Global Sports Footwear Market to Hit Sales of $134.99 Billion by 2028
Global 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).
Westford, USA, Dec. 14, 2022 (GLOBE NEWSWIRE) — Global sports footwear market is in a state of flux. Brands are struggling to keep up with the ever-changing trends in the industry, and consumers are increasingly demanding more customization and personalization from their shoes. In order to stay ahead of the curve, brands need to be constantly innovating and evolving their offerings. SkyQuest’s analysis of the sports footwear industry shows that there is still room for growth in the market. However, brands need to be aware of the changing landscape and consumers’ needs in order to continue to prosper. The study provides insights into the latest trends in the industry, including the shift towards more personalization and customization. It also offers recommendations on how brands can stay ahead of the curve and continue to grow in the market.
The sports footwear market has seen healthy growth in recent years, with revenues increasing at a CAGR of 4.8% between 2022 and 2028. However, this growth has been largely driven by emerging markets such as China and India. In developed markets such as the US and Europe, growth has been more sluggish.
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Key Findings in Global Sports Footwear Market
Global Sports Survey 2022 found that 57% of respondents are willing to pay more for performance-enhancing shoes and that the strongest growth in the market is coming from premium and luxury brands. The report found that the North American market is the most mature, with a penetration rate of 78%. The average American household spends USD 97 on sports footwear each year, more than any other region. However, China is the fastest-growing sports footwear market, with a CAGR of 9.4% from 2022 to 2028. SkyQuest attributes this growth to the country’s booming economy and burgeoning middle class.
Other key findings from the report include: – The running shoe segment is expected to grow at a CAGR of 6.2% from 2022 to 2028, driven by the popularity of fitness apps and wearable tech devices. – The basketball shoe segment is expected to grow at a CAGR of 3.7% driven by the popularity of streetwear styles. – The training shoe segment is expected to grow at a CAGR of 5.1% from 2022 to 2028 in the global sports footwear market, driven by the popularity of functional training and CrossFit workouts.
The market is highly fragmented, with the top 10 brands accounting for less than 60% of total sales. This leaves plenty of room for smaller players to gain market share. There have been some big changes in the competitive landscape in recent years. Nike remains the clear leader, but Adidas has been making inroads, particularly in North America. Under Armour is also a rising star, particularly in the US.
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Top 10 Players Generate Over 60% Revenue of Global Sports Footwear Market
The top 10 players including Nike, Adidas, Under Armour, and Puma – now account for more than 60% of the global market. Nike is the clear leader in the industry, with a 22% share of the global market. Adidas is in second place, followed by Under Armour, and Puma. The changing landscape of the sports footwear market presents both challenges and opportunities for companies operating in this space. In order to succeed, companies need to focus on innovation, marketing and e-commerce.
In the United States alone, Nike holds a staggering 34% share of the athletic footwear market. But how did Nike become the behemoth it is today? Much of it has to do with Nike’s understanding of the sports footwear market and its competitors. In a 2022’s report, SkyQuest analyzed the competitive landscape of the global sports footwear industry. The report identified four different segments in the industry: performance, heritage/lifestyle, fashion/athleisure, and children. Nike primarily competes in the performance and heritage/lifestyle segments, while Adidas focuses on performance and fashion/athleisure. Performance sneakers are designed for running, training, and other athletic activities. Our report found that within the performance segment, Nike holds a 61% share while Adidas trails at 19% in the YS market. In the heritage/lifestyle segment, Nike again leads with a 60% market share.
Nike is the clear leader in the sports footwear market, with a market share of over 22%. However, the company faces several challenges, including intensifying competition from Adidas and other brands, and declining sales in North America. In order to maintain its position as the top player in the industry, Nike must focus on innovation, both in terms of product design and marketing. The company also needs to address the issue of declining sales in North America.
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Top Trends in Global Sports Footwear Market
Global market is constantly evolving as new technologies and materials are developed. In recent years, there have been some major changes in the types of shoes that are popular with athletes and consumers. Here are some of the top trends in sports footwear:
1. Minimalist Shoes: Minimalist shoes have become increasingly popular in recent years across global sports footwear market, as more people seek to reduce the amount of weight they’re carrying and minimize the impact on their joints. These shoes typically have little to no cushioning and a very low heel-to-toe drop.
2. Natural Materials: As consumers become more interested in sustainability, there has been a trend towards using more natural materials in sports footwear. This includes materials like wool, bamboo, and even cork.
3. Customization: With the advent of 3D printing, it’s now possible to create custom-fit shoes that are perfectly tailored to an individual’s feet. This technology is still in its early stages, but it’s likely that we’ll see more and more companies offering this service in the future.
4. High-tech Features: Sports shoes are now incorporating all sorts of high-tech features, from GPS tracking to carbon-fiber plates in the sports footwear market. As technology continues to advance, we can expect to see even more innovative features being added to sports footwear.
5. sustainability: As consumers become more aware of the environmental impact of their purchases, they are demanding more sustainable options from brands. In response, many brands are using sustainable materials and manufacturing processes in their shoes.
Top Players in the Global Sports Footwear Market
Nike Inc. (U.S.)
Adidas Group (Germany)
MIZUNO Corporation (Japan)
Puma SE (Germany)
Under Armour, Inc. (U.S.)
Fila Holdings Corp (South Korea)
Diadora S.p.A. (Italy)
ASICS Corp. (Japan)
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