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Running Shoes Market Size, Share, Latest Trends, Key Players And Forecast To 2033
Running Shoes Market Size
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According to The Business Research Company's, The running shoes market size has grown strongly in recent years. It will grow from $48.18 billion in 2023 to $51.3 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to preference for lightweight and comfortable shoes, increased focus on stylish products, increased cell phone penetration, increased sports participation, shift towards eco-friendly and sustainable materials.
The running shoes market size is expected to see strong growth in the next few years. It will grow to $64.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to expansion of e-commerce, increasing penetration of mobile internet connectivity, growing environmental concerns, increasing popularity of running and outdoor activities, growing fitness trends. Major trends in the forecast period include key players' partnerships, innovative solutions, technological advancements in running shoe design, introduction of high-performance products, brand promotions and innovative marketing strategies.
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Market Drivers and Trends:
The increasing number of sports and recreational activities is expected to propel the growth of the running shoe market going forward. Recreational activity is an outdoor activity conducted for exercise, relaxation, or pleasure. It includes walking, swimming, meditation, reading, playing games, and dancing. The appropriate running shoes that suit various activities style are critical for avoiding frequent injuries. For instance, in 2022, according to the Outdoor Foundation, a US-based non-profit organization committed to the health of communities and the outdoor recreational sector, in 2021, 164.2 million, or 54% of Americans aged six and over engaged in outdoor recreation at least once, the greatest number of participants on record, and it is 6.9% higher than in March 2020, when 161.3 American people participated in outdoor recreation. Therefore, the surge in increasing sports and recreational activities is driving the growth of the running shoe market.
Product innovations are a key trend gaining popularity in the running shoe market. Major companies operating in the running shoe market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2022, Under Armour Inc., a US-based sportswear company, launched the UA Flow Synchronicity, its first female-first shoe. This innovative shoe is designed specifically for female athletes. It combines revolutionary UA Flow technology and consumer insights to create a shoe for her-her form, speed, rhythm, and Journey to Compete. Women who participated in a series of prototypes provided data and customer feedback for the product, and the design team first took an innovative approach to address fit. Additionally, it benefits from a more comfortable, supportive, and responsive fit than traditional running shoes. Moreover, the UA Flow Synchronicity is lighter than standard running shoes owing to UA Flow technology, which also delivers grip without using a hefty, traditional rubber outsole or adhesives.
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Major Key Players of the Market:
Salomon, Nike Inc., Adidas AG, VF Corporation, Puma SE, Skechers USA Inc., Under Armour Inc., New Balance Athletics Inc., ASICS Corporation, Deckers Brands, Columbia Sportswear Company, FILA Luxembourg S.a.r.l., Reebok International Limited, Mizuno Corporation, Brooks Running Co., The North Face Inc., Merrell, Vans Inc., La Sportiva SPA, Scott Sports SA, Saucony Inc., Vasque, Inov-8 Inc., Karhu Holding BV, Topo Athletic Inc., Pearl Izumi Inc., Lotto Sport Italia SpA, Newton Running Company, Altra Running, Zoot Sports.
Running Shoes Market 2024 Key Insights:
• The running shoes market size is expected to see strong growth in the next few years. It will grow to $64.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• The Role Of Recreational Activities In Boosting Running Shoe Market Growth
• Revolutionizing Running Shoes For Women With Advanced Fit Shoes
• North America was the largest region in the running shoes market in 2023
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