July 16, 2024

Athletic Footwear Market is Expected to driven by growing health and fitness trend

Athletic footwear is used during sports and physical activities to provide protection, support and stability to the feet. Growing health consciousness among consumers has increased participation in sports and fitness activities worldwide. Sports shoes provide stability, cushioning and comfort during physical activities such as running, jogging, basketball, tennis and other sport related activities. The global athletic footwear market provides comfortable cushioning and traction to ensure protection against injury during sports activities. Features such as breathable material, customized fit and shock absorption technology protect the feet from impact.

The global Athletic Footwear Market is estimated to be valued at US$ 85,047 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing preference for comfortable and customized shoes has increased demand for athletic footwear designed specifically for different sports. Manufacturers are offering sport-specific shoes tailored for different activities such as running shoes with specialized cushioning and wider toe boxes for basketball shoes. Increased participation in running and jogging has boosted demand for lightweight breathable running shoes. Rising health awareness has also augmented demand for walking and trail shoes for recreational outdoor activities. The market is witnessing growing demand for sustainable footwear made from recycled and bio-based materials. Rising health consciousness and growing participation in sports and fitness activities worldwide are some of the key factors expected to propel growth of the global athletic footwear market over the forecast period.

Porter’s Analysis

  • Threat of new entrants: The athletic footwear market has moderate threat of new entrants as it requires high capital investment and established brand value. There are barriers to enter due to existing major brands.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to availability of variety of brands and easy availability of alternatives but brand loyalty retains customers.
  • Bargaining power of suppliers: Suppliers have low bargaining power as raw materials are easily available and there are many supplier options.
  • Threat of new substitutes: Substitute threat is low as athletic footwear has no close substitutes and targets a unique category of sports and performance activity.
  • Competitive rivalry: Competition is high among major brands to gain market share and exploit opportunities through brand promotions, sponsorships and product innovations.

Key Takeaways

The global athletic footwear market is expected to witness high growth. The global Athletic Footwear Market is estimated to be valued at US$ 85,047 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.

Key players operating in the athletic footwear market are Nike, Inc., Adidas Group, Crocs, Inc., Wolverine World Wide, Inc., Skechers U.S.A., Inc., Under Armour, Inc., Puma AG, Geox SpA, K- Swiss, New Balance. Nike dominates the market due to its strong brand image and focus on performance and comfort. Adidas follows Nike as the second largest player. Other players are focusing on product innovation and expanding their regional presence.