Athletic Footwear Market Overview
Global Athletic Footwear Market is expected to reach $114.8 billion by 2022, growing at a CAGR of 2.1% during the forecast period 2016 - 2022. Athletic footwear refers to those shoes that are designed for sports and other outdoor activities. Yet, the global consumption volume indicates a trend of these being used as casual and fashion footwear by people of all age groups. The market offers a variety of footwear with options in color, design, and price to cater to the needs and purchasing abilities of individual customers. Sales expansion through online channels, innovative product launches, and attractive marketing and promotional strategies that are adopted by the companies have fueled the growth of the athletic footwear market size. The market is highly competitive with players making huge investments in marketing channels and brand building. This highlights their presence and helps establish their brand value to attract an increased volume of consumers. There are numerous small-scale manufacturers that offer tough competition to the athletic footwear giants. Increasing environmental concerns over synthetic rubber and the rise in raw material prices have emerged as major challenges for the market.
The successful development strategies adopted by the companies are discussed in this report. This helps highlight the recommended growth strategies for the market.
TOP WINNING STRATEGIES FOR ATHLETIC FOOTWEAR MARKET
Market players strive continuously to gain a competitive advantage over their competitors and build a stronger base for themselves. Product launch, acquisitions, and mergers have been the prominent strategies implemented by key players to increase their footprints in the global market. Certain companies’ implemented acquisition to undertake the manufacturing facilities and distribution channels of the acquired company to spin profits or expand global presence. Prominent players, such as Nike, Adidas, and Asics Corporation, have regularly launched new products in the market. The continuous variety addition to their product portfolio helps attract consumers with their innovative design and features. Players also used joint ventures and partnerships to increase their consumer base or product portfolio.
GLOBAL ATHLETIC FOOTWEAR MARKET SEGMENT REVIEW
The demand for athletic footwear products is increasing rapidly due to its usage in sundry conditions. Athletic footwear are products used by various consumer types such as athletes and climbers.
Then there are fitness conscious customers, gym goers, and ones who use them during mild fitness routines. The various types of athletic footwear available in the market are prepared from high quality raw materials, such as leather, foam, and plastic, which involve the use of advanced chemical additives. The athletic footwear market is segmented on the basis of type, user, and geography. By type, it is categorized into sports, running, and walking shoes; hiking and backpacking shoes; and aerobic and gym wear shoes. Sports shoe segment is further categorized into tennis shoes, soccer shoes, basketball shoes, and cricket shoes. By user, the market is segmented into men, women, and kids. A tremendous drift in youth fashion trends has been witnessed, which may increase the demand for new products in the developing market. Based on geography, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
TOP IMPACTING FACTORS FOR ATHLETIC FOOTWEAR MARKET
Emerging trends in sports and fitness
Obesity is a major health issue in developed countries, such as U.S. and Europe, with one out of three persons being obese. The regional populace is focused on activities such as yoga, gym, and jogging to combat obesity. Hence, the demand for athletic footwear is higher in these countries. The rising health awareness among consumers is expected to further increase this demand in the coming years.
Changing consumer lifestyle
Urbanization is an important factor that influences consumer lifestyle. According to the Department of Economic and Social Affairs, Population Division (2014) of the United Nations, 54% of the world’s population resided in urban areas in 2014, and by 2050, 66% of the world’s population is expected to move to urban areas. North America, Latin America, and Europe are the most urbanized regions with a large consumer base and emerging fashion trends. The changing consumer lifestyle is expected to increase the demand for the athletic footwear in the coming years.
Emerging role of e-commerce
E-commerce, or electronic commerce, which involves buying and selling products and services exclusively through electronic channels, has a huge demand globally. The most well-known form of e-commerce is online shopping. E-commerce has simplified the purchasing process for consumers by making it easier and more convenient. Online shopping is more popular in developed countries, such as America and Japan, compared with developing countries such as India and China. The current retail scenario is different from what it was ten years earlier. The industry has a huge opportunity owing to the emergence of e-commerce, which makes shopping simpler, easier, and more convenient. For instance, six out of the ten largest U.S. retailers in 1990 paved the way for new players, such as Amazon.com, Costco, and Walgreens.
ATHLETIC FOOTWEAR MARKET KEY BENEFITS
- This report provides an extensive market scenario, covering the current trends and revenue figures that are forecast from 2016- 2022
- Market intelligence for key development strategies adopted by top companies are explained through comprehensive impact analysis
- Practical evaluation of the key market drivers and restraints for global athletic footwear industry segments such as applications and type are dealt with efficiently
- Emphasis is laid on key athletic footwear market trends that have a direct impact on the growth figures. These factors are critically analyzed to reveal the most impactful influencing factors
- Patent analysis of recently granted patents are explained according to geographies that give market intelligence of future trend and transitions
ATHLETIC FOOTWEAR MARKET KEY SEGMENTS
By Product Types
- Sports shoes
- Tennis Shoes
- Soccer Shoes
- Basketball Shoes
- Cricket Shoes
- Running and walking shoes
- Hiking and backpacking shoes
- Aerobic and gym wear shoes
- North America