Specialty Boots to Capture Bulk of Athletic Footwear Demand, surging at 6% CAGR: Fact.MR Study
Published : 23 Sep 2021 Industry: Sports
Recently published Fact.MR intelligence on the global athletic footwear market forecasts a steady growth outlook, expecting an increase of 4.5% in value CAGR terms. As per the report, the market will be valued at over US$ 124 Bn by the end of the 2021-2031 assessment period. As of 2021, the market is positioned to reach US$ 79.52 Bn.
Historical projections reflect an identical growth trail, with a recorded CAGR of around 4% from 2016-2020 and reaching US$ 76.19 Bn in value terms. Demand underwent a dual transformation amid the COVID-19 pandemic, initially contracting sharply amid restrictions on outdoor sporting events, eventually regaining momentum as fitness enthusiasts began investing their time in sports activities across residential settings.
The athletic footwear market is influenced by several pluses such as mid foot balancing, cushioning, better speed control, anti-friction properties, comfort, breathability slowing down perspiration, new innovations in footwear which further improve their functionality such as reduction in weight and heel stabilization and easy availability.
Key Takeaways from the Market Study
- Global athletic footwear market is anticipated to add 1.4x value by 2031 compared to 2021
- By product type, specialty athletic boots to expand at around 6% value CAGR
- Running shoes demand to surge by a rate of 4% from 2021 to 2031
- Athletic footwear in the economy range to experience a 5% CAGR through 2031
- By demographic, men’s athletic footwear captured a market share of 40.4% in 2017
- U.S athletic footwear industry to yield US$ 17 Bn in revenue by 2025
- China to exhibit highest CAGR amongst all regions, approximating 5% until 2031
“Rising awareness regarding personal fitness is prompting individuals of all age groups to indulge in numerous sporting activities, thereby prompting increased purchases of different athletic footwear grades,” comments a Fact.MR analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In April 2021, Asics launched the latest METASPEED Edge- which enables more runner to strive for their best time without adapting their running style. The design of METASPEED™ Edge is ideal for cadence-style runners by helping them extend their stride length and improve their overall efficiency.
- In Sept 2021, Skechers announced the launch of the all-new skechers GOrun Razor excess for men, which builds on the popularity of the award-winning Gorun Razor 3. The product is designed for every kind of runner, which deliver a swift and comfortable run with highly responsive, ultra-lightweight and durable HYPER BURST cushioning, as well as Goodyear rubber technology for enhanced traction, stability and durability.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the athletic footwear market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product type (running, athleisure shoes, gym shoes, hiking shoes, backpacking shoes, mountaineering shoes), distribution channel (hypermarket/supermarket, departmental stores, specialty stores, online-stores and sports stores), price based (economical, mid, premium and super-premium) and demographics (men, women and kids) across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
About the Sports Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned sports team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the sports industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Consultant – Sports Division