Athletic footwear refers to shoes that are designed and developed for individuals to engage in sports or rigorous physical activities. The shoes typically feature lightweight materials like nylon, synthetic or natural rubber soles, moisture-wicking fabrics and enhanced cushioning for comfort and stability. Some key advantages of athletic footwear include shock absorption to prevent foot and leg injuries, support for natural motion of feet and optimal grip for enhanced performance. With health and fitness becoming a priority for many, athletic shoes have gained prominence for activities like running, gym workout, tennis, basketball, hiking and other sporting events.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the athletic footwear market is the rise in popularity of various outdoor recreational activities like trail running, hiking and mountain biking. With growing health awareness, many people are engaging in these activities for exercise and stress relief. As these rigorous outdoor sports require optimum functionality, durability and protection from terrain, specialized athletic shoes suitable for different surfaces are witnessing higher demand. Manufacturers are consequently focusing on developing innovative designs, improved traction and breathable uppers for such performance footwear.
Porter’s Analysis
- Threat of new entrants: Low barriers to entry allow new players to enter the market easily. However, established brands have strong brand recognition and distribution channels that make it difficult for new entrants.
- Bargaining power of buyers: Buyers have high bargaining power due to availability of numerous brands. They can negotiate on prices and switch easily between brands.
- Bargaining power of suppliers: A few key companies dominate rubber and raw material supplies globally. This gives them strong bargaining power over footwear brands.
- Threat of new substitutes: Products from other categories like formal shoes can replace athletic footwear for certain use cases. Substitutes pose moderate threat.
- Competitive rivalry: The market is highly fragmented with top players competing intensely on innovation, prices and brand loyalty. Market share keeps fluctuating with competition remaining high.
Key Takeaways
The global Athletic Footwear Market is expected to witness high growth, exhibiting CAGR of 1.8% over the forecast period 2023 to 2030, due to increasing health awareness and rising participation in sports and fitness activities. The market size for 2023 is estimated at US$ 85,047 Mn.
North America dominates the global athletic footwear market with highest revenue share followed by Europe. Asia Pacific region is expected to witness the fastest growth rate over the forecast period led by growing middle class population and their rising spending in countries like India and China.
Key players operating in the athletic footwear 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. Top companies compete on innovation, brand, celebrity endorsements and efficient supply chain management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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