Sports Footwear Shipments are projected to rise at 5.4% CAGR from 2023 to 2033

According to Fact.MR, a leading provider of market research and competitive intelligence, the worldwide sports footwear market is projected to grow at a compound annual growth rate (CAGR) of 5.4%, reaching a valuation of US $208.7 Billion by the conclusion of 2033.

Sports footwear, also known as athletic shoes or sneakers, are specially designed shoes for sports and physical activities. They're crafted to provide the right support and comfort needed during these activities. What sets them apart is their tailored design for specific sports, like running, basketball, or soccer.

They offer better grip and traction, reducing the risk of slipping or injuries. Additionally, they're built with extra cushioning to absorb impact and reduce strain on joints.

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The growth of the sports footwear market is primarily driven by factors such as evolving fashion trends, increasing health awareness, and a surge in fitness activities worldwide. Technological advancements in footwear design and materials, particularly in terms of comfort, support, and performance-enhancing features, also play a pivotal role.

Key Takeaways:

The market in the US is expected to grow at a CAGR of 5.5% during the forecast period (2023-2033). This is attributed to the growing participation in outdoor recreational activities like rafting, skiing, trekking, and more.
With a growing emphasis on health and fitness in India, there is a surge in participation in sports like cricket and football, potentially driving increased sales of running shoes, training shoes, and similar athletic footwear in the country in the foreseeable future.
Football's massive popularity in Europe is a key driver of growth in the European sports footwear market, spurring demand for high-quality shoes among players and fans alike.

Key Companies Profiled in This Report
Adidas AG
Brooks
Yonex
Puma SE
Under Armour
Fila Korea
Skechers USA
New Balance
Asics
Nike Inc.

Market Segmentations:
By Application : Running, Training & Gym, Basketball, Football, Soccer, Baseball, Golf, Tennis, Cricket, Other Shoe Types
By End User : Sports Footwear for Men, Sports Footwear for Women, Sports Footwear for Children, Unisex Sports Footwear
By Sales Channel : Independent Sports Outlets, Franchised Sports Outlets, Modern Trade Channels, Direct-to-Customer Brand Outlets, Direct-to-Customer Online Channels, Direct-to-Customer Institutional Channels, Third-Party Online Channels
By Region : North America, Latin America, Europe, APAC, MEA

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Market Competition

In this exceptionally competitive market, leading footwear manufacturers are prioritizing the expansion of their product range through the introduction of innovative offerings tailored to meet the changing preferences of consumers. Top players include Nike, Adidas, New Balance, Puma and Under Armour.

In September 2023, Adidas announced its intention to release the Adizero Adios Pro Evo 1, an advanced running shoe priced at a substantial $500. According to the brand, these shoes represent their lightest creation in the realm of running footwear.

Why is the American market for sports shoes profitable?

Major footwear brands like Nike and New Balance are present.

The world's top manufacturers of athletic footwear, including Nike, Under Armour, Sketchers, New Balance Athletics, etc., are based in the United States. The growing popularity of outdoor sports like rafting, skiing, and trekking has created enormous growth potential for the manufacturers of athletic footwear.

In January 2021, New Balance and Patta created the innovative New Balance 991 shoes. The new sneaker will be known as the Patta x New Balance M991Pat and have a dusty pink/light petrol color scheme.

Also, manufacturers' efforts in R&D to produce the greatest sports footwear goods are promoting market expansion. Additionally, it is predicted that the United States would have an advantageous situation due to the existence of a high-end sports footwear retail infrastructure as well as the expanding popularity of basketball shoes, lifestyle sneakers, and training shoes.

Read More - https://www.globenewswire.com/news-release/2023/10/09/2757054/0/en/Sports-Footwear-Market-Is-Expected-To-Reach-US-208-7-Billion-by-2033-Fact-MR-Report.html

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This release was published on openPR.