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The sports footwear market share is expected to increase by USD 8.36 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 1.95%.
This sports footwear market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers sports footwear market segmentations by product (athleisure sports footwear, running sports footwear, court game sports footwear, cleats sports footwear, and others), end-user (professional users and recreational users), and geography (APAC, Europe, North America, South America, and MEA). The sports footwear market report also offers information on several market vendors, including adidas AG, Amer Sports Corp., ASICS Corp., Columbia Sportswear Co., New Balance Athletics Inc., Nike Inc., PUMA SE, The Gap Inc., Under Armour Inc., and Wolverine World Wide Inc. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing premiumization due to the introduction of more innovative sports footwear is notably driving the sports footwear market growth, although factors such as the volatile cost of raw materials may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the sports footwear industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Sports Footwear Market Driver
The increasing premiumization due to introduction of more innovative sports footwear is notably driving sports footwear the market growth. Innovation plays a vital role in the sports footwear market because it helps to differentiate the products from one market competitor to the other. Advanced technical fabrications, innovative design, and product development position sports footwear as premium-priced products which enabled market competitors to introduce sport-specific footwear for basketball, football, rugby, trail running, golf, and other sports. Key market competitors such as Nike Inc., adidas AG, New Balance Athletics Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., and ASICS Corp. are known for their innovative product offerings. For instance, Nike offers a wide variety of sports footwear equipped with new technologies for specific sports. Therefore, such factors are expected to have a positive impact on the profit margins of market competitors, which, in turn, is expected to escalate market growth during the forecast period.
Key Sports Footwear Market Trend
Expansion of distribution networks is the key market trend driving the sports footwear market growth. Vendors adopt different strategies to expand their online and offline distribution networks, which can increase their customer base. For instance, they invest in opening new stores and remodeling the existing ones. The increasing number of offline stores and online channels will accelerate their revenue. Brick and mortar retailing remains the key channel for the sales of sports footwear. However, Internet retailing will see rapid growth during the forecast period. Quick delivery services and competitive selling prices are the major factors that support the growth of Internet retailing worldwide. The growing Internet penetration and the increasing trust of customers in online transactions, combined with fast shipping services and growing fragmentation of customer choices, are expected to significantly contribute to the growth of the global sports footwear market during the forecast period.
Key Sports Footwear Market Challenge
The major challenge impeding the sports footwear market growth is the volatile cost of raw materials. Volatile cost of raw materials In recent times, footwear manufacturers like Nike, Adidas, and PUMA are experiencing fluctuations in their profit margins. This is due to the fluctuating prices of raw materials and the increasing competition among market competitors. As the establishment costs are low, an influx of local players has been observed in recent times. The emergence of local players leads to price wars among competitors. This forces global sports footwear market competitors to reduce the prices of their products and, consequently, their profit margins. Thus, the continuous change in profit margins of the market competitors acts as a major challenge for the growth of the global sports footwear market. The lag between the cost fluctuations and the ability of the market competitors to increase product prices are factors that negatively impact their profit margins of them.
This sports footwear market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global sports footwear market as a part of the global footwear market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the sports footwear market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the sports footwear market encompasses successful business strategies deployed by the key vendors. The sports footwear market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The sports footwear market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the sports footwear market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Market Segmentation by Distribution channel
9 Customer landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
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