Sports footwear: Key market research findings
- Growing popularity of social fitness spurs increased sales
- APAC dominates the market geographically
- Key vendors – Adidas, ASICS, Nike, New Balance, and Skechers
Technavio’s market research analysts predict the global sports footwear market to grow at a CAGR of almost 3% between 2016 and 2020. The market’s growth is augmented by the increasing popularity of social fitness. Vendors are leveraging social factors to boost the need for physical fitness among consumers. Socially integrated devices and apps allow the comparison of personal workout stats with fellow members or the device community, to provide a sense of competition and make the entire process enjoyable. During 2015, APAC dominated the global sports footwear market by occupying almost 42% of the overall market share. Increasing health concerns and the desire to live a healthy and active lifestyle among the people in this region are factors that will further fuel growth in this segment during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the sports footwear segments based on the product.
“Of late, vendors in the market have started emphasizing significantly on shoe designing. The growing demand for better and more sustainable options for sports footwear is prompting vendors to adopt innovative designs and production techniques. Key vendors in the market are following a much more scientific approach by taking into consideration secondary consumer requirements such as comfort, style, and performance enhancement,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
By 2020, the athleisure segment will continue its dominance as the primary revenue generator in the global sports footwear market by accounting for more than 27% of the overall market revenue. Athleisure sports footwear includes footwear that can be used for both athletic and leisure purposes. Premium vendors are venturing into the athleisure segment owing to its increasing popularity. Vendors such as Lanvin, Jimmy Choo, and Tommy Hilfiger have expanded their portfolios to include varieties of casual sports footwear, alongside sports footwear vendors like Nike, Adidas, and Converse.
Prominent players in the global sports footwear market include Adidas, ASICS, Nike, New Balance, and Skechers. The key international players dominate the sports footwear market globally. These players have led to increased consolidation of the market through their monopolistic nature. Intense competition prevails in this market, which has led to the development and introduction of many advanced sports footwear. The entry of new players in the market will be very low in the coming years owing to the strong foothold of these players.
A more detailed analysis is available in the Technavio report, Global Sports Footwear Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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