Sports Footwear Market - Forecasts and Analysis by Technavio

Technavio has published a new report on the global sports footwear market from 2017-2021. (Graphic: Business Wire)

LONDON--()--According to the latest market study released by Technavio, the global sports footwear market is expected to grow at a CAGR of almost 3% during the forecast period.

This research report titled ‘Global Sports Footwear Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

The global sports footwear market is expected to experience a moderate growth during the forecast period as the market is highly fragmented. The design and structure of sports shoes involve a lot of technicalities. Hence, the established vendors invest in R&D and product development and innovation to differentiate themselves in the market and expand their consumers base. The rising awareness of the importance of physical fitness and training motivate consumers. The growing trend of utilizing digital and social media platforms for advertisements and marketing campaigns helps companies build their consumer base.

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Technavio’s consumer and retail research analysts categorize the global sports footwear market into the following segments by product. They are:

  • Athleisure sports footwear
  • Running shoes
  • Court game shoes
  • Cleats
  • Gym and training shoes
  • Other sports footwear

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The top three revenue-generating product segments of the global sports footwear market are discussed below:

Athleisure sports footwear

Athleisure sports footwear refers to footwear used for both leisure and athletics. Footgear, such as this helps consumers follow the latest fashion trends and don a sporty look. Casual sports shoes such as sneakers are the most prominent athleisure footwear.

According to Tamal Saha, a lead retail goods and services research analyst from Technavio, “The manufacture of this footwear involves less technicality than other sports-specific athletic shoes. SKECHERS USA and Clarks are some brands, which offer athleisure footwear. In 2016, this segment made a major contribution of more than 27% to the global sports footwear market.”

Running shoes

Factors such as growing consciousness of a healthy lifestyle, increased demand for running shoes in the developing markets, and the rising participation in physical fitness activities among consumers drive this market. Vendors are introducing new and enhanced products that deliver high performance. Companies such as Nike, ASICS, SKECHERS USA, and adidas Group, and many others offer flexible, lightweight, supportive, and durable running shoes.

“In 2017, Nike launched its running shoes Nike Zoom Fly, Nike Air Zoom Pegasus, and others under Nike Zoom series. These running shoes are designed to yield a fast running experience for marathoners and consumers that run and cover long distances. These features will boost the demand for running shoes in the coming years,” adds Tamal.

Court game shoes

Court game shoes segment includes sports footwear for court games such as tennis, basketball, badminton, and squash. These sports require different design, structure, and sole for enhanced performance. The sole used in such sports shoes are flat and have soft cushioning. Soles of basketball shoes are moderately flat and are made of synthetic rubber. Basketball shoes are made differently for men and women. Vendors are trying to manufacture shoes based on innovative technologies and attract more consumers.

This technology in shoes helps to maximize the spring-back response when a full compression force is exerted. The rise in average selling prices of such shoes helps vendors generate more revenue. More than 25 million Americans play basketball because it is the most played sport in the US. Rising participation in court games also drives the growth of this segment.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • adidas Group
  • ASICS
  • New Balance
  • Nike
  • SKECHERS USA

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 361 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the global sports footwear market is expected to grow at a CAGR of almost 3% through 2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 361 1100
UK: +44 203 893 3200
www.technavio.com