Athletic Footwear Market is Anticipated to Witness High Growth Owing to Rising Consumer Spending on Sports and Fitness Activities

 

The athletic footwear market comprises various types of footwear such as running shoes, basketball shoes, soccer shoes, tennis shoes, and other sports shoes. Athletic footwear is designed for different sports and fitness activities to provide comfort, shock absorption, and stability. Advancements in sole technology, cushioning material and use of lightweight materials have revolutionized athletic footwear design. Athletic shoes are now an integral part of sports gear and the daily routine of fitness enthusiasts.

The Global athletic footwear market is estimated to be valued at US$ 85,047 Mn in 2024 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.

Rising consumer preference for comfortable and stylish footwear along with high involvement of consumers in sports and fitness activities is a major factor driving the demand for athletic footwear. Rapid urbanization and rising disposable incomes in developing countries is also fueling consumer spending on sports and athletics.

Key Takeaways

Key players operating in the athletic footwear market are Nike, Inc., Adidas Group, Crocs, Inc., Wolverine World Wide, Inc., Skechers U.S.A., Inc., Under Armour, Inc., Puma AG, Geox SpA, K- Swiss, New Balance. Nike dominates the global market with over 25% market share owing to its strong brand recognition and innovation in shoe design.

Rising health consciousness and desire for physical fitness among consumers presents significant opportunities for athletic footwear brands to expand their sports lifestyle offerings. Increasing interest in recreational fitness activities such as running, gym workout, tennis, basketball indicates long term demand growth potential for athletic shoes.

Major athletic footwear brands are focusing on global expansion by entering new regional markets and product endorsement & sponsorship of international sporting events and leagues. The Asia Pacific region excluding Japan is forecast to emerge as the fastest growing market for athletic footwear with growing sporting culture and spending power in China, India and other developing countries.

Market drivers:

- Rising participation rate in sports and recreational fitness activities is driving demand for specialized athletic shoes for running, basketball, soccer, tennis etc.
- Growing consumer inclination towards healthy lifestyle choices and regular exercise is positively impacting the market.

Market restrain:

- Availability of cheap counterfeit athletic shoes negatively impacts sales of established brands.
- Growing environmental concerns regarding use of plastic and other non-biodegradable materials in shoe manufacturing.

Segment Analysis

The athletic footwear market can be segmented based on end use, distribution channel and type. Within end use, the sports industry dominates due to high demand for shoes from professional and amateur athletes engaged in various sports. In terms of distribution channel, offline channels like brand outlets and specialty stores account for the largest share as consumers prefer to try the footwear before purchasing. However, the online segment is growing fast due to rising internet penetration and popularity of e-commerce. When it comes to type, running shoes constitute the dominant sub-segment. This is because running is a popular fitness activity worldwide and specialized shoes provide comfort and support to runners.

Global Analysis

North America contributes the highest share to the global athletic footwear market currently. The large and health-conscious population engaged in various sports and fitness activities drive demand. However, Asia Pacific is forecasted to be the fastest growing region during the forecast period. Countries like China, India and Indonesia are expected to witness rapid growth due to rising incomes, increasing health awareness and participation in sports at grassroots levels. Growing middle class and urbanization will further aid market expansion in Asia Pacific.

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