LONDON--(BUSINESS WIRE)--The running gear market is expected to grow by USD 269.92 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The rising penetration of the internet and the increasing adoption of smartphones has fueled the growth of online stores across the globe. In addition, several factors such as convenience, competitive prices, discounts, COD, and fast delivery options offered by e-commerce websites are encouraging consumers to shop online. Also, several market players such as Nike, ASICS, Skechers, Under Armour, and adidas have opened their web portals to boost online sales. In 2019, e-commerce became the primary distribution channel for adidas. These factors are contributing to the growth of the global running gear market.
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As per Technavio, product innovation leading to category premiumization will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Running Gear Market: Product Innovation Leading to Category Premiumization
Vendors in the market are introducing premium-priced footwear made using advanced technical fabrications and innovative designs to differentiate their products from other players. For instance, Nike offers running shoes based on its innovative Nike Air technology which helps runners to move their foot with ease. Also, the shoes made with this technology are the lightest amongst all other running shoes. The company also offers running apparel manufactured with Dri-FIT technology which enables the fabric to absorb sweat from the user's skin and transfer it to the fabric's surface. This allows the sweat to evaporate faster and keep the apparel dry even during rapid sprints. The introduction of such innovative features is crucial in attracting consumer interest. With the growing demand for innovative and high-quality products, this trend will have a positive impact on the growth of the global running gear market.
“Increased participation of enthusiasts in fitness activities and the high operating margin of vendors will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Running Gear Market: Segmentation Analysis
This market research report segments the running gear market by Product (Running footwear, Running apparel, and Others), Geography (APAC, Europe, North America, South America, and MEA), and Distribution channel (Offline and Online).
The APAC region led the running gear market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the expansion of business operations by prominent vendors in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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