Athletic Footwear Market is Expected to Grow at a CAGR of 2.1% by 2022, Globally
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.
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.
Read complete report at: https://www.alliedmarketresearch.com/athletic-footwear-market
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.
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.