Athletic footwear: Key market research findings
- Increased awareness about benefits of an active lifestyle spurs market growth
- Increasing demand for sustainable products in the market
- Key vendors – Adidas, ASICS, Nike, New Balance, and Skechers
Technavio’s market research analysts predict the athletic footwear market in the US to grow at a CAGR of around 3% between 2016 and 2020. Increased awareness about the resultant benefits of a physically active lifestyle is the fundamental driving force behind the growth of this market. Hectic work schedules and increasing health issues have been leading people to choose running as a form of exercise. As a result, the market is registering an increase in the demand for athletic footwear that people use for running or jogging, and for participating in different running events. An increase in the incidence of obesity in the country has also been propelling the market’s growth in the positive direction during the estimated period.
The new market research report from Technavio presents a breakdown and analysis of the athletic footwear segments based on the product.
“With the growing preference for environmental protection, the demand for sustainable products is at an all-time high. As a result, vendors are catering to this demand by increasingly focusing on manufacturing products that can reduce the adverse effects on the environment. Consequently, organic cotton, recycled rubber, plastic materials, and water-based adhesives are replacing traditional leather, synthetic rubber, nylon, polyurethane, and other synthetic materials in the manufacturing of sports apparel and athletic footwear,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
By 2020, the running shoes segment will account for more than 32% of the overall market share to continue its dominance as the key revenue generating vertical of the athletic footwear market in the US. Growing awareness about the benefits of leading a healthy lifestyle and maintaining physical fitness is prompting more people to opt for running. Vendors in the market are also investing in innovative marketing campaigns to increase the popularity of their products and to address the growing demand for running footwear. The demand for running shoes is also increasing because of the rising emphasis on comfort, and we expect this to increase the demand for cushioned shoes over the next few years.
The key vendors in the athletic footwear market in the US include Adidas, ASICS, Nike, New Balance, and Skechers. Since a few prominent players monopolize the market, it is highly consolidated in nature. Intense competition among these companies coupled with rapid changes in technology and consumer preferences makes the threat of new entrants extremely low.
A more detailed analysis is available in the Technavio report, Athletic Footwear Market in the US 2016-2020.
We can customize reports by other regions and specific segments upon request.
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