NEW YORK, Nov. 2, 2023 /PRNewswire/ — The Sneakers Market is estimated to grow by USD 29.91 billion from 2022 to 2027. The market is estimated to be growing at a CAGR of 6.89% during the forecast period. The sneakers market report includes information on the product launches, sustainability, and prospects of leading vendors, including Adidas AG, Allbirds Inc., ANTA Sports Products Ltd., ASICS Corp., Berkshire Hathaway Inc., Boardriders Inc., Deckers Outdoor Corp., ECCO Sko A S, Fila Holdings Corp., Mizuno Corp, New Balance Athletics Inc., Nike Inc., On Holding AG, PUMA SE, Skechers USA Inc., TBL Licensing LLC, Under Armour Inc., Veja Faire Trade SARL, VF Corp., and Wolverine World Wide Inc. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) – View Sample report
Vendor Landscape
The sneakers market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances and the price of the products –The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now
Sneakers Market – Market Dynamics
Major Drivers & Challenges-
The increasing premiumization due to the introduction of more innovative sneakers drives the growth of the sneakers market during the forecast period. Innovation plays a vital role in the global sneakers market because of the fact that it enables products to be differentiated from competitors on a market and increases the performance of sports participants. Currently, customers demand innovative, high-quality products that deliver high performance. Also, advances in technology have enabled market competitors to introduce sport-specific footwear for basketball, football, rugby, trail running, golf, and other sports. For instance, Nike’s Jordon footwear is manufactured with the technology of flight speed, which makes it easy for basketball players to get their feet moving on fast cuts and movements. Hence, such factors are expected to escalate market growth during the forecast period.
The volatile cost of raw materials challenges the growth of the sneakers market during the forecast period. At present, sneakers manufacturers like Nike, Adidas, and PUMA have been experiencing fluctuations in their profit margins. This is a result of the fluctuating prices of raw materials and the increasing competition among market competitors. In recent times, the low costs of setting up have brought an influx of local players. The continuous change in profit margins of the market competitors acts as a major challenge for the growth of the global sneakers market. Hence, such factors are expected to hinder the growth of the global sneakers market during the forecast period.
Key Trends–
The use of environment-friendly materials to manufacture sneakers is an emerging trend shaping the sneakers market. There has been a growing demand for sustainably produced products from customers in view of the emphasis on environmental protection. In order to comply with their customer’s requirements, the top competitors tend to focus more on making products that can reduce environmental impacts. Hence, such trends boost the growth of the market during the forecast period.
Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report
Sneakers Market – Competitive Analysis
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
Sneakers Market – Market Segmentation
This sneakers market report extensively covers market segmentation by product (adult sneakers and children sneakers), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The market share growth by the adult sneakers segment will be significant for overall market growth during the forecast period. This segment in the global sneakers market is a highly competitive and rapidly evolving industry. There has been a significant increase in the demand for sneakers among adults over the years. This is driven by several demographic and socio-economic factors, such as the rise in disposable incomes among working professionals and Millennials. Hence, such factors boost the segment growth during the forecast period.
- APAC is estimated to account for 36% of the growth of the global market during the forecast period. The regional market growth can be attributed to a growing population and a rising demand for fashion and footwear. Furthermore, the increasing demand for sports footwear is one of the most important factors that have led to growth in the Asia Pacific athletic footwear market. Hence, as a result of the growing middle class, more people participate in physical activity and fitness activities, leading to a greater demand for sports clothing and footwear.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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