Global Athletic Footwear Market will grow with 2.1% CAGR, 2016-2022
According to a new report by Allied Market Research, titled, “Athletic Footwear Market – Global Opportunity Analysis and Industry Forecast, 2015 – 2022” the athletic footwear industry is expected to generate revenue of $114.8 billion by 2022, growing at a CAGR of 2.1% from 2016 – 2022. Asia-Pacific accounted for the highest revenue in 2015, followed by Europe.
Browse World Athletic Footwear Market – Opportunities and Forecasts, 2015-2022
The end users comprise men, women, and kids. The men segment occupied a prominent share of 52.5% in the global athletic footwear industry, followed by the women segment in 2015. The huge consumer base of men segment enabled it to acquire the largest market share in the global athletic footwear market. The kids segment is anticipated to witness the fastest CAGR of 2.4% during the forecast period. Moreover, penetration of athletic footwear is expected to increase amongst women in developing countries owing to increasing consciousness towards health and fitness.
The segmentation by type includes sports shoes, running & walking shoes, hiking & backpacking shoes, and aerobic & gym wear shoes. Running & walking shoes accounted for the maximum market share of 40.7% in 2015, due to their widespread adoption as daily wear shoes by consumers, worldwide. North America exhibited the highest penetration of aerobic and gym wear shoes in 2015, owing to consumers involvement in gym and dance classes in countries such as the U.S. and Canada. Within the sport shoes category, soccer accounted for the momentous market share of 28.5% in 2015, due to growing popularity of the sport across the globe.
Asia-Pacific would lead the market throughout the analysis period, followed by Europe. The market in APAC is expected to witness the highest growth driven by the increasing disposable income, rising health awareness, and increasing demand for fashion footwear.
TOP STRATEGIES WINNING ATHLETIC FOOTWEAR MARKET
Market players have implemented various strategies in order to gain a competitive advantage and a stronger base in the market. Product launch and acquisitions and mergers have been the prominent strategies implemented by key players to increase their presence in the global market. Acquisition was implemented by players to acquire and undertake other companies to increase their market size and global presence. Prominent players such as Nike, Adidas, and Asics Corporation have regularly launched new products in the market and attracted the consumers with their new design and features. Joint ventures and partnerships were also used by players to increase their market presence.
The demand for athletic footwear products is increasing swiftly due to its usage in multiple conditions. Athletic footwear are products used by various consumers such as athletes, climbers and others. However, the various forms of athletic footwear are available in the market prepared from high quality raw materials such leather, foam, plastic and others are derived thorough addition of additives. The athletic footwear market is segmented on the basis of type, user, and geography. By type, it is categorized into sports shoes, running and walking shoes, hiking and backpacking shoes, and aerobic and gym wear shoes. Sports shoe is further categorized into tennis shoes, soccer shoes, basketball shoes, cricket shoes and others. By user, the market is segmented into men, women, and kids. A tremendous increase in youth fashion trends is seen, which may increase the demand for new products in the developing market. Geographically, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
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TOP FACTORS IMPACTING WORLD ATHLETIC FOOTWEAR MARKET
Emerging trends in sports and fitness
Obesity has been a major health issue in developed countries such as the U.S. and Europe, with one of three persons being obese. Consumers have focused on activities such as yoga, gym, and jogging to combat obesity, and hence, the demand for athletic footwear is higher in these countries. The increasing health awareness among consumers is expected to further increase this demand in the coming years.
Changing consumer lifestyle
Urbanization is one of the important factors 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 market 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 Worldly. 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 athletic footwear market has a huge opportunity owing to the emergence of e-commerce, which makes shopping simpler, easier, and more convenient. For instance, six of the ten largest U.S. retailers in 1990 paved the way for new players, such as Amazon.com, Costco, and Walgreens.
Key Findings of Athletic Footwear Market:
- Asia-Pacific is a lucrative market in terms of growth on account of increasing disposable income, rising health awareness, and increasing demand for fashionable athletic footwear
- Men segment is the highest revenue-generating segment in the global athletic footwear market followed by the women segment
- Tennis shoes are expected to be the fastest moving shoes segment within the sport shoes market, followed by soccer shoes
Product launches, joint ventures, partnerships, and acquisitions and mergers have been the key growth strategies used by existing market players to increase their business and market share. The key companies profiled include Asics Corporation, Adidas AG and Puma SE, VF Corporation, Nike, Inc., FILA, Inc., New Balance, Inc., Skechers Inc., K-Swiss, and Wolverine World Wide, Inc.
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