The global sports shoes market size is estimated to reach USD 25.3 billion, by 2025, and is projected to grow at a CAGR of 4.2% from 2019 to 2025, according to a new report by Million Insights. The increase in number of sports events across the world is expected to increase the demand for the product in the next few years.
The men’s shoes category led the market, in 2018 and is projected to maintain its dominance in the next fewyears. The growing popularity of American football and other outdoor games is also contributing to the market growth. The sports engagement initiatives taken by the various sports clubs is expected to boost the demand for sports shoes. For example, the NFL had organized game events in the Wembley Stadium, London to create awareness among consumers and also to spread the game of the football.
Offline channels contributed to a market share of over 80.0%, in 2018. The growing penetration of sports retail outlets is boosting the market growth. For instance, New Balance Inc., has opened its outlets in the middle east region.
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Moreover, the growing awareness about sports and government initiatives is supporting the manufacturers to increase their presence across the globe. For example, the Khelo India initiative by the Indian government is helping to revive sports activities in the country. These initiatives are projected to impact positively on the market growth.
Asia Pacific region is expected to grow at the highest CAGR of 5.2% from 2019 to 2025. The growing participation in sports activities from countries like China and India is fostering the product demand. In addition, increasing health awareness along with purchasing power of consumer is spurring the market growth. Central and South America region is also projected to grow significantly in the forecasted period.
Some of the major players in the sports shoes market are Adidas Group, Nike, Inc., MIZUNO Corporation, Puma SE, ASICS, Under Armour, and Fila Inc.
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Further key findings from the report suggest:
• Depending on gender, kids category is projected to grow at the CAGR of around 5.0% from 2019 to 2025.
• Based on distribution channel, offline segment attributed to market share of over 83.0%, in 2018.
• In 2018, kids segment attributed to revenue of USD 607.6 million in the U.S.
• North America is projected to grow at the significant rate of CAGR from 2019 to 2025, due to growing popularity of sports at international levels.
Million Insights has segmented the global sports shoes marketbased ongender, retail channel,and region:
Sports Shoes Gender Outlook (Revenue, USD Million, 2015 – 2025)
Sports Shoes Retail Channel Outlook (Revenue, USD Million, 2015 – 2025)
Sports Shoes Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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