Rockville , Oct. 09, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global sports footwear market is estimated to expand at a CAGR of 5.4% to reach a value of US $208.7 Billion by the end of 2033.
Sports footwear, also known as athletic shoes or sneakers, are specially designed shoes for sports and physical activities. They're crafted to provide the right support and comfort needed during these activities. What sets them apart is their tailored design for specific sports, like running, basketball, or soccer. They offer better grip and traction, reducing the risk of slipping or injuries. Additionally, they're built with extra cushioning to absorb impact and reduce strain on joints.
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The growth of the sports footwear market is primarily driven by factors such as evolving fashion trends, increasing health awareness, and a surge in fitness activities worldwide. Technological advancements in footwear design and materials, particularly in terms of comfort, support, and performance-enhancing features, also play a pivotal role.
| Report Attribute | Details | |
| Value Projection (2033) | USD 208.7 Billion | |
| Groth Rate (2023-2033) | 5.4% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 56 Tables | |
| No. of Figures | 94 Figures | |
Key Takeaways:
- The market in the US is expected to grow at a CAGR of 5.5% during the forecast period (2023 - 2033). This is attributed to the growing participation in outdoor recreational activities like rafting, skiing, trekking, and more.
- With a growing emphasis on health and fitness in India, there is a surge in participation in sports like cricket and football, potentially driving increased sales of running shoes, training shoes, and similar athletic footwear in the country in the foreseeable future.
- Football's massive popularity in Europe is a key driver of growth in the European sports footwear market, spurring demand for high-quality shoes among players and fans alike.
Technological advancements in footwear design, increasing health and fitness awareness, and the expanding middle-class population in emerging markets are the three main factors driving the market - Says FACTMR Expert
Key Companies Profiled in This Report
- Adidas AG
- Brooks
- Yonex
- Puma SE
- Under Armour
- Fila Korea
- Skechers USA
- New Balance
- Asics
- Nike Inc.
Market Competition
In this exceptionally competitive market, leading footwear manufacturers are prioritizing the expansion of their product range through the introduction of innovative offerings tailored to meet the changing preferences of consumers. Top players include Nike, Adidas, New Balance, Puma and Under Armour.
- In September 2023, Adidas announced its intention to release the Adizero Adios Pro Evo 1, an advanced running shoe priced at a substantial $500. According to the brand, these shoes represent their lightest creation in the realm of running footwear.
Winning strategies
- It Is very important in this industry to combine online platforms with physical stores. This way, you can cater to a wide range of customers and make shopping easy and convenient. By offering both options, you reach people who prefer browsing in-store and those who like shopping online.
- Featuring celebrity sports players in advertising is a powerful strategy for top sports footwear brands. It brings credibility and authority to the product, as fans trust and look up to these athletes. Their broad fan base provides a wide reach, making it a great way to connect with potential customers
- For leading brands, backing local sports events, communities, and sponsoring tournaments is vital. It shows a commitment to the grassroots of sports and builds a positive connection with sports enthusiasts. This support provides visibility for the brand, targeting specific audiences and creating a favorable brand image.
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Why is the American market for sports shoes profitable?
Major footwear brands like Nike and New Balance are present.
The world's top manufacturers of athletic footwear, including Nike, Under Armour, Sketchers, New Balance Athletics, etc., are based in the United States. The growing popularity of outdoor sports like rafting, skiing, and trekking has created enormous growth potential for the manufacturers of athletic footwear.
In January 2021, New Balance and Patta created the innovative New Balance 991 shoes. The new sneaker will be known as the Patta x New Balance M991Pat and have a dusty pink/light petrol color scheme.
Also, manufacturers' efforts in R&D to produce the greatest sports footwear goods are promoting market expansion. Additionally, it is predicted that the United States would have an advantageous situation due to the existence of a high-end sports footwear retail infrastructure as well as the expanding popularity of basketball shoes, lifestyle sneakers, and training shoes.
Sports shoe sales are expected to increase in the US at a 5.5% CAGR between 2023 and 2033.
Explore More Related Studies Published by Fact.MR Research:
Football Shoes Market: The Football Shoes market worth is poised to reach US$ 44.2 Billion in 2033.
Footwear Market: The global footwear market stands at a value of US$ 465.1 billion in 2023 and is forecasted to hit US$ 688.4 billion by 2033.
Athletic Footwear Market: The Athletic footwear market worth is poised to reach US$ 135.6 billion in 2033.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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