- Key Players Covered are ASICS, Nike Inc., Diadora S.p.A., Adidas Group, Puma SE, Converse, Reebok, MIZUNO Corporation, Sketchers, USA Inc., Armor Inc. and more players booming in Sports Footwear Market
PUNE, India, Feb. 21, 2020 /PRNewswire/ --The global Sports Footwear Market size is projected to reach USD 142.40 billion by 2026 attributable to the rising prevalence of sports culture. Sports footwear is mainly designed for any physical exercise or sports activities. Sports footwear are highly preferred due to their physical properties such as motion control or torsional stability, flexibility, and others. Such benefits have increased the demand for sports shoes in the market worldwide.
According to the report published recently by Fortune Business Insights™ titled, "Sports Footwear Market Size, Share & Industry Analysis, By Gender (Men, Women, and Kids), End-User (Professional Users and Recreational Users), Distribution Channel (Online and Offline), and Regional Forecasts, 2019 - 2026" the market value was USD 98.70 billion in 2018 and will rise at a CAGR of 4.8 % from 2019 to 2026.
Highlights of the Report:
The report on the Sports Footwear Market offers a comprehensive overview of the market and its growth parameters such as drivers, restraints, and challenges. It also focuses on major industry developments and key insights into the market. The report presents a detailed segmentation of the market based on factors such as gender, end-user, distribution channel, and regions. Besides this, the report lists the names of players operating in the market and the key strategies adopted by them to compete for the top position in the market. Furthermore, the report lists the current Sports Footwear Market trends and opportunities.
List of best manufacturers in the Sports Footwear Market are mentioned below;
Sketchers, USA Inc.
Major Growth Drivers:
Increasing Inclination Towards Physical Fitness Will Promote Growth
The rise in participation in sports activities worldwide is a major factor promoting the Sports Footwear Market growth. This, coupled with the increasing number of people suffering from health issues due to the adoption of a sedentary lifestyle, is propelling the need for physical fitness and exercises daily. Such factors are likely to increase the demand for sports shoes worldwide, thereby accelerating the rate of growth for the sports shoes market.
Moreover, governments of various nations are encouraging sports and recreational activities at schools and college levels. They are organizing various sports championships at district, state, and national levels to provide an opportunity for sports enthusiasts and boost the spirit of sports among youth. For instance, the Government of India is investing in programs for supporting the youth and encouraging them to participate in sports activities by organizing various platforms such as 'Khelo India', and others. To cite another example, Maharashtra bagged the trophy at Khelo India 2019 games. There was active participation of 10k pupils and 5,925 athletes.
Asia Pacific to Grow Robustly Owing to Government-supported Initiatives
On the basis of regional segmentation, the global Sports Footwear Market is categorized into the regions of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Each of these regions is further segmented into nations. Among these, North America held the largest sports shoes market share and generated a revenue of USD 41.12 billion in 2018 and USD 42.89 billion in 2019. This is owing to the presence of rich sports culture and high preference for other similar activities, especially in the U.S.
On the other side, Asia Pacific is anticipated to witness robust growth in the forecast period on account of the increasing inclination towards fitness and sports activities. Besides this, the increasing number of the struck-down by disease population such as high blood pressure, diabetes, and cardiac disorders has propelled people to give importance to physical activities such as walking, jogging, running, yoga, and others. This is further expected to promote the sports shoe market demand in the years to come.
Moreover, governments in developing nations such as India are promoting sports and recreational activities by making it a compulsory subject in schools. Thus, such initiatives will help add impetus to the regional sports shoe market growth in the forecast duration.
Launch of Innovative Products to Intensify Market Competition
Players operating in the Sports Footwear Market are keen on launching advanced products that are both innovative and will fulfill the requirement of the consumer. For instance, a Fast Flexweave running show was launched by Reebok, with the latest cutting-edge technology. Such innovations are encouraging other players to invest more in product development and maintain a strong foothold in the market. The presence of more sports and physical activity enthusiasts is likely to aid in the expansion of the regional market in the forecast period on the one side, and earn high Sports Footwear Market revenue on the other.
Key Industry Development of the Sports Footwear Market Include:
August 2018 – Reebok launched its first-ever bio-based sports shoe, consisting of 75% plant-based fibers namely corn, and cotton.
April 2017 – Carbon, a sports show startup company, collaborated with Adidas for the manufacture of 3D printed shoes.
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