Athletic Footwear Market to Reach US$ 135.6 Billion at a CAGR of 4.8% by 2033: Fact.MR Report

Rockville , Sept. 27, 2023 (GLOBE NEWSWIRE) -- The global Athletic Footwear Market size is valued at US$ 82.56 Billion in 2022 and is expected to expand at a CAGR of 4.8% during the forecast period, reaching US$ 135.6 Billion by 2033. Increased enthusiasm and awareness regarding the health benefits of sports and fitness activities, the prosperous retail e-commerce sector worldwide, and increasing levels of disposable income of consumers are estimated to be the key trends driving the market growth.

Youngsters are getting keen on adopting a healthy lifestyle and are hence participating actively in sports and other related activities. At the same time, people have started realizing that sports and fitness activities can help in assuring good health and reduce the risk of chronic disorders such as depression, cardiovascular diseases, and diabetes.

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Key Segments of Athletic Footwear Industry Research Report

COVID-19 has had a potential impact on U.S. athletic footwear and activewear businesses. In terms of brands, Nike brand footwear sales declined in the high teens, Brand Jordan was down in the low teens, and Converse dropped by more than 30%. Adidas, Skechers, ASICS, and Vans declined in the teens, Under Armour was down about 25%, and Fila declined by nearly half.

Key Takeaways

• Growing interest of people regarding sports activities and health and fitness, and the flourishing e-commerce industry is anticipated to drive the sales of the athletic footwear industry.
• The US athletic footwear industry is anticipated to grow at a CAGR of 4.1%.
• The athletic footwear sales in China will witness a growth of 4.41% CAGR.
• The athletic footwear industry of the UK will expand at a CAGR of 4.19 %.
• The North American market will account for the highest revenue share during the forecast period.
• Economy athletic segment is anticipated to retain its dominance with a CAGR of 4.50%.
• The men segment accounted for the highest revenue share of 57% in 2022.

On looking at specific categories, those pertaining to spring sports were the hardest hit as most of these sports have been canceled or postponed - baseball, soccer, and golf shoe sales declined an average of 30%. Performance basketball and sports lifestyle each decreased in the mid-teens. Running footwear sales also dropped in the mid-teens, and skate shoes (which were fast-growing before the pandemic) were also hard hit in the period. On the bright side, Brooks had a mid-single-digit increase and Puma improved in the low singles.

People are also increasingly realizing the importance of using the appropriate type of shoes for sports activities to prevent muscle injuries, leg injuries, knee pain, hip pain, and back pain. As a result, the demand for athletic shoes is anticipated to register a steep rise over the coming years. The demand for athletic footwear products is increasing rapidly due to their usage in various conditions. Athletic footwear products are used by various consumers such as athletes and climbers. In addition, there are fitness-conscious customers, gym-goers, and people who use them for mild fitness routines. Various types of athletic footwear available in the market are prepared from high-quality raw types, such as leather, foam, and plastic, which involve the use of advanced chemical additives.

Rising environmental concerns are hindering the growth of the athletic footwear industry. Active measures are taken by the government and environmental groups toward pollution which is holding back the growth of the market. Industry is one of the main causes of the pollution of the waterbodies and environment. For instance, Puma along with other sportswear brands including Nike and Adidas was addressed as ‘Dirty Laundry’ as the subject of a report by the environmental group Greenpeace. Puma was accused of working with suppliers in China who, according to the report, contributed to the pollution of the Yangtze and Pearl rivers.

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Market Competition

The athletic footwear market is competitive, with the presence of various regional and global players. To achieve a competitive advantage in the market, firms compete on a variety of variables such as product offerings, price, material quality, and marketing efforts. Companies are utilizing digital and social media marketing to notify people about new product launches. The e-commerce channel has been growing majorly over recent years, and it is one of the preferred channels for the major players operating in the market. Some of the key companies manufacturing athletic footwear are- ASICS Corporation, New Balance INC, Skechers, INC, VF Corporation, Deckers Outdoor Corporation, Wolverine World Wide, Inc., Amer Sports Corporation, NIKE, Inc., Adidas AG, and PUMA SE. Key developments in this industry are:

• In September 2022 Asics Corporation launched new shoes called Novablast 3. The shoes have a geometric Origami design with Asics technology and unique cushioning, which offers a bouncing running experience.
• In June 2021 Adidas launched a golf shoe, “Solarthon”, which is both lightweight and comfortable. Further, the brand aims to introduce Solarthon in limited-edition grey, blue, and white colorways. The new shoe features Adidas’ Primeblue textile upper, a recycled yarn containing at least 50% Parley Ocean Plastic, to help the company’s “End Plastic Waste” initiative.
• In May 2021, Nike unveiled its latest creation, the “ZoomX Invincible Run” running shoes, as an addition to its expanding portfolio of athletic footwear. The design for the new product has drawn inspiration from the brand’s previous release, “Nike React Infinity Run” shoes.

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09/28/2023 0:00

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