Evolution of athletic shoes technology has led to a significant transformation in the design, and functions of the sports footwear. Besides providing protection to the users during the athletic, fitness and sports activities, the sports footwear is equipped with enhanced technological features that boost the performance of the end users.
As demand for smart sports shoes continue to increase among the athletes, fitness professionals, and sportsmen, manufacturers in the sports industry are mainly focusing on integrating enhanced technology into sports footwear for boosting performance. Running, basketball, gym, soccer, golf, and ice-hockey are a few sports, and fitness activities continue to inspire the youth population for participating in the sports and fitness activities, thereby driving sports footwear sales. Bound to these factors, the future growth of the sports footwear market is expected will be significant.
According to a recently compiled report, the global sports footwear market is expected to represent a value of over US$ 115,000 Mn by the end of 2022.
Key Growth Factors for Sports Footwear Market
Equipped with aerodynamic technology, the sports footwear allows the sportsmen and athletes to boost their performance. Integrated with advanced technology, the sports footwear allows the athletes to jump higher, run faster, and boost strength. The smart sports footwear are also equipped with cushions that are meant to provide comfort to the sportsmen and athletes.
Attributed to these trends, and activity specific sports footwear market players are designing, and embedding activity specific technologies in the sports footwear. Surge in demand for tracking the fitness regime, and the heart rate has led several sports footwear market participants to integrate technologies including fitness trackers, and heart rate monitors in the sports footwear.
Besides the sports and fitness industry, several diabetic patients are suggested to wear sports footwear that are equipped with fitness tracking features. Through the fitness tracking accessories, the diabetic patients can conveniently track the heart rate, and blood and sugar level while performing routine activities. Considerable demand among the diabetic patients is expected to contribute towards growth of the sports footwear market positively.
In order to keep a track of the fitness regime, and monitor the heart rate, the end users including sportsmen and fitness professionals are required to wear the smart sports footwear.
However, as communication with the wearable technologies generate harmful radiation, the health of the smart sports footwear users can be effected negatively. This will remain a key growth impediment for the sports footwear market.
Modern Trade to Remain Leading Sales Channel for Sports Footwear
With increasing demand to remain fit, sales for the gym shoes will continue to rev up in sports footwear market. The training & gym products as compares to other sports footwear is expected to witness the highest revenue growth, representing a value of over US$ 6,000 Mn by the end of 2022. However, running sports footwear is expected to register the highest CAGR in the sports footwear market throughout 2022.
The men segment in sports footwear market is expected to generate significant revenues, recording a value of over US$ 9,000 Mn by the end of 2017. However, the unisex segment is expected to register a robust CAGR in the sports footwear market throughout 2022.
Sales of sports footwear through the modern trade sales channel is expected to remain high, accounting for a value of over US$ 7,000 Mn by the end of 2022. However, the third party online channel is expected to register the highest CAGR as compared to other sales channel in sports footwear market.
Leading players operating in the sports footwear market include
- Nike Inc
- Adidas AG
- Under Armour
- Puma SE
- Skechers USA
- New Balance
- Fila Korea
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