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The global sports footwear market size is projected to reach USD 77.52 billion by the end of 2027. The increasing investments in the research and development of low cost and efficient products will bode well for market growth. The increasing number of sporting events across the globe will have a huge impact on market growth. According to a report published by Fortune Business Insights, 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 Forecasts, 2020 - 2027,” the market was worth USD 102.76 billion in 2019 and will exhibit a CAGR of 4.1% during the forecast period, 2020-2027.
Sports footwear are all types of footwear worn by sports athletes for active games and physical exercise. This footwear has evolved rapidly over the past few decades, with major advances in build and quality, along with the material used in manufacturing. The presence of several large scale companies on the global stage has made a huge impact on the growth of the overall market in the coming years. The increasing sports tournaments, coupled with the changing lifestyle habits, have had a huge impact on the growth of the market in recent years. The increasing demand for the product has encouraged companies to adopt newer strategies, along with the existing efforts put in marketing strategies. Altogether, the sports footwear market will rise at a considerable pace in the coming years driven by the increasing adoption across the world.
Xiaomi’s Entry into the Sports Footwear Sector Indicates the Potential Held by the Products across the Globe
The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. Among all factors, the rising demand for this type of footwear has had the highest influence on companies, even from other sectors, to focus on innovations. In February 2019, Xiaomi, a leading smartphone company, announced that it will be debuting in the global market with the introduction of a new range of sports shoes in India. The company introduced ‘Mi Men’s Sports Shoes 2,’ in the active Indian market. The company hopes to capitalize on the massive demand for the product, driven by the increasing population across the country. Xiaomi’s latest shoe range indicates the potential that sports footwear hold across the globe. The company’ strong brand presence will help the company generate massive revenue in a very short time.
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Adoption of Eco-friendly Shoes is a Growing Trend
The efforts taken to maximize the adoption of sustainable products in almost all industries have encouraged companies to focus on the integration of related materials. As a result, several large scale companies are focusing on introducing ‘eco-friendly’ shoes with the aim of catering to the increasing consumer needs for sustainable products and reducing wastes. Globally renowned companies are looking to turn towards eco-friendly material with more consumer attention towards the subject.
Major Companies are Focusing on Improving Product Properties; Durability is the Prior Need for Most Customers
With the aim of acquiring a wider consumer base, several companies focus on adopting newer strategies that will help attract consumer attention. It is observed that more consumers are likely to spend higher amount on sports shoes, if the quality of the product is not compromised. As a result, most companies are looking to offer sports footwear with longer durability and improved quality at higher prices.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD Million)
By Distribution Channel