Worldwide sales of sports footwear are estimated at US$ 122.2 billion for 2023 and are forecasted to jump to US$ 208.7 billion by the end of 2033. Over the next ten years (2023 to 2033), the global
Worldwide sales of sports footwear are estimated at US$ 122.2 billion for 2023 and are forecasted to jump to US$ 208.7 billion by the end of 2033. Over the next ten years (2023 to 2033), the global sports footwear market is projected to expand steadily at 5.4% CAGR.
Sports footwear is primarily used by people who are actively involved in outdoor physical activities such as running, trekking, workouts, or professional sports. However, the trend has changed over the past years and will further speed up the market evolution in the coming years. The prime drivers powering the market expansion are thought to be increasing consumer disposable income, a burgeoning worldwide retail e-commerce segment, and growing passion and understanding of the health advantages of exercising and sports. To lead a balanced lifestyle, teenagers are becoming more involved in sports and other associated matters.
In the meantime, people are beginning to understand how physical activities can promote good health and lower the risk of chronic conditions such as diabetes, heart disease, and depression. The above-mentioned factors are contributing to hastening the growth of the sports footwear market in the coming years.
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Furthermore, the introduction of technologically driven product offerings in the marketplace will gather customer attention which will further spur market expansion. In addition, the ease of accessibility through modern trade channels for potential customer bases determines the remarkable propulsion of market growth.
Moreover, Fact.MR suggests that the manufacturers should concentrate on cost reduction of their product offerings to cater strong customer base from medium and low-income zones. Strong branding and marketing strategies will help the market players to generate strong positioning in the market.
‘’Continuous Government Funding and Initiatives in The Developing Nations to Enhance the Sports Participation Will Accelerate the Growth of Sports Footwear Market.,” says Fact.MR Analyst
Key Takeaways from Market Study
Market Development:
The sports footwear market is highly fragmented as the market is led by many global and regional leaders, including Nike Inc., Adidas AG, and Under Armour.
Major companies are heavily spending on R&D to produce items with cutting-edge technology. Product launch and technological advancement are the key strategies adopted by manufacturers to stand alone in the marketplace. Key firms are employing tactics like mergers and acquisitions, alliances, and the creation of new products to fortify their positions in the sports footwear industry.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global sports footwear market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (running, training, gym, basketball, football, soccer, baseball, golf, tennis, cricket, other shoe types), end use (men, women, children, unisex), 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) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
Key Companies Profiled:
Industry News:
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CAGR stands for Compound Annual Growth Rate. It represents the mean annual growth rate of an investment over a specified time period, assuming the investment grows at a steady rate.
E-commerce refers to the buying and selling of goods or services using the internet. It encompasses various online transactions, including retail, banking, and auctions.
Market share is the portion of a market controlled by a particular company or product. It is usually expressed as a percentage of total sales in the market.
A product launch is the introduction of a new product to the market. It involves marketing strategies to promote the product and attract customers.
Branding is the process of creating a unique name, design, and image for a product in the consumers' mind, primarily through advertising campaigns.
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