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The Global Sneakers Market size is poised to grow by USD 34.75 billion at a CAGR of 7.44% between 2023 and 2028. The major factor driving growth is the surge in premiumization, driven by innovative sneaker designs attracting consumers to high-end footwear. Additionally, effective marketing strategies, including celebrity endorsements, amplify brand visibility and consumer interest. The expansion of distribution networks ensures accessibility to diverse consumer segments globally, further propelling market growth.
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The market share growth by the adult sneaker 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 as well as the introduction of new styles such as chunky sneakers. 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 sneaker segment showed a gradual increase in the market share of USD 55.94 billion in 2018. 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 34% 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 dynamic world of footwear, sneakers continue to hold a significant market share, particularly in the realm of sportswear. According to the Statista platform, the global sneakers market size was valued at approximately USD70 billion in 2020 and is projected to grow at a steady pace. This growth can be attributed to various factors, including the adoption of a top-down approach by brands, focusing on high-end collaborations and limited-edition releases, and the bottom-up approach, catering to the increasing demand for affordable, trendy options. The sneakers market encompasses a wide range of footwear, including leather footwear and textile other footwear. Leather sneakers, with their durability and classic appeal, remain a popular choice among consumers. Meanwhile, textile other footwear, with its lightweight and breathable nature, is gaining traction due to its suitability for various activities. Overall, the sneakers market continues to evolve, offering consumers a diverse array of options to suit their preferences and needs.
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 sneakers market share 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.
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 sneaker market value and 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 research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
This sneakers market research analysis report 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 and premium shoes. Fitness-related activities are a significant driver, with sneakers being essential gear for workouts and Sport wear. 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.
Moreover, the sneakers market share 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 impacting the sneaker market value.
Additionally, 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. The Sneaker 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.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
Market Growth 2024-2028 |
USD 34.75 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.4 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
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, Deckers Outdoor Corp., ECCO Sko AS, 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 |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the 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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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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