Tennis Shoes Market Global Set For 3.3% Growth, Expected to Reach $3.6 Billion by 2031

According to a new report published by Allied Market Research, titled, "tennis shoes market by playing surface, user, and distribution channel: global opportunity analysis and industry forecast, 2021-2028." The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The global tennis shoes market size was valued at $2.5 billion in 2021, and is projected to reach $3.6 billion by 2031, growing at a CAGR of 3.3% from 2022 to 2031.

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Tennis shoes are type of athletic footwear used specially for playing tennis. It is different from other footwear as the design and qualities needed in a tennis shoe are different from other athletic shoes. Moreover, tennis shoes feature more strength and durability so that it allows players in quick side wise, forward, and backward movement while playing tennis. Tennis is gaining popularity across the globe due to events such as Grand Slams and French Open. Moreover, growth in fan base of famous tennis players such as Pete Sampras, Bianca Andreescu, and Rafael Osuna propels tennis participation rate globally and consequently fuels demand for the tennis shoes.

Increase in preference for tennis as a lifetime sport, rise in initiatives for improving tennis participation, and rapid launch of innovative products drive the global tennis shoes market. On the contrary, popularity of eSports among youth and availability of counterfeit products hinder the market growth. However, emergence of smart technology in shoes would open new opportunities in the coming years.

By distribution channel, the supermarket/hypermarket segment was the prominent segment, owing to high popularity and wide scale penetration of supermarket/hypermarket in leading tennis shoes markets such as North America and Europe. The supermarket/hypermarket segment is followed by specialty stores and e-commerce segments. Wide scale adoption of internet, online shopping platforms, and changes in consumer buying behavior due to COVID-19 is expected boost the e-commerce segment.

By type, the hard-court tennis shoes segment held the largest share in 2020, contributing to nearly half of the global tennis shoes market. Moreover, the segment is expected to manifest the highest CAGR of 2.6% during the forecast period, due to high popularity and preference of hard courts because of its affordability.

North America dominated the market, garnering around 37.4% of the total tennis shoes market share, followed by Europe. North America and Europe are characterized by high disposable income and elevated participation in tennis & demand of tennis shoes, which makes them leading markets for tennis shoes. However, Asia-Pacific is expected to show promising growth rate due to the presence of highest tennis playing population in this region. According to the International Tennis Federation (ITF), Asia contributed for around 37.9% or over 33 million of the global tennis playing population in 2019. LAMEA is anticipated to exhibit slow growth due to unawareness about different tennis shoes and low participation in tennis.

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Exploring Growth Opportunities and Demand Trends in the Tennis Shoes:

Market Research: Conduct thorough market research to identify current trends, consumer preferences, and demand patterns in the tennis shoe industry. Utilize data analytics, consumer surveys, and industry reports to gather insights into factors driving growth.

Demographic Analysis: Understand the demographic segments driving demand for tennis shoes. Factors such as age, gender, income levels, and lifestyle preferences influence purchasing decisions. For instance, younger demographics might prefer trendy designs and advanced performance features, while older consumers might prioritize comfort and durability.

Technological Advancements: Keep abreast of technological innovations in materials, manufacturing processes, and performance-enhancing features for tennis shoes. Developments such as lightweight materials, advanced cushioning systems, and sustainable manufacturing practices can drive product differentiation and attract consumers.

Athlete Endorsements and Sponsorships: Partnering with professional athletes and securing endorsements can significantly boost brand visibility and credibility in the tennis shoe market. Collaborations with tennis stars and sponsorship of major tournaments can enhance brand recognition and attract a loyal customer base.

E-commerce and Omni-channel Strategies: Leverage e-commerce platforms and omni-channel retail strategies to reach a wider audience of consumers. Provide seamless online shopping experiences, personalized recommendations, and flexible delivery options to enhance customer satisfaction and drive sales.

Customization and Personalization: Offer customization options such as personalized designs, colorways, and fit preferences to cater to individual consumer preferences. Customized tennis shoes provide a unique selling proposition and foster customer engagement and loyalty.

Analyst Review

Based on insights of various CXOs of leading companies, various initiatives for increasing tennis participation propels the participation rate of tennis along with the growth of the global tennis shoes market. International Federation of Tennis (ITF), Grand Slam Development Fund (GSDF), Olympic Solidarity, and International Tennis Hall of Fame together have worked for the development and growth of the tennis industry. Further, the government of Australia presented a budget of $12 million for the period 2019-2020 to increase participation in tennis and aimed to increase opportunities for women in tennis. In addition, schools and colleges in many nations organize tennis tournaments that encourage the participation of kids in tennis.

These initiatives to increase the participation rate of tennis propels the growth of the global tennis shoes market. Furthermore, emerging markets such as Asia-Pacific and Latin America offer lucrative growth opportunities for key players operating in the global tennis shoes market. The tennis playing population is growing along with the popularity of tennis in these emerging markets. According to the International Tennis Federation, Asia-Pacific has the highest tennis playing population. Further, the rise in disposable income, desire for a healthy lifestyle, and demand for comfortable tennis footwear are the few factors propelling the demand for tennis shoes in the emerging markets.

The key players profiled in this report include:

• ADIDAS Group
• ASICS Corporation
• Babolat
• FILA Holdings Corp.
• K-Swiss
• Lotto Sport Italia S.p.A.
• New Balance Inc.
• Nike Inc.
• PUME SE
• Wilson Sporting Goods Company.

Key Benefits For Stakeholders:

○ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the tennis shoes market analysis from 2021 to 2031 to identify the prevailing tennis shoes market opportunities.
○ The market research is offered along with information related to key drivers, restraints, and tennis shoes market opportunity.
○ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
○ In-depth analysis of the tennis shoes market segmentation assists to determine the prevailing market opportunities.
○ Major countries in each region are mapped according to their revenue contribution to the global tennis shoes industry.
○ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
○ The report includes the analysis of the regional as well as global tennis shoes market trends, key players, market segments, application areas, and market growth strategies.

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Reasons to buy Tennis Shoes Market Report:

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○ Report will be updated with the latest data and delivered to you within 2-4 working days of order.
○ Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
○ Create regional and country strategies on the basis of local data and analysis.

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