According to the report by Value Market Research, the global sneaker market is estimated to show a CAGR of 7% between the study periods of 2018-2024.The market is expected to grow from USD 62, 5345 MN in 2017 and reach USD 97,825.2 MN by 2024. Sneakers are shoes primarily designed for sports or other forms of physical exercises, they are also known as athletic shoes, tennis shoes, jogger’s, gym shoes, runners, and takkies, but sneakers are considered to be more fashionable. In fact, people wear it even as a part of casual attire since it is more comfortable and trendy. Examples of such shoes are athletic footwear such as basketball shoes, tennis shoes, cross trainers and other shoes worn for specific sports. Nowadays, sneakers have become both sports necessity as well as fashion statement. They are more popularly worn by teenagers.
The changing preferences towards a healthy lifestyle, increasing participation of the young population in sports and fitness activities and increasing inclination for branded & high-fashion footwear is driving the market of sneakers. Increasing participation in athletic activities along with the growing sense of fashion consciousness among consumers is further boosting the market growth. Furthermore, the large number of sales channels and the rising importance of internet retailing is adding impetus growth to the market. Also, expansion of product portfolio to enter a new market is further stimulating the market for sneakers.
The market study "Global Sneakers Market Report By Product (Adult Sneaker and Children Sneaker), By Application (Competition, Amateur Sports, and Lifestyle), And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024" is a definitive source of information and offer industry intelligence on this market. The report covers the market trends that are mostly driving the market growth of sneakers.
The report segmented the market on the basis of product and application. By product the market is divided into adult and children sneaker. Adult sneaker is dominating the segment owing to growing young population coupled with rising disposable income. By application the market is segregated into competition, amateur sports, and lifestyle. Among these, competition is leading the segment owing to rising trend of competition in sports activities along with the government initiatives for supporting sports activity across the globe.
By regions, the market of sneaker is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific region is ruling the market of sneakers owing to the large number of adult population, and rising disposable income in the region. Further, active participation of government in encouraging sports activities, the escalating awareness about healthy lifestyle coupled with the increasing adoption of sports as a career among people is a major factor driving the market of sneakers. North America being the matured market stood second globally, growing number of athletes and the need to stay active & fit are some of the factors which are expected to fuel the growth of sneakers market in North America. Europe market is slowly picking up, with moderate growth rate owing to the changing lifestyle, rising disposable income along with the introduction of a variety of footwear category in the region.
Adidas AG, Nike Inc., Puma SE, Asics Corporation, UGG, KEDS, ECCO, and Pentland Group Plc.
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