by The global Athletic Footwear Market is estimated to be valued at US$ 92304.28 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The athletic footwear market includes various types of shoes such as running shoes, tennis shoes, basketball shoes, soccer shoes, cricket shoes, and other sport-specific footwear. Athletic footwear is designed to provide lightweight cushioning, breathability, flexibility, and traction for sports or other physical activities. These shoes absorb shock during physical activities, improve stability, and provide impact protection to reduce the chances of ankle and foot injuries. The rising health-conscious population worldwide is increasingly participating in fitness activities such as jogging, marathon, gym workout, and other sports. This is driving the demand for comfortable, durable, and supportive athletic footwear across the globe.
Market key trends:
One of the key trends in the athletic footwear market is the emergence of ultra-lightweight athletic footwear. Manufacturers are focusing on developing footwear with lighter and thinner materials such as engineered mesh, translucent outsole, Phylon midsole foam to reduce weight without compromising on cushioning and support. Another trend is the growing demand for customizable athletic footwear. Companies such as Nike and Adidas offer platforms allowing consumers to design their customized shoes with multiple color and material options. Athletic footwear brands are also focusing on using sustainable materials including recycled plastics, organic cotton, plant-based foam and others to reduce environmental footprint.
Porter’s Analysis
Threat of new entrants: The athletic footwear market requires huge capital investments and R&D spending to develop new innovative products. Established brands have strong brand loyalty that poses entry barriers for new players.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of numerous substitutes and established brands. They can easily switch to alternatives based on price and promotions.
Bargaining power of suppliers: A few raw material suppliers and contract manufacturers dominate the industry. However, established brands can negotiate better prices due to their scale of operations and high demand.
Threat of new substitutes: Functional clothing and accessories can be used as alternatives for performance and sports activities. However, footwear still remains a necessity.
Competitive rivalry: The market is highly competitive with the presence of global brands. Companies compete based on product quality, innovation, brand image, and endorsements.
Key Takeaways
The Global Athletic Footwear Market Size is expected to witness high growth, exhibiting CAGR of 1.8% over the forecast period 2023 to 2030, due to increasing health awareness and participation in sports and fitness activities.
The North American region dominates the athletic footwear market holding over 40% share owing to the high disposable incomes and growing popularity of sports. The Asia Pacific region is anticipated to be the fastest-growing market for athletic footwear due to rapid urbanization, rising health consciousness, and improving economic conditions in major countries like China and India.
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. Nike leads the market with its innovative product launches and strong brand image among sports personalities and customers across regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
