USD 97.42 billion
Report ID: SQSG25L2001 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 62 | Figures: 64
Sports Footwear Market size was valued at USD 97.42 billion in 2021, and it is expected to reach a value of USD 134.99 billion by 2028, at a CAGR of 4.8% over the forecast period (2022 - 2028).
The COVID-19 pandemic's effects have been unprecedented and overwhelming on a global scale, with sports shoes experiencing a decline in demand in every region. According to an analysis, the market experienced a drop of -8.94% in 2020 compared to the average year-over-year increase during 2017–2019. Sports shoes are primarily made for physical activities like sports or other types of exercise. Due to their ability to provide flexibility, stability, or motion control, they are crucial for athlete’s road traction, torsional stability, and other advantages. The item is in high demand growing at an impressive rate due to the increase in sporting events.
In addition, there is a high level of competition in sports like football, baseball, hockey, and others number of competitors, which will fuel market expansion. As reported by the Australian Males and females both actively participate in cricket, according to the National Cricket Census females. Additionally, approximately 1.5 million Australians actively participate in cricket programmes or contests. As a result, more people are likely to participate in sports so as to assist the market.
US Sports Footwear Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 97.42 billion
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The global sports footwear market has been segmented based on gender, distribution channel, and region. Based on gender, the market is segmented into men, women, and kids. Based on the distribution channel, the market is segmented into offline and online. Based on region, the sports footwear market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Distribution Analysis
The offline market sector is anticipated to dominate the global sports footwear market. Retail establishments including supermarkets, brand outlets, and outlet stores are included in this sector. To enhance their consumer base and geographical reach, some well-known corporations plan to open retail locations in emerging markets. For instance, the biggest sportswear brand, PUMA, debuted it's a first interactive and remodelled retail location in India in October 2019.
Due to the rising number of internet users and the simple accessibility and availability of a broad variety of sports footwear at an affordable price, the online segment is anticipated to develop at the fastest rate.
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With a 32.6% market share in 2021, the North American region dominated the global sports footwear market. Due to the rising number of people who engage in outdoor sports and adventurous activities, the market is anticipated to expand. For instance, it was calculated that 50.5% of Americans participated in outdoor activities. In addition, it is anticipated that the expanding number of e-commerce companies fueling goods purchases will increase demand. In 2020, business-to-consumer e-commerce sales in the US totalled $1,098 billion.
Through the projection period, the Asia Pacific region is anticipated to experience considerable growth at a CAGR of 5.1%. The sports footwear market is anticipated to rise as a result of increased consumer expenditure, which is supported by strong economic growth and higher disposable income. GDP per capita in East Asia Pacific increased to 26.925 trillion from 26.351 trillion. As more individuals take up sports as a hobby or a profession, the booming growth of several sports industries, including cricket, football, basketball, and others, will boost the global sports footwear market. In September 2019, the Indian Premier Competition's brand worth climbed by 7%.
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There are many regional and international competitors in the athletic footwear business, which makes it competitive. Businesses compete on a range of factors, such as product offerings, price, material quality, and marketing activities, to gain a competitive advantage in the market. Businesses use social media and digital marketing to let customers know when new products are launched. E-commerce has seen significant growth in recent years and is one of the favoured channels for the market's key participants. For instance, In January 2021, Patta and New Balance joined to collaborate on New Balance’s 991 sneakers. The new product would be known as the Patta x New Balance M991Pat, which will feature a dusty pink/light petrol colourway.
Top Players in the Global Sports Footwear Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by distribution channel, the offline segment dominated the global sports footwear market in 2021 and is anticipated to maintain its dominance over the forecast period. In 2021, North America dominated the global sports footwear market owing to the region's engagement in outdoor sports and adventurous activities.
|Market size value in 2021||USD 97.42 billion|
|Market size value in 2028||USD 134.99 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Sports Footwear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sports Footwear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Sports Footwear Market:
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Product ID: SQSG25L2001