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Athletic footwear are the sports footwear’s of higher flexible and durability features. Increasing participation of the peoples in sports activities as well as growing fitness trends is propelling the consumption of the footwear products. Companies are continuously incorporating various features in the design of the athletic footwear to provide higher durability, attractive look, and comfort level features to the consumers. For instance, in 2018, Nike has come up with zoom X foam that uses modern technology of the carbon fibre plate that increases the running efficiency of the athletes.
Nowadays, peoples prefer to have comfort features rather than the price of the footwear products, this influences the demand for luxurious athletic footwear. Companies use celebrity endorsement strategy to expand their footwear businesses in the sports footwear category. In addition to this, companies use merger and acquisition strategies that help in the enhancement of the distribution facilities and in innovative product development. The introduction of the IoT and digital connectivity features in the athletic footwear helps to measure the fitness activities of an athlete and is shaping the global athletic footwear industry.
Increasing leisure for sports and other recreational activities enhances the demand for athletic footwear. Changing fashion trends as well as incremental usage of athletic footwear as a routine casual wearable, influence the demand for the product. Moreover, changing technology in the design of sports footwear creates demand for the newer style of athletic footwear. Increasing sports infrastructure facilities results in the increasing consumption of sports shoes by the athletes and drives the market growth. For instance, in February 2020, a real estate major, Savvy group launches a world-class sports club for conducting sports practice and sports events in Ahmedabad.
Moreover, the growing number of fitness centres and gyms increase the consumption of aerobic footwear. Rising e-commerce industry is creating newer opportunities for the companies to sell their products through online mode and drives the demand for the market. However, uncertain changes in the raw material pricing and their availability creates hindrances in the production process and is anticipated to restrain the market growth. Moreover, increasing competition among key players creates challenges for new entrants into the industry and hampers the market growth.
Key Market Driver -
Increasing demand for sports and other recreational activities is expected to drive the market growth.
Key Market Restraint -
Fluctuating prices, as well as uncertain availability of the raw materials, is anticipated to restrain the market growth.
The key companies operating in the global athletic footwear market are Nike, Adidas, Puma, Asics, Reebok, Under Armour Inc., New Balance, Converse, Lululemon Athletica, LACOSTE, The North Face, H&M, Zara, Fila, Skechers, etc.
The global athletic footwear market is segmented by sport type, distribution channel, end-user, and geography. By sport type, the athletic footwear market is segmented into tennis, basketball, running, cricket, and others such as swimming, aerobic. Running segment is expected to hold a major share of the market owing to the growing usage of the sports shoes as casual running shoes as well as rising fitness and recreational activities of the global population.
Based on the distribution channel, the market is segmented into specialty stores, retail outlets, department stores, and online. Specialty Stores segment is expected to hold a major share of the market owing to the availability of the wide variety of the branded athletic footwear in a single store as well as the trust of the consumers towards specialty stores for their provision of the high-quality products.
By the end-user, the market is segmented into men, women, and kids. Men segment is expected to hold a major share of the market owing to the large participation of the men for sports activities. According to the Women’s Sports Foundation, as of 2018, annually 1.13 million men get more sports opportunities across the globe than women.
By geography, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America region is projected to hold a major share of the market owing to the large presence of the various prominent companies such as Nike, Reebok, Under Armour and others in countries such as the United States, and Canada. Also, a large income group of the population coupled with changing fashion trends is fostering the market growth in the region. Moreover, increasing consumer spending for the footwear products results in the increasing demand for sports shoes in the region. According to the United States International Trade Commission, in 2018, in the United States, total consumer spending on footwear was estimated to USD 82.5 billion and is increased by 3% over the previous year.
Asia Pacific region is expected to grow at a faster rate owing to the increasing investments for the sports infrastructure facilities in countries such as China, India, Japan, etc. According to the United Nations UNCTAD, china has invested USD 10 billion for the development of real estate, entertainment, and sports in Asia. Moreover, large import activities of the sports goods give rise to the consumption of sports shoes in the region. According to the Ministry of Commerce & Industry, the Government of India, in 2019, the import of the sports goods in India has increased to USD 332.06 million from 292.05 million in 2018.
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