(MENAFN- EIN Presswire) Athletic Footwear Market Report
The soccer shoes segment is expected to be the fastest growing segment of athletic footwear market, followed by basketball shoes segment.
PORTLAND, OREGON, UNITED STATES, May 25, 2023 /einpresswire.com / -- According to a new report published by Allied Market Research, titled,“athletic footwear market by type, end user, and distribution channel: global opportunity analysis and industry forecast, 2021–2030,”the global athletic footwear market was valued at $109.7 billion in 2020, and is projected to reach $165.0 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030. The running & walking shoes segment dominated the market in 2020, in terms of revenue.
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Changing paradigm of educational system supports growth of the sports industry and industries dependent on it. In addition, rise in sports education and sports training in academics has significantly increased awareness toward sports and fitness. Thus, many schools/educational institutes offer training to students, providing them an opportunity to compete in various sports competitions. In addition, busy and hectic lifestyle, coupled with growing instances of consumers choosing outdoor activities such as adventure sports to unwind or break monotony of their daily life boosts the athletic footwear market growth. Furthermore, initiatives taken by various governments in countries such as India, and Australia to promote sports, health, and fitness have led to increased consciousness about sports and sports-related products such as sport shoes, running &walking shoes, and tracksuits, which, in turn, drives growth of the market.
Polyester, rubber, EVA foam, cotton, synthetic leather, and leather are the six main raw materials used for manufacturing athletic footwear. There has been a continuous rise in prices of these raw materials in past few years. The prices of raw materials directly affect production cost of the products, thereby leading to increase in the market price of the finished product. This acts as a restraint for the athletic footwear industry.
The athletic footwear market is segmented on the basis of type, end user, distribution channel, and region. By type, it is categorized into sports shoes, running & walking shoes, hiking & backpacking shoes, and aerobic & gym wear shoes. By end user, it is segmented into men, women, and kids. Region wise it is classified into North America, Europe, Asia-Pacific, and LAMEA.
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The key players operating in the athletic footwear market have adopted product launch, business expansion, and merger & acquisition as its key strategies to expand their market share, increase profitability, and remain competitive in the market. Leading players analyzed in the athletic footwear market analysis includes-Asics Corporation, Adidas AG, Puma, VF Corporation, Nike, Inc., FILA Korea, Ltd., New Balance, Inc., SKECHERS, Inc., K-Swiss, Inc., and Wolverine World Wide, Inc.
Key findings of the study
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.
The men segment is the highest revenue-generating segment in the global athletic footwear market, followed by the women segment.
The soccer shoes segment is expected to be the fastest growing segment of athletic footwear market, followed by basketball shoes segment.
The hypermarkets/super markets segment is the dominating distribution channel worldwide in athletic footwear market.
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