SNEAKER MARKET REPORT OVERVIEW

At a compound annual growth rate (CAGR) of 7.2%, the worldwide sneaker market is expected to reach USD 170 billion by 2033 from its estimated USD 90 billion in 2024.

Sneakers are shoes that are primarily used for sports or other physical exercise routines, but they are now frequently worn on a daily basis. The term often refers to a type of shoe with an upper composed of leather or synthetic materials and a flexible sole made of rubber or synthetic material. Athletic footwear, such as tennis shoes, basketball shoes, cross trainers, and other shoes worn for specific sports, are examples of such shoe patterns.

The lucrative retail e-commerce sector worldwide, growing consumer disposable income, and growing interest and awareness of the health benefits of sports and fitness activities are anticipated to be the key factors driving market expansion. Young people are becoming more interested in adopting healthy habits, which is why they are actively participating in sports. People now understand that participation in sports and fitness activities can assist ensure good health and reduce the risk of chronic conditions including diabetes, depression, and cardiovascular diseases.

COVID-19 Impact:

Supply Chain Disruption to Hinder Market Progress

There has not been a year like 2020 for sports companies and shoe manufacturers. Sales of sneakers had been steadily rising worldwide before to the COVID-19 pandemic, and profits were rising annually. The COVID-19 pandemic has forced governments to halt manufacturing and implement lockdowns. The impact of the epidemic has been uneven, despite the fact that no manufacturing company has been spared. However, as global demand declined during the lockdowns, sales plummeted to their lowest levels during a pandemic. Lower-priced sneakers were available, and retailers thought about promoting social media client interaction.

LATEST TRENDS

Trendy Sportswear to Bolster Market Progress

The increasing demand for stylish, fashionable, yet comfy footwear across age groups is a key factor driving the global footwear sector. Customers are gradually choosing trendy sports shoes that include essentials of sports design, in agreement with the athleisure style. The growth in popularity of sports and fitness activities such as swimming, aerobics, yoga, and jogging. The number of females joining in fitness and sports events, attractive and comfortable sports footwear best for daily sports activities is becoming enormously popular. The global demand for cycling and running footwear is focused on the constant shift concerning more active routines.  Moreover, athleisure has become progressively popular, impelling millennial parent's sports footwear choices.

SNEAKER MARKET SEGMENTATION

• By Type Analysis

By type, the market is segmented into Adult Sneaker and Children Sneaker.

The adult sneaker is the leading segment in the global market. This is due to the increasing adoption of sneakers among the adult population due to growing awareness connected to the style. The growing concerns for health among the adults is foremost to preference towards fitness activities and progress in the disposable income is straight gushing the demand for sneakers with improved comfort.

• By Application Analysis

Based on application, the market is classified into Competition, Amateur Sports, and Lifestyle.

DRIVING FACTORS

Increasing Innovation to Facilitate Industry Progress

The growing consciousness of health hazards such as type 2 diabetes, obesity, and high blood pressure is boosting various sports and physical events among consumers which are supporting the market growth. Manufacturers are aiming more for improvements in athletic footwear and 3D printing is likely to play the main role in the growth of the athletic footwear market. The rising popularity of customization and personalization in athletic footwear such as NikeId by Nike, Inc. is playing key role to enhance the sales of athletic footwear across the globe.

Rising Adoption of Social Media for Marketing to Magnify Market Growth

The upsurge has been observed in the number of consumers of numerous social media platforms along with an increase in internet dispersion. Most key companies in the footwear market organize on encouraging their products and services on these social media platforms.

Social media marketing is one of the key strategies accepted by several companies including the wearable products market, on informing awareness about their product offerings among target customers on social media networks. Therefore, over social media marketing strategy, the global sneaker market sights a dangerous prospect in gaining traction.

RESTRAINING FACTORS

Government Regulations to Impede Market Progress

With the resellers leveraging bots to categorize bulk buying of announcements, it’s become harder for retailers to put sneakers on the feet of those who actually want to wear and collect them. 

SNEAKER MARKET REGIONAL INSIGHTS

Customization and Innovation to Bolster Growth in North America

North America is likely to dominate the sneaker market share because of the owing to the changing lifestyles, growing fashion consciousness, and high disposable income, which is leading to a preference for comfort rather than price among the customers. Moreover, the rising health concerns and easy accessibility for customized and innovative sneakers are some other factors driving the growth of the sneakers market in this region.

Asia Pacific is expected to have a sizable market share. The increasing disposable income and rising saturation of e-commerce are projected to show the main role in driving the demand for sneakers in the global market. The growing interest in contributing to several sports events, comprising the Asian Games, the ACC Asia Cup, and the ICC Cricket World Cup, is improving the growth of the regional market.

KEY INDUSTRY PLAYERS

Major Players Acquiring Start-Ups and Expanding Consumer Base to Improve Market Position

The market for sneakers is very competitive, with a slew of major businesses vying for a larger slice of the pie. The defense and homeland security industry's severe safety and regulatory rules are projected to limit new entrants. Companies are using digital and social media marketing to inform people about new inventions and product launches. The e-commerce network has been rising majorly over recent years, and it is one of the desired channels for the major manufacturers operative in the market. ​ 

INDUSTRY DEVELOPMENT

• January 2022: NIKE, Inc. entered into a conclusive contract to procure Converse, Inc. The entire worth funded for 100 % of the equity shares was roughly US$305 Mn plus the supposition of assured working capital charges at the time of the transaction’s consummation.

List Of Top Sneaker Companies

• Adidas (Germany)
• Nike (U.S.)
• New Balance (U.S.)
• Under Armor(U.S.)
• ASICS (Japan)
• MIZUNO (Japan)
• Puma (Germany)
• Lining (China)
• Ecco (Denmark)
• Kswiss (U.S.)
• Skecher (U.S.)

REPORT COVERAGE

The research covers various topics, including demand, product development, revenue generation, and sterile vial sales across regions. Considering sales during the forecast period, an optimistic and cautious scenario has been used to fully estimate the market. The survey also takes into account price point comparisons by region with the global average price.