The increase in the number of sporting activities, the increase in government investment in sporting events, the growing number of outlets and the emergence of new models are driving the growth of the global sports footwear market.
PORTLAND, Ore., January 10, 2022 / PRNewswire / – Allied Market Research published a report titled “Sports Footwear Market by type (sports shoes, running and walking shoes, hiking and hiking shoes and aerobics and sports shoes), end user (men, women and children) and distribution channel (supermarkets / hypermarkets, specialty stores , Point of Sale and Online Channels): Global Opportunity Analysis and Industry Forecast 2021-2030. âAccording to the report, the global athletic footwear industry generated $ 109.70 billion in 2020, and should generate $ 165.00 billion by 2030, with a CAGR of 4.2% from 2021 to 2030.
Main determinants of growth
The increase in the number of sporting activities, the increase in government investment in sporting events, the growing number of outlets and the emergence of new models are driving the growth of the global sports footwear market. However, rising commodity prices, availability of counterfeit products, and increasing environmental concerns are hampering market growth. On the other hand, changes in consumer lifestyle, growing fashion trends and emerging role of e-commerce present new opportunities in the coming years.
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During the outbreak of the Covid-19 pandemic, a drop in consumer demand for athletic shoes was seen by brands such as Adidas, Nike and Puma, among others.
Consumers have cut back on discretionary spending due to rising unemployment rates, which in turn has hampered the global athletic footwear market.
The men segment to maintain its leadership status throughout the forecast period
On an end-user basis, the men’s segment held the highest market share in 2020, accounting for almost half of the global athletic footwear market, and is expected to maintain its leading status throughout the period. forecast. This is due to the increase in recreational and sports activities among men. However, the female segment is expected to post the highest CAGR of 5.2% from 2021 to 2030. This is due to an increase in female participation in outdoor sports such as trekking, hiking, soccer, cycling and tennis.
The hypermarkets / supermarkets segment will maintain its leading position over the forecast period
On the basis of distribution channel, hypermarket / supermarket segment accounted for the largest share in 2020, contributing over a third of the global sports footwear market, and is expected to maintain its leading position during the forecast period. . For all consumer needs, supermarkets and hypermarkets are considered a one stop shop and provide everything that an individual may need on a daily basis. This factor has made the segment the segment generating the most revenue. However, the online channel segment is expected to account for the largest CAGR of 5.6% from 2021 to 2030. This is attributed to the easy availability of sneakers and the benefits they offer, such as benefit information. offered by the product, and the ease of home delivery to customers.
Asia Pacific, followed by Europe & North America, to maintain its dominance by 2030
Depending on the region, Asia Pacific, followed by Europe & North America, held the highest market share in terms of 2020 revenue, accounting for over a third of the global sports footwear market. Moreover, the same region is expected to experience the fastest CAGR of 5.0% from 2021 to 2030. Consumers are increasingly aware of their health and fitness in countries such as India, China, and Japan, which has boosted the sports footwear market in these regions. Market players have launched many innovative products, which has increased the overall sports shoes market share in the Asia Pacific.
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