The sports footwear market sales is projected that the global sports footwear market growth trajectory is expected to lead to the market achieving a total valuation of US$ 208.7 billion by the year 2033, as report by Fact.MR, a leading market research and competitive intelligence firm. Sports footwear, often referred to as athletic shoes or sneakers, are specialized shoes meticulously crafted for sports and physical activities.
These shoes are designed with precision to provide the necessary support and comfort required for various athletic pursuits. They are tailored for specific sports such as running, basketball, or soccer, offering superior grip and traction to minimize the risk of slips and injuries. Additionally, sports footwear incorporates enhanced cushioning to absorb impact and reduce stress on joints. The growth of the sports footwear market is primarily driven by several key factors.
These include evolving fashion trends, increasing global health and fitness awareness, and a rise in physical activities worldwide. Technological advancements in footwear design and materials, particularly focusing on improving comfort, support, and performance-enhancing features, also significantly contribute to this market expansion.
- The market in the US is expected to grow at a CAGR of 5.5% during the forecast period (2023 – 2033). This is attributed to the growing participation in outdoor recreational activities like rafting, skiing, trekking, and more.
- With a growing emphasis on health and fitness in India, there is a surge in participation in sports like cricket and football, potentially driving increased sales of running shoes, training shoes, and similar athletic footwear in the country in the foreseeable future.
- Football’s massive popularity in Europe is a key driver of growth in the European sports footwear market, spurring demand for high-quality shoes among players and fans alike.
Technological advancements in footwear design, increasing health and fitness awareness, and the expanding middle-class population in emerging markets are the three main factors driving the market – Says FACTMR Expert
Key Companies Profiled in This Report
- Adidas AG
- Puma SE
- Under Armour
- Fila Korea
- Skechers USA
- New Balance
- Nike Inc.
In this exceptionally competitive market, leading footwear manufacturers are prioritizing the expansion of their product range through the introduction of innovative offerings tailored to meet the changing preferences of consumers. Top players include Nike, Adidas, New Balance, Puma and Under Armour.
- In September 2023, Adidas announced its intention to release the Adizero Adios Pro Evo 1, an advanced running shoe priced at a substantial $500. According to the brand, these shoes represent their lightest creation in the realm of running footwear.
- It Is very important in this industry to combine online platforms with physical stores. This way, you can cater to a wide range of customers and make shopping easy and convenient. By offering both options, you reach people who prefer browsing in-store and those who like shopping online.
- Featuring celebrity sports players in advertising is a powerful strategy for top sports footwear brands. It brings credibility and authority to the product, as fans trust and look up to these athletes. Their broad fan base provides a wide reach, making it a great way to connect with potential customers
- For leading brands, backing local sports events, communities, and sponsoring tournaments is vital. It shows a commitment to the grassroots of sports and builds a positive connection with sports enthusiasts. This support provides visibility for the brand, targeting specific audiences and creating a favorable brand image.
Why is the American market for sports shoes profitable?
Major footwear brands like Nike and New Balance are present.
The world’s top manufacturers of athletic footwear, including Nike, Under Armour, Sketchers, New Balance Athletics, etc., are based in the United States. The growing popularity of outdoor sports like rafting, skiing, and trekking has created enormous growth potential for the manufacturers of athletic footwear.
In January 2021, New Balance and Patta created the innovative New Balance 991 shoes. The new sneaker will be known as the Patta x New Balance M991Pat and have a dusty pink/light petrol color scheme.
Also, manufacturers’ efforts in R&D to produce the greatest sports footwear goods are promoting market expansion. Additionally, it is predicted that the United States would have an advantageous situation due to the existence of a high-end sports footwear retail infrastructure as well as the expanding popularity of basketball shoes, lifestyle sneakers, and training shoes.
Sports shoe sales are expected to increase in the US at a 5.5% CAGR between 2023 and 2033.
These insights are based on a report on Sports Footwear Market by Fact.MR.