Athletic Footwear Market Outlook 2031
The global athletic footwear market size was valued at USD 133.54 Billion in 2022 and is expected to reach USD 205.40 Billion by 2031, expanding at a CAGR of 4.9% during 2023–2031. The growth of the market is attributed to the growing awareness and enthusiasm regarding the health benefits of sports & fitness activities globally.
Athletic footwear is primarily focused and designed for sports, exercise, or recreational activities such as running, racquetball, or aerobic dancing. Athletic shoes are commonly used while running, and playing tennis, basketball, and other sports.
The shoes usually have a rubber sole and are composed of flexible material. While the original design was simple, manufacturers have subsequently customized athletic shoes for the various activities in which they are utilized for particular purposes or sports.
Athletic shoes are extensively used for casual wear and are particularly popular among teenagers. These footwears are designed for optimum performance and are recognized as a part of an athlete kit. These shoes provide cushioning which reduces the force of impact. It further offers flexibility, stability, traction, and durability to the wearer that are tailored to various sports.
The demand for bio-based materials is expected to increase, due to the rising awareness about climate change. Bio-based products provide novel product characteristics and lower toxicity. Major players are manufacturing products using bio-based materials which offer better comfort and flexibility than synthetic or plastic materials. For instance,
- In September 2023, Saucony, an athletic footwear and apparel brand, launched its sustainable sneakers. Sneakers consist of corn-based midsole and its upper part is covered with plant-based dyes. This corn-derived product minimizes the need for petroleum-based components and constitutes 55% of the midsole.
The research report finds that the COVID-19 pandemic outbreak has a negative impact on the athletic footwear market. Additionally, demand for athletic footwear by customers was decreasing substantially due to low retail traffic as a result of reduced operating hours, store closures, and social distancing restrictions imposed by governments.
This has resulted in the disruption of demand and supply chains globally. The market is projected to resume an uptrend operation soon owing to the gradual subsiding of COVID-19 cases worldwide.
Impact of Artificial Intelligence (AI) on the Athletic Footwear Market
New technology is being incorporated into the manufacturing process to create the next generation of shoes. The use of product authentication technology called Entropy helps to detect counterfeit items.
Moreover, the technological advances in shoes offer real-time temperature regulation, auto-lacing, and examination of an individual's health, posture, calories, and steps.
Athletic Footwear Market Dynamics
Major Drivers
Rising disposable income of consumers and the rising number of athletes in developing economies are key factors driving the market. The flourishing retail e-commerce sector is offering a variety of discounted footwear products globally.
Moreover, key players are trying to develop innovative technologies to increase the stability and comfort of sports shoes. Thus, these factors are expected to boost the market in the coming years. For instance,
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In June 2023, ASICS, a leading sportswear company based in Japan, launched the GEL- KAYANO. This company offers unprecedented comfort and stability shoes to runners during every step and features brand-new technologies including 4D GUIDANCE SYSTEM.
Existing Restraints
Rising concern regarding the greenhouse effect is likely to hamper the market expansion in the coming years. Footwear waste ends up in landfills. It takes a huge time to degrade in soil and release methane gas while decomposing.
Methane is a greenhouse gas that is responsible for climate change. Thus, major players are working on footwear durability and raw materials.
Emerging Opportunities
Emerging fashion trends for wearing branded athletic footwear majorly among youngsters are projected to create significant growth opportunities for the market in the near future.
Technological advancement along with the development of new and innovative shoes that offer comfort and convenience wear is anticipated to fuel the market during the projected period.
Scope of Athletic Footwear Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Athletic Footwear Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Distribution Channel (Online Retail Stores, Supermarkets/Hypermarkets, Sports & Athletic Goods Stores, and Others), Product (Running Shoes, Trekking/Hiking Shoes, Sports Shoes, and Others), and End-user (Children, Women, and Men)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Under Armour, Inc.; Adidas AG; Puma SE; Nike, Inc.; and Asics Corp.
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Athletic Footwear Market Segment Insights
Distribution Channel Segment Analysis
Based on distribution channel, the global athletic footwear market is divided into online retail stores, supermarkets/hypermarkets, sports & athletic goods stores, and others. The online retail stores segment is expected to grow at a rapid pace during the forecast period, owing to rising consumers’ preference for online shopping.
Moreover, the growing e-commerce industry is expected to create lucrative opportunities for the market players to sell their products through online mode.
The athletic goods stores segment is anticipated to hold a key share of the market in the coming years, as it offers numerous varieties for different product lines. Athletic goods stores consist wide range of branded athletic footwear in a single store.
Additionally, tie-ups between the footwear manufacturer and various retail chains are expected to fuel the segment in the coming years.
Product Segment Analysis
In terms of product, the market is segregated into running shoes, trekking/hiking shoes, sports shoes, and others. The sports shoes segment is projected to expand at a considerable CAGR during the forecast period, attributed to an increasing health-conscious population along with a rich interest in athletic sports.
Rising awareness regarding the importance of using suitable shoes for sports activities to protect athletes from injuries and pain is projected to propel the segment.
The running shoes segment is anticipated to account for a major market share during the forecast period, due to rising awareness of healthy and fit life. The popularity of running owing to its health benefits such as reducing the risk of chronic disorders such as cardiovascular diseases, depression, weight loss, and diabetes is expected to propel the market.
In addition, these shoes are available in a variety of prices and types including road running, advanced running, training, trail running, and racing, which is expected to boost the segment.
End-user Segment Analysis
On the basis of end-user, the global athletic footwear market is segmented into children, women, and men. The men's segment is anticipated to hold significant market share in the coming years, owing to the availability of several products for men having high comforts such as flexibility, stability, durability, and traction.
The women segment is anticipated to hold a key share of the market in the coming years, due to the rising popularity of women in sports and the growing number of women athletes worldwide. The number of women athletes in emerging countries is increasing, as they represent their respective countries at global sporting events is expected to propel the segment in the market.
Regional Analysis
In terms of regions, the global athletic footwear market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period, attributed to the cost-effective athletic footwear and a wide base of the population across the region.
Furthermore, increasing penetration of e-commerce and rising level of disposable income is anticipated to fuel the market in the region.
The market of Latin America is anticipated to expand at a rapid pace during the forecast period, owing to high enthusiasm among people for fitness, sports, and adventure activities such as training, hiking, aerobics, and trail running in the region. Moreover, the rising consumer spending for footwear products is expected to increase the sale of athletic footwear.
Segments
The global market has been segmented on the basis of
Distribution Channel
- Online Retail Store
- Supermarkets/Hypermarkets
- Sports & Athletic Goods Stores
- Others
Product
- Running Shoes
- Trekking/Hiking Shoes
- Sports Shoes
- Others
End-user
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global athletic footwear market are Under Armour, Inc.; Adidas AG; Puma SE; Nike, Inc.; and Asics Corp. Manufacturers in the industry have employed a range of strategic initiatives including collaborations, mergers and acquisitions, and partnerships to expand their consumer base and obtain a competitive advantage over competitors.
In order to maintain their market competitiveness, businesses are focusing their R&D spending on the production and introduction of new products. For instance,
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In May 2021, as part of its growing array of sports gear, Nike presented its newest invention, the "ZoomX Invincible Run" running shoes. The design of this product was inspired by the last release from the brand, the "Nike React Infinity Run" sneakers.
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In January 2021, New Balance and Patta partnered for the 991 sneakers from New Balance. The name of the new shoe was introduced as Patta x New Balance M991Pat and offered in a dusty pink/light petrol colorway.
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