April 4, 2020
Athletic Footwear

Athletic Footwear Market Shows a Significant Growth in Upcoming Period

SanJose- 12-12-2019

Global athletic footwear accounted for US$ 37.8 billion in 2017, with CAGR growing by 5.3 per cent during the 2018 to 2026 forecast period. Footwear refers to the garments worn on the feet that basically serves as protection against humidity, cold, roughness, dust and heat while walking, standing and running. Athletic footwear includes hiking and walking shoes used in exercises, sports, aerobics. At present, all age groups have also shifted the trend towards fashion and casual footwear.

Technological advancement in the athletic footwear industry has enabled companies to produce high-quality products with the objective of meeting the growing consumer demand. Consumers are also willing to spend more on footwear as a result of the adoption of high-quality raw material and the use of various machines aimed at producing accurate and accurate products, taking into account consumer comfort. Companies also focus on 3-D printing technology with an objective of producing quality shoes in less time. For example, U.S.-based Under Armour, Inc. launched two connected running shoes in January 2018, namely Hovr Sonic and Hovr Phantom, with tracking capabilities on the length, distance, and others. With the help of the Under Armour MapMyRun app, these shoes are synchronized with connected handset. These are also equipped within the foam soles with accelerometer, bluetooth module and gyroscope. Furthermore, active promotions by the different manufacturers followed by ease of availability of footwear products on online platforms also fuel the demand for the global athletic footwear market during the 2018 to 2026 forecast period.

Credence Research is Providing Premium Sample of This Report:  https://www.credenceresearch.com/sample-request/59325

The specialty store segment by distribution channel is supposed to show a higher growth rate in the athletic footwear market from 2018 to 2026. A CAGR of 5.3 per cent is expected to be registered throughout the period, but has a comparatively lower market share of athletic footwear. It is expected to receive high BPS by the end of 2026. Sport stores are dominant in the athletic footwear market, reflecting the highest share of value in the athletic footwear market, and this trend is set to continue over the forecast period. As far as market shares are concerned, there is a tough call between the segment of sports stores and the segment of hypermarkets/supermarkets, both having similar shares in the market for athletic footwear, while the segment of sports stores has the upper hand.

An important factor driving the growth of this market is the increasing demand for comfortable and fashionable footwear among all age groups, followed by increased participation in sports activities. Another factor expected to trigger market growth is increasing awareness of health benefits followed by changing consumer lifestyle. The global athletic footwear market is highly competitive with various players making huge investments in the channels of brand building and marketing. This, in turn, aims to establish brand value and global market presence with a goal of attracting new consumers and expanding consumer base. The presence of different small-scale manufacturers provides the key players operating in the market with tough competition. Rising prices of raw materials, followed by growing environmental concerns over synthetic rubber, are anticipated to limit this market’s growth over the forecast period. Local manufacturers are also expected to restrain the availability of counterfeit products to the global athletic footwear market.

The increasing trend towards athleisure is increasing the demand for sports designer shoes and the shift to healthier lifestyles is increasing the market for running and cycling shoes. Increasing government initiatives for participation in sports activities are also driving the market. For example, over the coming years, the Government of Australia is planning to invest millions in sport and physical activity initiatives. The growing unhealthy population is also a major factor affecting the market. The strong channels of distribution also help the market to increase availability and increase revenue. An increase in the number of women participating in sports and fitness activities is boosting the market.

Middle East and Africa is the fastest-growing region on the global market for athletic footwear. Growing concern for health and fitness among the population is the main driver of the market. South Africa is the market leader holding more than 15% of the market, followed by Saudi Arabia. The customers in the Middle East are ready to pay premium prices for goods, the quality and durability factor they are looking for. Manufacturers also focus on the quality and cost-effective production and efficient distribution of goods. Middle East has a higher potential for athletic footwear and players are approaching the region with different products and distribution channels. Athletic CO. is one of the most popular companies operating in the Middle East.

Credence Research is Providing Premium Sample of This Report:  https://www.credenceresearch.com/sample-request/59325

Leave a Reply

Your email address will not be published. Required fields are marked *