Athletic Footwear Market-Insights
Athletic footwear include sneakers used in sports, exercises, walking, and hiking. The footwear include athletic shoes, tennis shoes, gym shoes, sport shoes, runners, or trainers shoes. Although they are primarily produced for sports activity or other forms of physical exercise, they are now also often used for everyday wear. The footwear have a flexible sole made of rubber or synthetic material and an upper part made of leather or synthetic materials. Athletic footwear have two basic functions: injury prevention and enhanced performance. The requirement of athletes depend on their preferences. Some are concerned about injuries, whereas some competitive athletes may choose enhanced performance over injuries.
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The athletic footwear market was valued at US$ 89.00 billion in 2016 and is projected to register a CAGR of 2.33% in terms of revenue, over the forecast period (2017–2025).
According to Physical Activity Council (PCA), participation in fitness sports increased from 59.6% in 2011 to 62.7% in 2016 in the U.S. According to World Health Organization, globally, 1.9 billion adults were overweight of these over 650 million were suffering from obesity in 2016. Increasing inclination of consumers towards various exercises and sports, due to growing awareness of health risks of obesity such as type 2 diabetes and high blood pressure is fuelling demand for athletic footwear. Innovations in footwear such as 3D printing is also driving growth of the athletic footwear market. For instance, Adidas AG launched sneaker with 3D printed sole in April 2017. Under Armour, Inc. launched Hovr Phantom and Hovr Sonic smart shoes with tracking capabilities on distance, stride length, and others in January 2018. Rising trend of personalization and customization in footwear such as NikeId by Nike, Inc. is also another factor expected to support growth of the athletic footwear market.
Men segment accounted to be the largest end user segment in the athletic footwear market in 2016, due to high participation of men in sports and other physical activities. According to European Commission, 2013, 45% men play sport or exercise at least once a week as compared to 37% women. Moreover, 37% men never play sport or exercise as compared to 47% women in member states of the European Union.
Europe was accounted to be the largest athletic footwear market in 2016 and is expected to retain its dominance over the forecast period. This is attributed to increasing health awareness among consumers and increasing participation in sports and other physical activities. According to Sports England — which is a public body under the Department for Digital, Culture, Media and Sport — around 60.7% adults participated in sports or other exercises for over 150 minutes per week in 2016 in England.
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Asia Pacific is the fastest growing athletic footwear market, owing to rising participation in sports activities and growing sports industry in countries such as India and China. According to The State Council of China, the Chinese sports industry is expected to reach US$ 460 billion by 2020. Furthermore, growing e-Commerce market is driving growth of the athletic footwear market in this region. For instance, according to IBEF (India Brand Equity Foundation), Department of Commerce, Ministry of Commerce and Industry, e-commerce industry is projected to increase at a CAGR of 28% from 2016 to 2020 to reach US$ 63.7 billion by 2020 in India.
Athletic footwear market is highly competitive market with major players adopting various strategies such as new product launches, merger and acquisitions, and joint venture to retain their market position. For instance, Lululemon Athletica Inc. collaborated with Athletic Propulsion Labs, LLC to increase their product offerings in August 2017. Nike, Inc. launched sports shoes namely Air Max 98 -White/Obsidian, Air Vapormax Plus -Triple Black, Air Foamposite One- Aurora Green, and SF AF-1 -Dusty Peach in January 2018.
Key market players in the athletic footwear market are NIKE, Inc., New Balance Athletics, Inc., Skechers USA Inc., ASICS Corporation, Adidas AG, Puma SE, Wolverine World Wide, Inc., Under Armour, Inc., VF Corporation, and FILA Korea, Ltd.
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