Sports Footwear Market

Sports Footwear Market Outlook (2022-2032)

The global sports footwear market is set to enjoy a valuation of US$ 115.9 Billion in 2022 and further expand at a CAGR of 5.9% to reach US$ 205.9 Billion by the end of 2032.

North America leads the sports footwear market and is expected to contribute more than 30% of the global market over the valuation period.

Report Attributes	Details
Sports Footwear Market Size (2021A)	US$ 109.5 Billion
Estimated Market Value (2022E)	US$ 115.9 Billion
Forecasted Market Value (2032F)	US$ 205.9 Billion
Global Market Growth Rate (2022-2032)	~5.9% CAGR
North America Market Share (2021)	~ 31.4%
East Asia Market Growth Rate (2022-2032)	~ 7.4%
United States Market Growth Rate (2022-2032)	~ 5.5% CAGR
Market Share of Top 5 Companies	~17.6%
Key Companies Profiled	Nike Inc Adidas AG Under Armour Puma SE Skechers USA New Balance Asics Brooks Yonex Fila Korea

Sales Analysis of Sports Footwear Market (2017-2021) Vs. Market Forecast Outlook (2022-2032)

Over the historical period of 2017-2021, the market for sports footwear has grown at a compound annual growth rate of 5.4%. Sports shoes were traditionally favored by people who participated in active sports activities such as athletics, football, basketball, ice hockey, trekking, and so on. Also, athletics grade shoes, on the other hand, were less popular among the middle-income earning population owing to the high purchase cost. Furthermore, the evolution of sports-grade shoes during the historical period was driven by manufacturers' improved and durable product offerings, which drew the population's attention.

The demand for sports footwear has increased in the past years owing to their vicious advantages over casual or formal shoes. Increased outdoor physical activities, continuous structural and design advancements, and better comfort and safety offerings from the supply side have gravitated the end-user’s attention. Moreover, the market size of sports footwear has gradually increased concerning increasing demand for activity-specific shoes.

Furthermore, the market is anticipated to show several growth opportunities in the forecast period due to some factors such as an increment in per capita disposable income, increasing population density, rise in personal healthcare consciousness, and technology-driven advancements. Owing to the aforementioned facts, the market is forecasted to grow at a CAGR of 5.9% for 2022-2032.

Additionally, the availability of customizable athletic grade shoes from the manufacturer’s end will further gravitate customers’ attentiveness towards the product. Hence, the sports footwear market is projected to show a remarkable market growth of US$ 205.9 Billion by the end of the assessment period.

• Short Term (2022 Q2 to 2025): A gradual rise in personal healthcare awareness amongst the population and increased involvement in outdoor physical sporting activities such as running, trekking, etc. This factor will drive the sports footwear market growth in the short term forecast period.
• Medium Term (2025-2028): An increase in sports promotional initiatives by regional governments will fuel growth opportunities for the manufacturers. Furthermore, an increase in per capita disposable income in developing economies will lead to an increase in demand for sports footwear in the medium term assessment period. Thus, the market is estimated to garner an absolute $ opportunity of US$ 32.1 Billion during 2025-2028.
• Long Term (2028-2032): The product sale is anticipated to grow in the long-term forecast period over 2028-2032 due to several technological advancements such as the inclusion of the midsole to maintain stable footing during running or missiles to reduce muscle or ligament stress. The product market is predicted to grow at a healthy Y-o-Y of 6.7% from 2031 to 2032.

Over the 2017-2021 historical period, the global sports footwear market registered a CAGR of 5.4% and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at of 5.9% CAGR between 2022 and 2032.

Market share analysis of sports footwear based on product type and region is provided in a nutshell in the above image. Under the product type segment, the training and gym sub-segment will dominate with 17.0% market share in 2022.

What’s Driving Demand for Sports Footwear?

“Investments in Rigorous Technological Product Modifications as Per Customer Demand to Fuel the Market Growth”

The increasing purchasing power and per capita disposable income of the global population has a favorable impact on market expansion. With higher personal earnings, people are willing to spend more for performance-based attributes including friction regulation, temperature control, moisture management, and waterproofing.

Moreover, adoption of several advanced technologies in manufacturing processes such as 3D printing techniques for reduction of manufacturing time to increase production has been noticed. Additionally, the population's growing concern for environmental conservation has raised the demand for sustainable sports footwear. Thus, to meet the demands of this current trend, manufacturers are continuously undergoing developmental transitions by using environmentally friendly raw materials.

For instance, Adidas, a sports goods manufacturing company launched their first ever 100% recyclable running shoes in 2019.

“Increase in Number of Sports Participation Around the Globe Will Accelerate the Market Expansion”

The per capita healthcare spending has gradually increased owing to prevalence of several chronic diseases. This has increased the number of health-conscious people who have started participating in sports activities. In addition, increasing number of personal training and sports centers in various regions across the globe will rise the demand for sports footwear. It has been observed that 183 Million new fitness club registrations have been taken by the global population in the year 2020.

Additionally, besides the fitness-conscious population, numerous diabetic patients are advised to wear sports shoes with fitness-tracking capabilities. Diabetic patients can easily monitor their heart rate, blood sugar level, and other vitals while engaging in daily activities. This indicates that the growing diabetic population will escalate the sale of sports footwear in the coming years.

What Do Sports Footwear Manufacturers Need to Watch Out for?

“High Cost of Technologically Advanced Athletic Shoes to Impede the Market Growth.”

Despite many positive developments in the sports shoe sector, the market is still thought to be constrained by a number of factors. The high cost of goods is one such important market anchoring element. Since 60% of the world's population is estimated to have an average medium-income population, spending on expensive goods will become a challenging factor for them. This factor will showcase low market growth. Additionally, future pandemics emergence like COVID-19 could also interrupt the value chain, which would lead to significant financial losses.

Country-wise Insights

Will High Spending on Sports Equipment in the U.S. Drive the Demand for Sports Footwear?

The U.S. domesticates the world’s leading sports footwear manufacturing companies such as Nike, Under Armour, Sketchers, New Balance Athletics, etc. Increment in outdoor sporting activities such as rafting, skiing, trekking, etc. has garnered huge growth opportunities for the manufacturers.

Furthermore, investments in research and development by manufacturers in the region have increased the sales of athletic-based shoes. Additionally, advanced e-commerce shopping platforms have boosted regional startups in the global sports footwear market. North America dominated the overall target market in terms of revenue and value share owing to the aforementioned factors and is estimated to grow at a compound annual growth rate of 5.9% from 2022 to 2032.

Why Is East Asia expected to be Highly Lucrative for the Market?

East Asia and other developing areas are expected to see gradual expansion during the projection period, East Asia is expected to grow with a CAGR of 7.4% over the year 2022 to 2032. The region has experienced growing potential as a result of government measures to encourage the youth population for sports participation. Additionally, organizing international-level sporting events like the ICC World Cup, ACC Asia Cup, and regional competitions is assisting market expansion. Hence, East Asia is expected to be a highly opportunistic market for the market players.

Category-wise Insights

What Explains the High Demand for Training & Gym Shoes?

Under the segment product type, the sub-segment training and gym shoes will dominate the market. The increase in fitness activists across the globe is the major driving factor for the sale of training and gym shoes. According to a survey, North America accommodates nearly 1 Million gyms owing to an increase in fitness concerns among the population. The inclusion of basic physical training activities in schools and universities has participated in the growth of the training & gym shoe segment.

Why Pervasiveness of Modern Trade Channels Supports the Sale of Sports Footwear?

The modern trade channel, which encompasses supermarkets and hypermarkets, dominates the sales channel segment with a total value share of 21.4% in 2021.

The population has favorably accepted and admired modern trade sales channels because of various benefits such as the availability of multiple product kinds under one roof, a greater range of similar products, a better price comparison experience, and so on. Additionally, increasing consumer engrossment in such places will push the market towards opportunistic growth.

Competitive landscape

The leading market players of sports footwear market are intensively focusing on development of technologically advanced products at economically friendly prices. Manufacturers are also focusing on innovative sales and marketing strategies to gravitate customers’ attention toward products. For instance, the market players are investing in restoration of brand websites and offering various discounts on the available products.

Additionally, businesses are working to provide more environmentally friendly products to support the world's sustainable development. Moreover, the adoption of inorganic growth tactics such as partnerships, acquisition, and merging helps the market leader to escalate their product portfolio and maintain a market presence.

• In January 2021, New Balance has designed a novel New Balance 991 shoes in collaboration with Patta. The new sneaker will have a dusty pink/light petrol colouring and go by the name Patta x New Balance M991Pat.
• In June 2021, the market leader Adidas has introduced "Solarthon," a comfy and light golf shoe in the market. The new sneaker features a Primeblue textile upper manufactured from recycled yarn containing at least 50% Ocean - bound Plastic to boost Adidas' "End Plastic Waste" initiative.
• In May 2021, Nike launched the "ZoomX Invincible Run" running shoes which is the newest addition to Nike's burgeoning line of athletic footwear.

Segmentation of Sports Footwear Industry Research

• Sports Footwear Market by Product Type:

  • Running
  • Training & Gym
  • Basketball
  • Football
  • Soccer
  • Baseball
  • Golf
  • Tennis
  • Cricket
  • Other Shoe Types

• Sports Footwear Market by End Use:

  • Men
  • Women
  • Children
  • Unisex

• Sports Footwear Market by Sales Channel:

  • Independent Sports Outlet
  • Franchised Sports Outlet
  • Modern Trade Channels
  • Direct to Customer Brand Outlet
  • Direct to Customer Online Channel
  • Direct to Customer Institutional Channel
  • Third Party Online Channel

• Sports Footwear Market by Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA