LONDON--(BUSINESS WIRE)--The global athletic footwear market size is poised to reach USD 15.26 billion by 2023, according to a new report by Technavio, progressing at a CAGR of over 3% during the forecast period.
“The evolution of footwear has necessitated vendors to focus on strategies such as mass customization, and personalization. Mass customization is gaining immense traction in the footwear industry, driven by technology, supply chain transformation, and organization restructuring. Therefore, the growing trend of customization is expected to drive the athletic footwear market during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the growth in online retailing of athletic footwear. In addition, the rise in the number of athletic tournaments is anticipated to further boost the athletic footwear market.
Although brick-and-mortar retailing has been a key channel for the sale of athletic footwear, online retailing has been witnessing rapid growth over the last few years. The growth of online retailing is attributed to its benefits such as quick delivery and competitive product pricing. Moreover, online retail helps customers compare products and conveniently place orders from the comfort of their home. Thus, the growth of online retailing will drive the sales of athletic footwear.
The rising popularity of various sports tournaments such as the WBSC Premier, T20 World Cup, Ranji Trophy, and Ashes have led to an increase in the number of registered players in these tournaments. These tournaments require footwear specific to the sports, which increases the demand and sale of athletic footwear. Thus, the rise in the number of athletic tournaments will further drive the growth of the athletic footwear market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- adidas AG
- ASICS Corp.
- BasicNet Spa
- New Balance Athletics Inc.
- Nike Inc.
Market Segmentation by Distribution Channel:
The Athletic Footwear Market can be broadly categorized into the following segments:
- Specialty stores
- Hypermarkets, supermarkets, and departmental stores
- Online retail
Key Regions for the Athletic Footwear Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Related Reports on Consumer Discretionary are:
Footwear Market – Global Footwear Market by distribution channel (offline and online), product (non-athletic footwear and athletic footwear), end-users (women, men, and children), and geography (APAC, Europe, MEA, North America, and South America).
Online Footwear Market – Global Online Footwear Market by product (non-athletic and athletic footwear) and geography (the Americas, APAC, and EMEA).
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