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The global sports footwear market size was USD 93.57 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with sports shoes witnessing a negative demand shock across all regions amid the pandemic. Based on our detailed analysis, the market will exhibit a decline of -8.94% in 2020 compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 97.42 billion in 2021 to USD 134.99 billion in 2028 at a CAGR of 4.8% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over.
Sports shoes are mainly designed for active sports or other kinds of physical exercises. They are essential for a sportsperson as they provide flexibility, stability or motion control, traction on roads, torsional stability, and other benefits. The demand for the product is growing at a remarkable rate owing to the rising number of sports tournaments.
Moreover, sports disciplines, such as football, baseball, hockey, and others, witness a high number of participants, which will propel the market growth. According to the Australian National Cricket Census, cricket has been actively witnessing participation from males and females. In addition to this, around 1.5 million Australians are actively engaged in cricket programs or competitions. Therefore, a rise in the number of sports participation is likely to support the market.
Ban Imposed on Sports Events Severely Impacted the Market amid COVID-19 Pandemic
Physical distancing is the best preventive measure to limit the spread of the coronavirus. Therefore, most of the activities where the mass gathering is possible and not essential were stopped by local governments worldwide during the pandemic. Major sports events, such as the Olympics, FIFA, and others scheduled in 2020, were postponed or canceled. Sports academies, as well as clubs, were all shut down in response to governmental regulations. Moreover, schools and colleges were also closed down and are not reopened yet in most countries, limiting sports activities in these institutions. Therefore, lockdown rules have severely impacted the sports footwear industry.
Moreover, activities such as running, hiking, cycling, and biking were also limited by sporting enthusiasts due to these challenging conditions. Closures of sports retail stores and restrictions on the online sale of non-essential items also showed a negative impact on the market. Therefore, a decline in the product demand was witnessed due to shelter-in-place orders. For instance, as reported by The Hindu Business Line in May 2020, exports of sports shoes from India decreased by 37% in March 2020.
However, few sports competitions, such as Football 2020 K League, cricket, and tennis, are being allowed in certain countries while following all protective measures. Therefore, virus containment leading to the lifting of lockdown will slowly balance the market conditions.
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Growing Preference for Eco-friendly Shoes a Prominent Trend
The use of environment-friendly materials to manufacture sports shoes is one of the major trends that will positively impact market growth. The rising demand for sustainable shoes among consumers is happening because of the surging focus on preserving the environment. Furthermore, various manufacturers are making efforts to cater to customer needs and constantly focus on manufacturing sustainable and eco-friendly shoes. For instance, in April 2019, Adidas launched its first environmentally friendly 100% recyclable running shoes.
Rising Participation in Sports by Kids and Teenagers to Augment Growth
The global footwear market is expected to witness significant growth during the forecast period 2021–2028, owing to the greater sports participation by kids and teenagers. Nowadays, most of the young population is engaged in sports activities to keep themselves fit and healthy. For instance, as per the September 2019 data published by the National Federation of State High School Associations, in the year 2018-2019, the United States had 7,937,491 students participating in high school sports. Furthermore, the demand for the product is high due to the increasing awareness regarding sports, surging involvement of countries in different sports and games, and rising preference for fitness among kids.
Increasing Participation in Physical Activities and Sports to Bode Well for Market Growth
The increasing prevalence of chronic diseases due to the lack of exercise and the growing health-conscious population, especially in urban regions, would drive the global market. The rising focus on developing gyms and sports infrastructure in various emerging countries is likely to increase sports shoe demand. As per the International Health & Fitness Association 2019 Report, the global fitness club witnessed a membership growth of 183 million.
Furthermore, the increasing awareness regarding health and fitness has simultaneously surged the number of participants engaging in physical activities and sports, thereby showing positive growth in the market. Additionally, the rising innovation in sports shoes, such as increased functionality and lightweight shoes for running, would influence the development of the market. To target more consumers, manufacturers are providing customizable options for fast-moving preferences.
Surging Government Initiatives will Support the Growth of Market
The increasing purchasing power and rising disposable incomes of consumers have propelled the sports footwear market growth. The rising income level has resulted in a willingness to pay extra for several performance characteristics, such as waterproof quality, moisture management, temperature control, and friction regulation. Additionally, the increasing number of different retail outlets and hypermarkets, and supermarkets is expected to help the market gain impetus in the forecast period.
Global, regional, and local government bodies focus on health and new strategies to draw the attention of the population towards the benefits of physical activities. Government bodies of several developed countries are constantly engaged in the process of establishing compelling healthcare offerings. This would simultaneously increase the sports footwear business, as a significant portion of the population will be inclined towards sports and fitness activities. Moreover, governments across the globe are focusing on increasing investments made in sports, which would have a positive impact in surging the consumption rate. For instance, PRS India. Org data declares that the Ministry of Youth Affairs and Sports allocated USD 314.8 million for 2019-2020. Therefore, this kind of initiative will boost the future of sports and provide an impetus to the growth of the market.
Availability of Low-cost Local Products to Limit Demand for Branded Footwear
The less number of sports opportunities and lower penetration of high-cost sports footwear in rural areas and low-income countries would limit the market expansion. Moreover, the availability of low-cost counterfeit products and the emergence of several small-scale market players have posed challenges to the high-cost branded footwear.
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Men Gender is Expected to Hold Major Share Owing to Greater Sports Participation Rate
The men segment is expected to hold more than 50% of the market share due to the male population being inclined towards sports and other physical activities. According to the U.S. Bureau of Labour Statistics, on average, in a day in 2018, men spent around 5.7 hours in sports activities, while women were engaged for 4.9 hours.
Besides, the rising participation of females in various sports activities at national and international levels is propelling the growth of women's sports footwear. For instance, the Olympic.Org data states that PyeongChang 2018 Olympic Winter Games has a 41 percent female participation rate. Additionally, the increasing involvement of women in several sports activities is likely to support the growth of the global market.
Recreational Users Segment to Hold a Significant Share
The recreational users segment is anticipated to hold the largest share in the market. Recreational users are the ones who participate in sports mainly for being physically fit, for enjoyment & entertainment, or for socializing.
On the other hand, professional users usually opt for high-quality footwear, which would help enhance the performance in their sports discipline and boost the consumption among this segment.
Offline Segment to Support the Growth of the Global Market
The offline segment is expected to lead the market. This segment includes retail stores, such as supermarkets, brand outlets, and discount stores. Some of the prominent companies aim to open retail stores in developing economies to expand their geographical presence and increase their customer base. For instance, in October 2019, PUMA, the largest sportswear brand, opened its first redesigned and interactive retail store in India.
The online segment is expected to be the fastest growing owing to the increasing internet users and the easy availability and accessibility of a wide range of sports footwear at a reasonable price.
North America Sports Footwear Market Size, 2020 (USD Billion)
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North America holds a major sports footwear market share and stood at USD 38.99 billion in 2020, owing to the growing popularity of sports and other similar activities. The large number of people participating in outdoor sports and adventurous activities is likely to positively impact market growth. For instance, the Outdoor Industry Association in January 2020 mentioned that in 2018, 50.5 percent of the United States population were assessed to be participating in outdoor activities. Besides, the booming growth of the e-commerce businesses propelling the purchase of the product is likely to fuel demand. As per the United Nations Conference on Trade and Development data, business-to-consumer e-commerce sales in 2018 in the United States were USD 1,098 billion.
Asia Pacific is considered to be the fastest-growing region during the forecast period 2021–2028. The increasing consumer expenditure, supported by strong economic growth and higher disposable income, is likely to drive the growth of the sports footwear industry in this region. As per the data published by the World Bank.Org in 2019, the GDP per capita income of East Asia & the Pacific was 26.925 trillion, which is a rise from 26.351 trillion in 2018. In addition to this, the thriving growth of various sports domains, such as cricket, football, basketball, and others influencing more people to be involved in sports as a hobby or a profession, would help generate traction. According to the Hindu Business Line, in September 2019, the Indian major cricket league called the Indian Premier League's brand value experienced a surge of 7 percent.
South America is anticipated to display considerable growth owing to the declining employment rate in various countries of this region over the years. This led to strengthening their purchasing power which would thus act in favor of the market growth. For instance, Youth Employment Decade. Org states that the unemployment rate in Brazil was 11.6 percent in 2018, which is a decline from 12.5 percent in 2017.
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The Middle East is expected to exhibit substantial growth in the market owing to the escalating rise of the urban population, which would result in the increasing number of people involved in multiple fitness activities. People are progressively conscious of their health and well-being, especially in urban areas, thus helping to escalate the demand. According to the World Bank.Org, the urban population of the Middle East & North Africa was 65.679 percent in 2019, which is an increase from 65.372 percent from its prior year.
Major Players Emphasize on Making Innovative and Durable Products
The global market includes several key players. A few of them include Nike Inc., Adidas Group, MIZUNO Corporation, Puma S.E., Armor Inc., Skechers, USA Inc., Reebok, Converse, Diadora S.p.A., and ASICS corporation. Some of these manufacturers mainly focus on launching innovative and advanced products that may fulfill the customer's requirements. For instance, in March 2018, Reebok launched a Fast Flexweave running shoe that mainly features Flexweave, the latest cutting-edge technology.
An Infographic Representation of Sports Footwear Market
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The global market research report provides a detailed sports footwear industry analysis and focuses on key aspects such as leading companies, end-users, and leading product types. Besides this, it offers insights into the current sports shoe market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors contributing to the market's growth over recent years.
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)
Fortune Business Insights says that the global market size was USD 93.57 billion in 2020 and is projected to reach USD 134.99 billion by 2028.
Registering a CAGR of 4.8%, the market will exhibit steady growth during the forecast period (2021-2028)
The men segment is expected to lead the market during the forecast period.
The increasing sports participation is driving the growth of the market.
Nike Inc., Adidas, Reebok, and others are the key players in the market.
North America is expected to hold the highest share in the market.
By end-users, the recreational users segment is expected to grow at the fastest pace during the forecast period.
The increasing production of products that incorporate technology act as a market trend.
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