Wilmington, Delaware, United States, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global market for athletic footwear was estimated to be worth US$ 115.6 million in 2022. The market is anticipated to advance with a 4.6% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 180.2 million.
The popularity of outdoor sports as well as extreme activities like trekking, hiking, and caving has greatly grown recently due to the impact of social media. This trend is anticipated to boost the athletic footwear market size throughout the projected period. Athletic footwear is becoming more popular, especially among young people.
They make up a significant portion of an athlete's kit along with clothes and equipment. Field and track shoes are a crucial component of athletics because they improve performance, boost arch support, improve motor control, and give more stability with less risk of injury.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 115.6 Mn | |
| Estimated Value | US$ 180.2 Mn | |
| Growth Rate - CAGR | 4.6% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 160 Pages | |
| Market Segmentation | Product Type, Price, End-user, Distribution Channel | |
| Regions Covered | North America,Europe,Asia Pacific,Middle East & Africa,South America | |
| Companies Covered | Adidas AG,Asics Corporation,Brooks Sports, Inc.,Fila, Inc.,K-Swiss, Inc.,Lotto Sport Italia,New Balance Athletics, Inc.,Nike, Inc.,Puma SE,VF Corporation,Other Key Players | |
Key Findings of the Market Report
- In order to improve their market, share for sports footwear, vendors are employing a variety of marketing strategies.
- From 2023 to 2031, Asia Pacific is anticipated to have the greatest share.
- The growth of e-commerce is boosting the statistics for the athletic footwear business.
Market Trends for Athletic Footwear
- Vendors are employing a range of marketing initiatives to grow their market share for sports footwear. These programs support getting young people involved in sports.
- Nike debuted "How We Do" in February 2023 as a fresh initiative to encourage physical activity among adolescents who might not perceive themselves as being represented in sports. The program aims to dispel myths that discourage young people from becoming physically active and taking part in sports.
- The expansion of the sports footwear business, however, is anticipated to be constrained in the near future by environmental issues connected to pollution, uncertainty over the supply of raw materials, and increasing price sensitivity among some customer categories.
- Customers' purchasing habits have altered dramatically as internet and social media use has increased. In Germany, roughly 73% of online buyers prefer to purchase shoes, making them one of the most popular goods ordered online, according to a research from the International Trade Administration.
- According to the Trade Promotion Council of India, Indian e-commerce increased by 37% in 2022, demonstrating the significant hold that online platforms have on consumer preference. Growth in the e-commerce industry is boosting the statistics for the athletic footwear market.
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Global Athletic Footwear Regional Market Outlook
Various reasons are propelling the growth of the Athletic Footwear market in different regions. These are:
- From 2023 to 2031, Asia Pacific is anticipated to have the greatest share. The market dynamics of the area are being fueled by the rising popularity of various athletic activities, an increase in financial freedom, and expansion of the e-commerce industry.
- High levels of sports involvement, successful manufacturer marketing campaigns, and novel product offers are advancing the industry in North America.
Global Athletic Footwear Market: Key Players
The global sector is fragmented due to the existence of several sports footwear firms operating internationally. To remain competitive and draw in a wider client base, these businesses are creating fresh designs and implementing successful marketing techniques.
Some of the key manufacturers profiled in this report are:
- Adidas AG
- Asics Corporation
- Brooks Sports, Inc.
- Fila, Inc.
- K-Swiss, Inc.
- Lotto Sport Italia
- New Balance Athletics, Inc.
- Nike, Inc.
- Puma SE
- VF Corporation
- Other Key Players
Developments by the key players in the global market for Athletic Footwear are:
| Market Player | Year | Products Portfolio and Key Developments |
| Adidas | 2023 |
|
| Nike | 2023 |
|
| Pou Chen | 2023 |
|
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Global Athletic Footwear Market Segmentation
- By Product Type
- Aerobic Shoes
- Running Shoes & Walking Shoes
- Trekking & Hiking Shoes
- Sports Shoes
- Soccer Shoes
- Cricket Shoes
- Baseball Shoes
- Basketball Shoes
- Tennis Shoes
- Others (Rugby Shoes, Gym Shoes, etc.)
- By Price
- Low
- Medium
- High
- By End-user
- Women
- Men
- Kids
- By Distribution Channel
- Online
- Company-owned Websites
- E-commerce Platforms
- Offline
- Hypermarkets/Supermarkets
- Specialty Stores
- Brand Outlets
- Other Retail Stores
- Online
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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