Newark, NJ, Jan. 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global athletic footwear market is expected to grow from USD 72.04 billion in 2019 and to reach USD 108.49 billion by 2027, growing at a CAGR of 5.25% during the forecast period 2020-2027.
People being passionate and enthusiastic about sports and fitness and raising awareness, as well as the blooming retail e-commerce sector worldwide, and increased amount of disposable income of consumers are to play a vital role in the growth of the market. A healthy lifestyle has also become a promising trend among youngsters, which leads them to participate in sports activities and events. Performing these sports activities can assure better health and can minimize the risk of different chronic diseases such as diabetes, cardiovascular diseases and depression.
Athletic footwear are the shoes utilized for training and sports activities. Analyzing the trends worldwide, athletic footwear can also be used as fashion and casual footwear by people of all age groups. The market also offers various brands of shoes according to customers' need and their purchasing capacities. Many promotional functions, innovative product launches, and online channels have led to the development of the athletic footwear market. Huge expenditures in brand building and marketing are done by key business players owing to the market's high competitiveness. These assist them in establishing their brand value in the market and attracting buyers to grow sales volume. Various small-scale manufacturers in the market also offer robust competition to large market players. The use of synthetic rubber has raised environmental concerns, and increasing prices of raw material are the challenges faced by the market.
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It is also being realized that appropriate shoes should be used for any sports activities to prevent unnecessary back pain, hip pain, knee pain, leg injuries and muscle injuries. This is resulting in a sharp rise in the demand for athletic shoes over the coming years. To increase the stability and the comfort of the sports shoes, prominent players like New Balance Athletics, Inc., Skechers USA, Inc., Adidas AG and Nike, Inc. are focusing on promoting innovative technologies. For example, a Forged Mesh has been innovated by Adidas AG. It is a single layer shoe top with a ribbed pattern designed with the help of ARAMIS motion capture technology for managing the pressure exercised on the foot. The technology offers the highest adaptability and sufficient support along the ankle in order to assure easy foot action. Stableframe, Promeknit, Climachill, Bounce, Boost, Adaptive Traxion are the distinct technologies offered by Adidas AG.
Key players operating in the global athletic footwear market include ASICS Corporation, Under Armour, Inc., New Balance Athletics, Inc, Adidas AG, Lotto Sport Italia S.p.A, Fila Inc and Vans. To gain a significant market share in the global athletic footwear market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
The running shoes had the highest share of 24.88% in 2019
The category segment includes sports shoes, trekking & hiking shoes, walking shoes, running shoes and aerobic shoes. Shoes used for racing, trail running, road running, advanced running and training are included in the category of running shoes. In 2019, the market was dominated by the running shoe segment due to regular usage and the high availability of these shoes with varying prices and comfort.
The e-commerce segment is expected to show the highest share over the forecast period
The retail channel segment includes e-commerce and store. E-commerce segment is expected to register the highest share in the global athletic footwear market over the forecast period. The e-commerce channel is augmenting notable growth around the world. China is expected to show the largest share in the e-commerce segment. The share of e-commerce in China is the highest as compared to other countries across the globe.
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Regional Segment Analysis of The Athletic Footwear Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global athletic footwear market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America had the highest share of 26.05% in the global athletic footwear market in 2019. It is also expected to show a significant growth over the forecast period. Key revenue contributor in the regional market is the United States, due to high enthusiasm among citizens for adventure activities, fitness and sports, like trail running, training, hiking and aerobics.
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About the report:
The global athletic footwear market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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