Newark, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 129.52 Billion in 2022 athletic footwear market will reach USD 228.25 Billion by 2032. Rising interest in and understanding of the health benefits of sports and fitness activities, an expanding retail e-commerce industry globally, and rising levels of consumer disposable income are likely to be the key trends driving market growth. Young people are growing increasingly interested in leading a healthy lifestyle, which is contributing to an increase in participation in sports and other related activities. Simultaneously, individuals have begun to understand that sports and exercise activities can assist protect excellent health and lessen the chance of chronic ailments such as depression, cardiovascular disease, and diabetes.
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Key Insight of the Athletic Footwear Market
Asia Pacific is anticipated to expand at the highest CAGR of 8.63% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 8.63% over the forecast period. This is primarily due to the region's large population base and cheaper average selling price of sports footwear when compared to richer economies. India is the leading revenue contributor to regional market growth, which can be due to citizens' interest for sports, fitness, and adventure activities such as aerobics, trekking, training, and trail running.
The trekking & hiking shoes segment is expected to register the highest CAGR of 9.16% over the projected period in the athletic footwear market.
The trekking & hiking shoes segment is anticipated to grow at the highest CAGR of 9.16% in the athletic footwear market. Hikers are experiencing more comfort and flexibility due to technological developments. For example, W.L. Gore & Associates, Inc., in collaboration with Salewa, developed the first iteration of surround technology. GORE-TEX laminates are included into the shoe uppers of trekking and hiking shoes to encircle the foot from all sides and expel sweat and heat out of the shoes via side ventilation.
Over the projected period, the women segment is expected to register the highest CAGR of 9.81% in the athletic footwear market.
Over the forecasted period, the women segment is anticipated to grow at the highest CAGR of 9.81% in the athletic footwear market. Advanced countries have far higher levels of fitness awareness among women than poor countries. However, the situation is increasingly changing in emerging nations as a result of government efforts to encourage women to participate actively in sports and other fitness-related activities. This is expected to significantly increase sales of women's athletic footwear in emerging markets.
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Market Dynamics
Driver: A growing need for running shoes
Rising demand for running shoes is expected to drive market growth. The growing demand for everyday running shoes, as well as the availability of these shoes at a wide range of costs ranging from economical sports shoes to truly fine ones, will fuel market growth. Running shoes include shoes for advanced running, road running, training, track running, trail running, and racing. Increasing technological advancements that have given hikers more freedom and comfort are expected to drive market growth.
Restraint: Growing environmental concerns
Growing environmental concerns are expected to hinder the growth of the athletic footwear market. Environmental groups and the government's active pollution-fighting measures are expected to constitute an important barrier to business growth. Business is a big polluter of the environment and waterways.
Opportunity: Athleisure's influence and growing sports participation
According to the athleisure trend, consumers are increasingly selecting for designer athletic shoes that include elements of sports design. Furthermore, a consumer shift towards more active lifestyles is driving global demand for cycling and running footwear. The rising popularity of fitness and sporting activities such as running, aerobics, swimming, and yoga would open up multiple chances for market participants in the global athletic footwear market. Furthermore, as more women participate in sports and fitness activities, the demand for stylish and comfortable sports footwear grows. As a result of this problem, more sports footwear is being purchased by customers, particularly women.
Some of the major players operating in the athletic footwear market are:
• ASICS Corporation
• Under Armour, Inc.
• New Balance Athletics, Inc.
• Nike, Inc.
• Reebok International Ltd.
• Adidas AG
• Lotto Sport Italia S.p.A
• Puma SE
• Fila Inc.
• Vans, Inc.
Key Segments cover in the market:
By Type:
• Running Shoes
• Trekking & Hiking Shoes
• Aerobic Shoes
• Sports Shoes
• Walking Shoes
By End-user:
• Women
• Men
• Children
By Region
• 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 the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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