The uplifting lifestyle of consumers, along with the accelerating disposable income, resulting in the need of more innovative and comfortable footwear, are the key drivers contributing to the growth of the global sneakers market. Also, other factors like rising preference in favor of trendy, high-fashion, and branded footwear and easy accessibility of innovative and customized characteristics will strengthen the market share. The augmenting population, coupled with the increasing concerns about health & wellness, is stimulating people to be involved in physical activities. The inclination regarding fitness and sports will drive the market growth.
The enlargement of e-commerce platforms, growing preference regarding custom designs, and surging fashion trends will raise the market’s demand. The emergence of 3-D printing on sneakers, accelerating internet and smartphone penetration leads to increasing impulse for online platform as it offers flexibility to consumers, which in turn will propel the sneakers market size. However, the easy availability of fake or copy products produced by the local manufacturers will hamper the market growth. Moreover, the widespread outbreak of coronavirus pandemic is negatively impacting the market due to the temporary halt of factories and delay in the release of modern collection. The factories and production slamming in China have disturbed the supply chain of raw material, thereby obstructing the market growth. As per the market report, it is predicted to recover in 2021 while elevating remarkably from 2022.
Based on type, adult sneakers are projected to expand at a faster CAGR during the forecast period. This is due to the high adoption of sneakers, primarily because of the increasing consciousness about fashion. Moreover, the rising health concerns resulting in escalating proneness for fitness activities and an increase in disposable income is promoting the market growth.
On the basis of distribution channel, Non-Store Based retail segment is expected to witness a higher CAGR over the forecast period attributed to intensifying sales of sneakers led by the capability to propose the flexibility to users to buy, better comfort, and ample of products.
Based on the regional coverage, North America is expected to grow at a faster CAGR during the forecast period due to the changing lifestyles, rising fashion awareness, and growing disposable income, inclining customers towards comfort rather than price. Moreover, the fuelling health concerns and easy availability for customized and innovative sneakers are some other factors bolstering the market size.
Various notable players operating in the market include Adidas Group, Nike Inc., New Balance, ASICS, PUMA SE, Under Armour, Inc., Li Ning Company Ltd., ECCO, China Dongxiang (Group) Co., Ltd., and 361 Degrees International Limited, among others.
Sneakers Market Segmentation:
Sneakers Market by Type:
- Children Sneakers
- Adult Sneakers
Sneakers Market by Distribution Channel:
- Store-Based Retail
- Non-Store Based Retail
Sneakers Market by Region:
- North America Sneakers Market (Option 1: As a part of the free 25% customization)
- North America Market by Type
- North America Market by Distribution Channel
- United States Telehealth Market
- Canada Telehealth Market
- Europe Sneakers Market (Option 2: As a part of the free 25% customization)
- Europe Market by Type
- Europe Market by Distribution Channel
- UK Telehealth Market
- Germany Telehealth Market
- France Telehealth Market
- Spain Telehealth Market
- Rest of Europe Telehealth Market
- Asia-Pacific Sneakers Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Market by Type
- Asia-Pacific Market by Distribution Channel
- China Telehealth Market
- India Telehealth Market
- Japan Telehealth Market
- Rest of APAC Telehealth Market
- RoW Sneakers Market (Option 4: As a part of the free 25% customization)
- RoW Market by Type
- RoW Market by Distribution Channel
- Brazil Telehealth Market
- South Africa Telehealth Market
- Saudi Arabia Telehealth Market
- UAE Telehealth Market
- Rest of world (remaining countries of the LAMEA region) Telehealth Market
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