Sneakers Market Size, Share, Growth & Industry Trends [2031]
Sneakers Market Size, Share, Growth & Industry Trends [2031]
Segments - Sneakers Market by Type (Low-top, Mid-top, and High-top), Distribution Channel (Offline and Online), End-user (Men, Women, and Kids), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CG-5720
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| 191 Pages
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Report Description
Sneakers Market Outlook 2031
The global sneakers market size was USD 81 Billion in 2022 and is anticipated to reach USD 125 Billion by 2031, expanding at a CAGR of 5% during, 2023–2031. The market growth is attributed to the increasing popularity of sneakers among different age groups, who demand fashionable and comfortable footwear.
The increasing preference for fashionable and comfortable sneakers among the population of different age groups across the world is boosting the market. Many people across different nations have a high income level, which encourages them to opt for quality, branded, and fashionable sneakers rather than think about their price. This factor is expected to increase the sales of sneakers and further propel the market.
Rising popularity of online shopping is projected to contribute to market expansion. Online selling is different from offline setup, in terms of price and experience. People can easily shop at their convenience and they can avail of different offers and discounts for affordable sneaker purchases through online shopping platforms. These factors are anticipated to boost the market in the coming years. For instance,
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As per an article published in August 2023, the contribution of sneakers to the global footwear industry was around USD 17 billion in 2022. This number is expected to increase to over USD 18.7 billion in 2023.
The market report found that the global sneakers market was moderately affected by the COVID-19 pandemic, due to the temporary shutdown of sneaker manufacturing operations across different companies. This was due to the lockdown imposed by various governments across the world, to curb virus spread.
Additionally, people across different regions preferred to refrain from shopping during the pandemic, due to the uncertain financial status, which further impacted the market growth.
Impact of Artificial Intelligence on Sneakers Market
The integration of artificial intelligence (AI) in the sneaker manufacturing business is projected to create opportunities for the major market players competing in the market. AI is extensively used in the design, production process, and even sales and marketing of sneakers.
Moreover, AI in sneaker companies has the potential to facilitate augmented reality experiences and virtual try-ons, where the customers can check whether the footwear suits on them or not. This helps in better purchase decisions, which further fuels the global sneakers market.
Sneakers Market Dynamics
Major Drivers
Rising population across the world is expected to drive the market during the assessment period. People are aware of healthy lifestyles and their benefits; thus, they are determined to actively perform fitness activities, such as running, gym, and sports. However, quality sneakers are required to perform actively in fitness activities.
Additionally, the availability of sneakers in different styles, patterns, and colors for both men and women attracts customers and aids in market growth. Moreover, rising disposable income among people is further expected to boost the market revenue.
Existing Restraints
Easy availability of counterfeit or duplicate products across various developing nations is anticipated to hamper the market growth.
The increasing number of local manufacturers producing sneakers affects the production of branded sneakers manufacturers, which significantly impedes the market growth to a certain limit. Additionally, the high cost of branded sneakers affects the purchasing behavior of the customer, and further restraints the market.
Emerging Opportunities
Rising popularity of customized sneakers offered by different brands with innovative designs is anticipated to create lucrative growth opportunities in the market during the projection period. This improves customer-brand interaction and helps the brand positively in the long run.
The rising interest of the youth towards stylish and sustainable sneakers provides novel expansion opportunities to the major market players, which helps in future market growth. For instance,
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NIKE, Inc. offers Nike By You Custom Shoes, where personal co-creation of sneakers is facilitated. Such services help brands to expand and gain more customer base, and thus help in market expansion.
Scope of Sneakers Market Report
The report includes an assessment of trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Sneakers Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Low-top, Mid-top, and High-top), Distribution Channel (Offline and Online), and End-user (Men, Women, and Kids) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
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 |
Adidas AG; ASICS Corporation; KERING; New Balance; NIKE, Inc.; PUMA SE; Relaxo Footwears Limited; SKECHERS USA, Inc.; Under Armour, Inc.; and Vans |
Sneakers Market Segment Insights
Type Segment Analysis
On the basis of type, the global market is trifurcated into low-top, mid-top, and high-top. The mid-top segment is projected to register a considerable CAGR during the forecast period, due to the increasing inclination of people towards engaging in sports, such as basketball and tennis.
Mid-top shoes are specifically manufactured to be used in sports. Additionally, the market companies are focusing on enhancing the comfort level offered by the mid-top shoe type, which is expected to boost the segment.
The low-top segment accounts for a significant market share, as they are lightweight and have a comfortable low-cut. These factors provide freedom of movement to the foot, for increased range of motion. Moreover, these shoes are popularly used during games and matches, where sudden movement is required. These factors propel the segment.
Distribution Channel Segment Analysis
Based on distribution channel, the sneakers market is bifurcated into offline and online. The online segment is expected to expand at a significant growth rate during the projection period, due to the increasing number of people who prefer to shop from different sneaker brand apps and websites.
Moreover, online platforms allow customers to give feedback and reviews products, which helps brands to improve customer service. This, in turn, boosts the segment growth. Additionally, rising e-commerce shopping trends among people in different countries and rapid expansion of e-commerce platforms are further expected to boost the segment. For instance,
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According to a report published in 2023, the total online footwear sales in Asia Pacific countries, including South Korea, increased by over 20% in 2019 and reached a value of around USD 790 million.
The offline segment is anticipated to account for a significant market share during the forecast period, as brands have better customer interaction in the shops. Physical outlets such as departmental stores, brand stores, and shopping malls facilitate the presentation of sneakers in an appealing way and ensure the comfort of the customer's feet.
In addition, in-store shopping help customers to choose products from a wide variety of options and have a realistic experience, which further helps in segmental growth.
End-user Segment Analysis
On the basis of end-user, the sneakers market is divided into men, women, and kids. The women segment is expected to register a robust growth rate during the projection period, due to the rising consciousness among women to stay fit and exercise regularly in a sedentary lifestyle. Moreover, the rising focus on fashion without compromising the comfort of the feet is expected to increase the sales of sneakers among women, which significantly fuels the market.
The men segment is expected to hold a significant share of the market in the coming years, owing to the rising focus on lifestyle improvement. Men across different countries are focusing on maintaining active lifestyles with a touch of fashion; thus, sneakers are a popular option for comfortable and stylish footwear among men. These factors boost the segment.
Regional Outlook
In terms of region, the global sneakers market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period, due to the rising demand for sneakers in countries, including India, China, South Korea, and Japan.
People in these countries are taking initiatives to prioritize a combination of fashion and an active lifestyle. Moreover, the rising disposable income among people aids them in purchasing a variety of sneakers, which in turn propels the market in the region.
The market in North America is anticipated to expand at a rapid pace during the forecast period, due to rising the rising demand for comfortable footwear. The young generation in the region prefers sneakers over other types of footwear due to cold weather conditions, and to enhance the style.
Additionally, the rising customer income rates facilitate them to buy sneakers without focusing on prices and instead focus on comfort. Moreover, consistent product innovations and launches by the key market players further drive the regional market. For instance,
- On July 27, 2023, NIKE, Inc. introduced the new Jordan Brand Retro Collection: Fall 2023, on the 35th anniversary of the Nike Air Jordan 3. The novel collection focuses on color blocking and new material technology.
Segments
The sneakers market has been segmented on the basis of
Type
- Low-top
- Mid-top
- High-top
Distribution Channel
- Offline
- Online
End-user
- Men
- Women
- Kids
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Adidas AG
- ASICS Corporation
- KERING
- New Balance
- NIKE, Inc.
- PUMA SE
- Relaxo Footwears Limited
- SKECHERS USA, Inc.
- Under Armour, Inc.
- Vans
Competitive Landscape
Key players operating in the global sneakers market include Adidas AG; ASICS Corporation; KERING; New Balance; NIKE, Inc.; PUMA SE; Relaxo Footwears Limited; SKECHERS USA, Inc.; Under Armour, Inc.; and Vans.
Several companies are implementing market expansion & growth strategies, such as divestitures, partnerships, acquisitions, R&D investments, mergers, collaboration, and product launches, to boost their market share. For instance,
- On March 31, 2020, ASICS Corporation launched three shoe types, namely METARACER, METASPRINT, and METARISE. These are specifically designed for long-distance racing, sprinters, and other sports. These shoes aim to enhance the participant's performance and foot protection.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Sneakers Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Sneakers Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Sneakers Market - Supply Chain
4.5. Global Sneakers Market Forecast
4.5.1. Sneakers Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Sneakers Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Sneakers Market Absolute $ Opportunity
5. Global Sneakers Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Sneakers Market Size and Volume Forecast by Types
5.3.1. Low-top
5.3.2. Mid-top
5.3.3. High-top
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Sneakers Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Sneakers Market Size and Volume Forecast by End Users
6.3.1. Men
6.3.2. Women
6.3.3. Kids
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Sneakers Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Sneakers Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Sneakers Demand Share Forecast, 2019-2026
8. North America Sneakers Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Sneakers Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Sneakers Market Size and Volume Forecast by Types
8.4.1. Low-top
8.4.2. Mid-top
8.4.3. High-top
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Sneakers Market Size and Volume Forecast by End Users
8.7.1. Men
8.7.2. Women
8.7.3. Kids
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Sneakers Demand Share Forecast, 2019-2026
9. Latin America Sneakers Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Sneakers Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Sneakers Market Size and Volume Forecast by Types
9.4.1. Low-top
9.4.2. Mid-top
9.4.3. High-top
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Sneakers Market Size and Volume Forecast by End Users
9.7.1. Men
9.7.2. Women
9.7.3. Kids
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Sneakers Demand Share Forecast, 2019-2026
10. Europe Sneakers Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Sneakers Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Sneakers Market Size and Volume Forecast by Types
10.4.1. Low-top
10.4.2. Mid-top
10.4.3. High-top
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Sneakers Market Size and Volume Forecast by End Users
10.7.1. Men
10.7.2. Women
10.7.3. Kids
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Sneakers Demand Share Forecast, 2019-2026
11. Asia Pacific Sneakers Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Sneakers Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Sneakers Market Size and Volume Forecast by Types
11.4.1. Low-top
11.4.2. Mid-top
11.4.3. High-top
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Sneakers Market Size and Volume Forecast by End Users
11.7.1. Men
11.7.2. Women
11.7.3. Kids
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Sneakers Demand Share Forecast, 2019-2026
12. Middle East & Africa Sneakers Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Sneakers Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Sneakers Market Size and Volume Forecast by Types
12.4.1. Low-top
12.4.2. Mid-top
12.4.3. High-top
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Sneakers Market Size and Volume Forecast by End Users
12.7.1. Men
12.7.2. Women
12.7.3. Kids
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Sneakers Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Sneakers Market: Market Share Analysis
13.2. Sneakers Distributors and Customers
13.3. Sneakers Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Adidas AG
13.4.2. ASICS Corporation
13.4.3. KERING
13.4.4. New Balance
13.4.5. NIKE, Inc.
13.4.6. PUMA SE
13.4.7. Relaxo Footwears Limited
13.4.8. SKECHERS USA, Inc.
13.4.9. Under Armour, Inc.
13.4.10. Vans
Methodology
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