NEWARK, Del, June 27, 2024 (GLOBE NEWSWIRE) -- The golf shoes market is hovered for considerable growth over the forecast period, with an expected increase from USD 8,815.9 million in 2024 to USD 14,303.4 million by 2034, driven by the rising number of golfers worldwide. The industry is forecasted to exhibit a compound annual growth rate (CAGR) of 5% from 2024 to 2034, fueled by increasing golf participation rates among young demographics and women.
Integration of smart technology like sensors is an emerging trend to appeal to tech-savvy consumers, thereby improving the overall golfing experience and differentiating products in the competitive landscape. Furthermore, the golf footwear industry is witnessing the adoption of sustainable practices to meet the rising demand for eco-friendly products. Brands are increasingly focusing on the use of recycled and biodegradable materials, in addition to ethical sourcing, as key components of new golf shoe designs. This focus aligns with the industry's drive toward sustainability and is expected to surge innovation and growth globally.
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Active promotion of youth programs and women’s golf events by golf clubs and associations is contributing to a diversified and expanding customer base, while the surge in golf tourism and the popularity of high-profile tournaments continue to heighten interest in the sport. These demographic shifts are crucial for expanding the sector's presence beyond its traditional customer base, creating significant opportunities for development.
“Technological advancements and continuous innovation in product lines are significant trends propelling the growth of the golf shoes market,” says a Sudip Saha (Managing Director and Co-Founder at Future Market Insights)
Key Takeaways from the Golf Shoes Market Study:
- Spiked or cleated product types in the golf shoes market cover about 42.5% of the total value share for 2024.
- Synthetic materials hold the top position in the golf shoes market, with a share value of 18.7% for 2024.
- The golf shoes market in Italy is set to experience an exponential increase, with a 6.8% CAGR through 2034.
- The golf shoes market in Japan is projected to grow at a CAGR of 6.5% through 2034.
- The golf shoes market in Australia is predicted to rise at a 5.5% CAGR through 2034.
- The golf shoes market in Germany is anticipated to develop at a CAGR of 5.3% through 2034.
- The golf shoes market in the United States is estimated to rise at a 2.9% CAGR through 2034.
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Competitive Landscape:
Manufacturers are focused on integrating advanced technologies and using sustainable materials to increase sales in this sector. They are integrating high-tech technologies for the betterment of performance and catering to customers' growing needs. Major companies are collaborating and making new marketing strategies to acquire a wide customer base.
Key Company of the Golf Shoes Market:
- Nike, Inc.
- Adidas AG
- FootJoy
- Puma SE
- Skechers USA, Inc.
- Under Armour, Inc.
- ECCO Sko A/S
- Callaway Golf Company
- New Balance Athletics, Inc.
- ASICS Corporation
- Mizuno Corporation
- Acushnet Holdings Corp.
- True Linkswear
- Golfstream
- Kikkor Golf
Recent Developments:
- Jordan Brand debuted the Air Jordan 9 Golf “US Open” in a special colorway on June 3, 2024, featuring OG color schemes and golf-specific designs for its June 2024 release.
- Nike unveiled the Air Pegasus 89 G “Accept and Embrace” on June 2, 2024, inspired by North Carolina's colors for the U.S. Open at Pinehurst, catering to casual fans and sneaker enthusiasts.
- Under Armour launched the UA SlipSpeed golf shoes, targeted at dads, and offered discounts on featured sportswear, including men's golf gifts, women's shorts, kids' shoes, and new running shoes, on May 31, 2024.
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Key Segments of Golf Shoes Market Report:
By Product Type:
Spiked or cleated, spikeless, golf boots, and other product types are categorized in the golf shoes market.
By Material Type:
The golf shoe industry uses canvas, cotton, mesh, fabric, synthetic, rubber, leather, and other materials for making.
By Sole Type:
The segment is distributed to EVA, PU, Rubber, PVC, and other sole types.
By Consumer Orientation:
The sector is subdivided into male, female, and unisex.
By Sales Channel:
Direct sales/ exclusive stores, specialty stores, sports merchandise, departmental stores, online retailers, third-party consumers, direct-to-consumers, and other sales channels are included in this sector.
By Region:
A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.
Authored by:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Report from the Golf Shoes Market:
The second hand designer shoes market is valued at US$ 455.5 million as of 2023. It is expected to grow at a CAGR of 7.6% during the forecast period and is anticipated to be valued at US$ 947.7 million by 2033.
The global golf outfit market size is US$ 983.4 million in 2023 and is expected to reach US$ 2,036.70 million by 2033. The global market is estimated to capture a CAGR of 7.6% during the forecast period.
The global market for golf training aids is on track to become an ever-growing industry, creating a competitive environment for manufacturers in the forthcoming decade. In 2024, the market for golf training aids is expected to be worth around US$ 912.7 million. Between 2024 and 2034, the market is projected to grow at 5.10%, with a valuation of US$ 1,501.0 million.
The refurbished running shoes market is anticipated to flourish at a steady CAGR of 8.5% between 2023 and 2033. The market is expected to hold a market share of US$ 838.9 million by 2033 while the market is likely to reach a value of US$ 371.0 million in 2023.
The smart shoes market is likely to expand its roots at a robust CAGR of 22.7% during the forecast period. The market is expected to hold a share of US$ 269 million in 2023 while it is anticipated to cross a value of US$ 2.1 billion by 2033.
FMI projected that the global shoe insert market is likely to increase from US$ 42.38 billion in 2023 to US$ 71.68 billion by 2033. Due to the rising prevalence of arthritis, foot misalignment, and discomfort during sporting activities, the demand for shoe inserts is predicted to witness sustained profitability, with a CAGR of 5.4% expected by 2033.
The shoe insoles market valuation is estimated to reach US$ 6,122.8 million in 2024. In 2023, the market was valued at US$ 5,836.8 million. The market is predicted to grow at a healthy CAGR of 4.50% from 2024 to 2034. The valuation of the shoe insoles market is expected to reach US$ 9,508.5 million by 2034.
The sustainable footwear market is predicted to surge at an impressive CAGR of 6.4% during the forecast period. Starting at USD 9,784.7 million in 2024, the market is expected to expand significantly, reaching USD 18,247.9 million by 2034.
The basketball shoe market is anticipated to record a value of USD 2,761.5 million in 2024. The industry is projected to witness a CAGR of 3.8% in the ten-year time frame. The revenue projection for basketball shoes is going to be USD 4,013.6 million by 2034.
The athletic footwear market is projected to be valued at US$ 46.16 billion in 2024. The market is anticipated to report a CAGR of 4.80% for the forecast period to slingshot to US$ 73.98 billion by 2034. The sports and fitness products sector is gaining momentum due to rising fashion influence, endorsements, health benefits, and technological improvements.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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