Sneakers have been a part of American culture but now they have successfully implanted their presence across the world and are highly in demand among people especially, from the young millennials. Mainly, 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. Furthermore, the large number of sales channels and the rising importance of internet retailing is adding impetus growth to the market.
As per the new market study added by Value Market Research, the Global Sneaker Market was valued USD 62,534.5 MN (by revenue) in 2017 and is anticipated to reach USD 97,825.2 MN by 2024 with a CAGR of 7.0%.
ADULT SNEAKER IS LIKELY TO GAIN POPULARITY
Adult sneaker led the segment in 2017 and is expected to reach USD XX.X MN by the end of 2024. The growth of the segment can be attributed to the shifting preferences of people towards a healthy lifestyle, increasing participation of the young population in sports and fitness activities. Further, the increasing demand for branded & high-fashion footwear is again driving the segment growth. Also, the growing sense of fashion consciousness among adults is further boosting the growth.
COMPETITION IS PROJECTED TO RAISE THE DEMAND
Competition is dominating the segment owing to the growing trend of competition in sports activities along with the government initiatives for supporting sports activity across the globe is fueling the growth. By the end of 2024, the segment is expected to touch USD XX.X MN.
APAC EMERGED AS THE LARGEST MARKET FOR SNEAKERS
APAC accounts for the highest market share in 2017 and is expected to reach USD XX.X MN by 2024. Asia-Pacific region is ruling the market of sneakers owing to the presence of the large number of the adult population, and rising disposable income in the region. Further, active participation of government in encouraging sports activities, the rising awareness about healthy lifestyle coupled with the increasing adoption of sports as a career among people is a major factor driving the growth. Also, growing demand for comfortable and lightweight sneakers for jogging and running for both men & women is further propelling market growth in the region.
PROMINENT PLAYERS IN THE MARKET:
Adidas AG, Nike Inc., Puma SE, Asics Corporation, UGG, KEDS, ECCO, and Pentland Group Plc.
As per this study, the Global Sneaker Market was valued USD 3.11 MN (by revenue) in 2021 and is anticipated to reach USD 6.33 MN by 2028 with a CAGR of 10.7%.
Sneakers are shoes primarily designed for sports or other forms of physical exercise, they are also known as athletic shoes, tennis shoes, jogger's, gym shoes, runners, and takkies, but they consider to be more fashionable. Nowadays, people wear it even as a part of casual attire since it is more comfortable and cool. Eventually, they are similar to any athletic shoe type of footwear with a flexible sole made of rubber or synthetic material and the upper part is made of canvas. Examples of such shoes include athletic footwear such as basketball shoes, tennis shoes, cross trainers and other shoes worn for specific sports.
Market Dynamics
Owing to a large number of adult population, and rising disposable income are the major factor driving the market. 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 are adding impetus growth to market of sneakers. However, rising price and the counterfeit product is likely to limit the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of sneaker.
Market Segmentation
The broad sneaker market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product
- Adult Sneaker
- Children Sneaker
By Application
- Competition
- Amateur Sports
- Lifestyle
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for sneaker in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Sneakers Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the sneaker market includes Adidas AG, Nike Inc., Puma SE, Asics Corporation, UGG, KEDS, ECCO, And Pentland Group Plc. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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