and rapidly evolving industry. Over the years, there has been a significant increase in the demand among adults, driven by several demographic and socio-economic factors. One of the major factors fueling the growth of the adult segment is the rise in disposable incomes among working professionals and Millennials.
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The adult segment showed a gradual increase in the market share of USD 52.95 billion in 2017 and continued to grow by 2021. The shift to sustainable and environmentally sound footwear has also been seen in the segment of adult shoes. As consumers become more concerned about their carbon footprint, they increasingly demand the use of reprocessed materials or sustainable production practices in footwear.
APAC is estimated to contribute 36% to the growth of the global market 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. With the growing population and a rising demand for fashion and footwear, the market in the APAC region is expanding rapidly. The increasing demand for sports footwear is one of the most important factors that have led to growth in the Asia Pacific athletic footwear market. Due to the growing middle class, more people participate in physical activity and fitness activities leading to a greater demand for sports clothing and footwear.
In the Global Sneakers Market, the demand for leather footwear and textile & other footwear is fueled by a top-down approach, with consumers seeking branded sneakers and high-fashion sneakers driven by disposable income. However, concerns about counterfeit products persist, prompting a shift towards customized features and sustainable materials, especially in sneakers tailored for fitness-related activities like mid-top sneakers and low-top sneakers, including the innovative Nama sneaker.
The increasing premiumization due to the introduction of more innovative sneakers is notably driving market growth. Innovation plays a vital role in the market. This is because it enables products to be differentiated from competitors in a market and increases the performance of sports participants. Advanced technical fabrications, innovative design, and product development position as premium-priced products.
At present, customers demand innovative, high-quality products that deliver high performance. Advances in technology have enabled market competitors to introduce sport-specific footwear for basketball, football, rugby, trail running, golf, and other sports. Nike's Jordon footwear is manufactured with the technology of flight speed, which makes it easy for basketball players to get their feet moving on fast cuts and movements. Therefore, such factors are expected to have a positive impact on the profit margins of market competitors, which, in turn, is expected to escalate market growth during the forecast period.
The use of environment-friendly materials to manufacture sneakers is a primary trend in the sneakers market. With the emphasis on environmental protection, there has been a growing demand for sustainably produced products from customers. The growing demand for eco-friendly raw materials in its production processes is expected to have a positive impact on the global footwear market.
Moreover, to comply with their customer's requirements, the top competitors tend to focus more on making products that can reduce environmental impacts. Many other competitors have started manufacturing with the use of eco-friendly materials. Thus, factors are expected to fuel the growth of the global market growth and trends during the forecast period.
The volatile cost of raw materials is the major challenge in the market. In recent times, manufacturers like Nike, Adidas, and PUMA have been experiencing fluctuations in their profit margins. This is due to the fluctuating prices of raw materials and the increasing competition among market competitors. In recent times, the low costs of setting up have brought an influx of local players. The emergence of local players results in a price war among competitors. As a consequence, competitors in the global sneaker market are forced to cut prices for their products and thus profit margins. The profit margins of the competitors in the market are negatively affected by an increase in Raw Material Prices.
Thus, the continuous change in profit margins of the market competitors acts as a major challenge for the growth of the market. A factor that has a negative impact on their profit margins is the gap between cost fluctuations to competitors' ability to increase product prices. As a result of fluctuations in the prices of raw materials, producers are not able to anticipate their investment or control costs. Moreover, cost-driven end-users prefer low-cost footwear rather than investing heavily in global brands, which reduces the sales potential and revenue of global market competitors. Thus, such factors are expected to hinder the growth of the global market during the forecast period.
The market 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 Sneakers 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 sneakers such as Yeezy Boost, SoldernRun M, and Dezmer.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 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 market continues to thrive with the rising demand for branded sneakers and high-fashion footwear. However, the market faces challenges from counterfeit products, driving consumers towards authentic and customized options. Fitness-related activities are a significant driver, with sneakers being essential gear for workouts and sports. Sustainable materials are gaining traction, aligning with environmental concerns. Sneaker styles include mid-top and low-top varieties, with notable models like Nama sneaker and ASICS Metaracer leading the market. Carbon-plate running shoes are revolutionizing performance footwear, while collaborations with entities like Team Vitality cater to niche markets. The market also caters to fitness facilities, emphasizing the importance of sneakers in active lifestyles.
The market is characterized by a diverse range of offerings, from high-fashion sneakers to athletic footwear designed for performance. Customized features allow consumers to personalize their shoes, catering to individual preferences. Mid-top and low-top sneakers are popular choices across various segments, from athletes to fashion enthusiasts. However, the market faces challenges from counterfeit brands, emphasizing the importance of genuine shoe brands and luxury goods. Sneakers are not just for athletes; they also appeal to rock climbers and gym-goers. Fashion trends drive the demand for stylish products, while sports design ensures functionality. Materials like synthetic leather dominate the market, and the resale market for athletic sneakers continues to grow. Both online and offline retail outlets contribute to the industry's growth, supported by continuous product innovation.
The market showcases a variety of styles, including mid-top sneakers and lace-up footwear, catering to diverse consumer preferences. Branding plays a crucial role in influencing consumer spending patterns, with both leather and textile footwear offerings available. The market is witnessing a shift towards online retail, driven by convenience and accessibility. Market analysis is conducted through top-down and bottom-up approaches, leveraging platforms like national statistics, along with insights from independent outlets and third-party sources. Historical developments provide context, while performance indicators track the market's trajectory. Sneakers are not only fashion statements but also practical sportswear items, reflecting the evolving demands of consumers worldwide.
This market analysis and 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.
Sneakers Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.89% |
Market growth 2023-2027 |
USD 29.91 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.35 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adidas AG, Allbirds Inc., ANTA Sports Products Ltd., ASICS Corp., Berkshire Hathaway Inc., Boardriders Inc., Deckers Outdoor Corp., ECCO Sko A S, Fila Holdings Corp., Mizuno Corp, New Balance Athletics Inc., Nike Inc., On Holding AG, PUMA SE, Skechers USA Inc., TBL Licensing LLC, Under Armour Inc., Veja Faire Trade SARL, VF Corp., and Wolverine World Wide Inc. |
Market dynamics |
Market trends and 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. |
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 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
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