Global sports footwear market

Global Sports Footwear Market Size, Share, Growth Analysis, By Gender(Men, Women), By Distribution Channel(Offline, Online) - Industry Forecast 2024-2031

Report ID: SQMIG25L2016 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 62 | Figures: 75

Global Sports Footwear Market News

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Sports Footwear Market size was valued at USD 127.3 billion in 2019 and is poised to grow from USD 133.54 billion in 2023 to USD 205.39 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).

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. 'Nike, Inc.', 'Adidas AG', 'PUMA SE', 'Under Armour, Inc.', 'New Balance Athletics, Inc.', 'ASICS Corporation', 'Skechers USA, Inc.', 'Reebok International Ltd. (a subsidiary of Adidas AG)', 'Vans, Inc. (a subsidiary of VF Corporation)', 'Converse Inc. (a subsidiary of Nike, Inc.)', 'Brooks Sports, Inc.', 'Li-Ning Company Limited', 'K-Swiss Inc.', 'Mizuno Corporation', 'Fila Korea Ltd.', 'Anta Sports Products Limited', '361 Degrees International Limited', 'Wolverine World Wide, Inc.', 'Columbia Sportswear Company', 'The North Face (a subsidiary of VF Corporation)'

People's knowledge of health and fitness has grown, and so has the number of people participating in sports and physical activity, demonstrating positive sports footwear market growth. Additionally, the market growth will be impacted by the increasing innovation in sport's shoes, such as improved functionality and lightweight running shoes. Manufacturers are offering customisable alternatives for rapidly changing preferences in order to appeal to more consumers.

One of the key trends that will contribute to the market expansion is the use of environmentally friendly materials in the production of sports shoes. Consumer demand for eco-friendly footwear is growing as environmental protection is given more attention. Additionally, a number of firms are working to meet customer needs and maintain a consistent focus on creating shoes that are environmentally friendly and sustainable. For instance, Adidas unveiled its first ecologically friendly, 100% recyclable running footwear product in April 2019.

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.

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