Increasing Sports Tournaments: A Key Driver Transforming the Athletic Footwear Market 2024
Athletic Footwear Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The athletic footwear market has exhibited robust growth in recent years. It has grown from $81.43 billion in 2023 to an expected $85.8 billion in 2024, marking a compound annual growth rate CAGR of 5.4%. What prompted this significant growth?
The growth in the historic period can be attributed to an increase in global sporting events, accelerating urbanization, active lifestyles, brand loyalty, and vibrant sneaker culture. Additionally, heightened health and fitness awareness and the casualization of workwear also played significant roles in driving this growth.
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Looking forward, the athletic footwear market size is poised for strong growth in the next few years, with projections indicating that it will grow to $107.27 billion in 2028. This expansion signifies a CAGR of 5.7%. What will fuel this anticipated growth?
Notably, the upcoming growth in the forecast period can be attributed to factors such as sustainable and eco-friendly footwear initiatives, expansion in emerging markets, sports tourism and events, and a fusion of performance and lifestyle footwear. Increasing inclusivity and diversity in athletic footwear brands are other critical growth drivers to note.
Furthermore, major trends expected in the forecast period encompass the integration of technology, customization and personalization, collaborations and limited edition releases, digital retail and direct-to-consumer DTC channels, retro and vintage styles, fitness apps, and the advent of wearables.
The rising popularity of sports tournaments is also expected to fuel this accelerated growth of the athletic footwear market. Sports tournaments are competitions where numerous players compete against each other in a specific format to determine the overall winner. With an increasing number of individuals participating in local or regional tournaments, the demand for athletic footwear is expected to rise, further propelling the growth of the market.
For instance, in May 2023, according to the England and Wales Cricket Board, the governing body of cricket, around 2.6 million individuals engaged in cricket during 2022, with approximately 1.4 million players being under the age of 16. This surge in cricket participation among the younger demographic was supported by the ECB's national initiatives All Stars Cricket and Dynamos Cricket. These initiatives attracted over 100,000 participants for the second consecutive year in 2022, contributing to cricket's increasing popularity among newcomers.
Delve deeper into the data driving the growth of the athletic footwear market:
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Major companies operating in the athletic footwear market also significantly influence market trends and dynamics. These include Nike Inc., Adidas AG, Lining, VF Corporation, Puma SE, ANTA Sports Products Limited, Skechers USA Inc., Under Armour, New Balance Athletics Inc., Lotto Sport, Li-Ning Company Limited, ASICS Corporation, ASICSTIGER, Deckers Brands, Columbia Sportswear Company, Fila, Fila Korea Ltd., Mizuno Corporation, On AG, Brooks Running Company, ECCO Sko A/S, Lanvin, K-Swiss Inc., Diadora Sport S.p.A., UMBRO, Umbro, Keen Inc., Saucony, Warrior, Salomon, Tecnica Group S.p.A., La Sportiva, Vivobarefoot, Helly Hansen, Topo Athletic, and Hummel International Sport & Leisure A/S.
Moreover, the use of recycled material in shoe manufacturing is a key trend gaining popularity in the athletic footwear market. Companies operating in this sphere are focusing on utilizing recycled materials in shoes to reduce their carbon footprint and meet specific sustainable goals.
The athletic footwear market, as covered in this report, is segmented by product type, end-user, and distribution channel:
1 By Product Type include Running Shoes, Sports Shoes, Trekking/Hiking Shoes, and other types.
2 By End User, the segmentation includes Men, Women, and Kids.
3 By Distribution Channel include Hypermarkets/Supermarkets, Specialty Stores, Brand Outlets, and Online Channels.
On the geographical front, North America was the largest region in the athletic footwear market in 2023. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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