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The global sports footwear market size is projected to grow from USD 97.42 billion in 2021 to USD 134.99 billion in 2028. The surging participation in sports activities by teenagers and kids is set to propel growth. The National Federation of State High School Associations mentioned that around 7,937,491 students in the U.S. participated in high school sports during 2018-2019. Fortune Business Insights™ provided this information in a study, titled, “Sports Footwear Market Size, Share & COVID-19 Impact Analysis, By Gender (Men, Women, and Kids), End-User (Professional Users and Recreational Users), Distribution Channel (Online and Offline), and Regional Forecast, 2021 - 2028.” As per the study, the market stood at USD 93.57 billion in 2020. It is set to exhibit a CAGR of 4.8% during the forecast period in 2021-2028.
FILA Introduces V94M and Grant Hill 3 Limited-edition Silhouettes on its Website
In July 2020, FILA, a leading sportswear manufacturer based in Italy, released its latest GH3ONE3 Collection exclusively for FILA.com. It contains two limited-edition silhouettes, namely, V94M and Grant Hill 3. The sports footwears pay homage to the uniform that the former professional basketball player wore for his Detroit game. They feature suede and fine leather overlays, as well as custom herringbone traction elements and a cushioned EVA midsole. As per a company official, “Our partnership with Hill started in 1994, and our new range was specially designed for fans to provide them with a modern version of this legendary silhouette with custom colors.” Such initiatives by companies would contribute to the high demand for sports shoes.
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Increasing Investments in Sports by Government Bodies to Bolster Growth
The increasing number of supermarkets and retail stores across the globe would help people to get access to sports shoes very easily. Besides, their willingness to pay more for novel features, such as friction regulation, waterproof quality, temperature control, and moisture management, would accelerate the sports footwear market growth in the near future. At the same time, regulatory bodies of various countries are taking initiatives to encourage people to participate in physical activities on account of their beneficial properties. Hence, they are investing huge amounts in sports. PRS India.Org, for instance, declared that the Ministry of Youth Affairs and Sports invested around USD 314.8 million in 2019-2020. However, the availability of counterfeit products that are pocket-friendly would hamper growth.
Major Participants Aim to Use Eco-friendly Materials for Competing with Their Rivals
This market possesses multiple organizations focusing on launching new products featuring cutting-edge technologies and sustainable raw materials to cater to the high demand from customers across the globe. A few others are also participating in strategic collaborations and acquisitions to gain a competitive edge.
Fortune Business Insights™ lists out the renowned sports footwear companies operating in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global industry can be segmented in this way:
Value (USD Billion)
By Distribution Channel
North America (By Gender, End-User, Distribution Channel, and by Country)
Europe (By Gender, End-User, Distribution Channel, and by Country)
Asia Pacific (By Gender, End-User, Distribution Channel, and by Country)
South America (By Gender, End-User, Distribution Channel, and by Country)
The Middle East and Africa (By Gender, End-User, Distribution Channel, and by Country)