LONDON, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Running Shoes Global Market Report 2023, the global running shoes market is poised for remarkable growth, anticipated to ascend from $45.16 billion in 2022 to $48.18 billion in 2023, marking a robust compound annual growth rate (CAGR) of 6.7%. Looking further into the future, the running shoes market is projected to reach $60.37 billion by 2027, with a steady CAGR of 5.8%.
Driving Forces - Surge in Sports and Recreation
Fueling the upward trajectory of the running shoe market is the escalating number of sports and recreational activities worldwide. The broader spectrum of recreational activities, ranging from walking and swimming to various outdoor pursuits, has witnessed significant growth. With the understanding that appropriate running shoes are crucial to avoiding injuries, consumers are investing in quality footwear. The surge is evident, with data from the Bureau of Labor Statistics indicating a significant increase in leisure and sports activities during the COVID-19 pandemic, and the Outdoor Foundation reporting a 2.2% growth in people participating in outdoor recreation in 2021.
Learn More In-Depth On The Running Shoes Market
https://www.thebusinessresearchcompany.com/report/running-shoes-global-market-report
Major Players - Paving the Path
Key players shaping the running shoes market include Salomon, Nike Inc., Adidas AG, VF Corporation, Puma SE, Skechers USA Inc., Under Armour Inc., New Balance Athletics Inc., ASICS Corporation, and more. These industry giants are pivotal in steering the market dynamics and responding to the growing demands of consumers.
Trendspotting - Product Innovations in Focus
A prominent trend shaping the market is the emphasis on product innovations by major industry players. Notably, Under Armour Inc. launched the UA Flow Synchronicity, its first female-first shoe, in June 2022. This innovative shoe, designed specifically for female athletes, incorporates revolutionary UA Flow technology, providing a more comfortable, supportive, and responsive fit than traditional running shoes. Such innovations reflect a dynamic approach to address consumer needs and preferences.
Strategic Acquisitions - Navigating Growth Opportunities
Strategic acquisitions are playing a pivotal role in the evolution of the running shoe market. In February 2022, Crocs Inc. acquired Heydude for $2.05 billion, aiming to expand its portfolio of casual footwear brands. Heydude, a fashion retail brand producing various types of running shoes, adds to Crocs' growth and revenue, showcasing the significance of strategic moves in the market.
Regional Dynamics - North America Takes the Lead
As of 2022, North America emerged as the largest region in the running shoes market. However, the forecast suggests that Asia-Pacific is poised to be the fastest-growing region, indicating evolving consumer preferences and market dynamics.
Get A Free Sample Of The Global Running Shoes Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=12653&type=smp
To navigate and thrive in this dynamic market landscape, industry players can leverage the Global Running Shoes Market Report. This comprehensive report provides insights into market segments, regional dynamics, key players, and emerging trends. By understanding these elements, businesses can make informed decisions, tailor their strategies, and position themselves for success in the competitive realm of running shoes.
Running Shoes Global Market Report 2023 by The Business Research Company provides insights on the running shoes market size, running shoes market segments, running shoes market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Athletic Footwear Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/athletic-footwear-global-market-report
Luxury Footwear Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/luxury-footwear-global-market-report
Diabetic Footwear Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/diabetic-footwear-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
