Running gear: Key market research findings
- North America to dominate the market geographically
- The footwear segment to account for a majority of the market’s revenue
- Key vendors – Adidas, ASICS, Nike, Puma, and Skechers
Technavio’s market research analysts predict the global running gear market to grow at a CAGR of more than 7% between 2016 and 2020. Celebrity endorsements and other modern marketing strategies adopted by vendors in the market are spurring an increase in the demand for running gear across the globe. Some of the common promotional strategies include offering sponsored events, discounts, seasonal offers, and draws. At present, North America dominated the global running gear market by accounting for around 43% of the overall market share. Growing awareness of the resultant benefits of leading a healthy lifestyle and the high popularity of different running events in the region is expected to propel growth in the running gear market in North America by 2020.
The new market research report from Technavio presents a breakdown and analysis of the running gear segments based on the product.
“Since constant product innovation is an ongoing trend in the market, vendors have started focusing on the development of ground-breaking running apparel and footwear with increased emphasis on improving user experience in an attempt to gain more shares in the competitive market. Besides, consumers who buy running shoes often seek cost-effective and high-quality products that can improve their running skills and eventually assist them in running events,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
In 2015, the running footwear segment occupied around a 60% share of the market and is expected to continue its market dominance over the forecast period. The increasing purchasing power of consumers in developing economies and growing consciousness about leading a healthy lifestyle and maintaining physical fitness are key factors influencing the growth of the global running footwear market. Increased investments in innovative marketing campaigns by prominent vendors is also expected to reflect positively on this market’s growth potential in the coming years.
The key vendors in the global running gear market include Adidas, ASICS, Nike, Puma, and Skechers. The market is dominated by leading international players. Due to the high level of competition in the market, vendors have been compelled to introduce advanced products and focus on innovative solutions to gain dominance. The monopoly of a few prominent players has consolidated the market to a great extent. Additionally, the entry of new players is low in the market because of the rapid technological modifications and consumer preferences.
A more detailed analysis is available in the Technavio report, Global Running Gear Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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