DUBLIN--(BUSINESS WIRE )--The "Global Athletic Footwear Market Size, Share & Industry Trends Analysis Report By Type (Running Shoes, Trekking & Hiking Shoes, Sports Shoes, Walking Shoes), By End User, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Athletic Footwear Market size is expected to reach $171.9 billion by 2028, rising at a market growth of 4.7% CAGR during the forecast period.
Athletic footwear refers to shoes that are designed for sports and other outdoor activities. People of all ages are wearing these as casual and fashion footwear. To meet the requirements and purchasing capacity of individual clients, there is a wide availability of footwear with colour, design, and pricing options.
Athletic footwear is a generic term for shoes that are designed to be worn while participating in sports. Sports shoes are primarily intended for use in active sports or other types of physical activity. They are necessary for athletes because they give flexibility, stability or motion control, road traction, torsional stability, and other advantages. Because of the expanding number of sporting competitions, demand for the product is increasing at a rapid pace.
Furthermore, sports like football, baseball, hockey, and others attract a large number of participants, propelling market expansion. Cricket has seen active involvement from both males and females, as per the Australian National Cricket Census. Furthermore, approximately 1.5 million Australians participate in cricket programs or competitions. As a result, an increase in the number of people participating in sports is anticipated to boost the market.
Covid-19 has had a big impact on the sports footwear and apparel industries in the United States. In terms of brands, Nike brand footwear sales were down in the high teens, Jordan brand footwear was down in the low teens, and Converse sales were down by more than 30%. Adidas, Skechers, ASICS, and Vans all saw a drop in the teens, while Under Armour had a 25% drop and Fila saw a nearly 50% drop. The global athletic footwear market has been severely impacted by the COVID-19 pandemic. Due to the closure of key distribution routes around the world in an attempt to limit the spread of coronavirus, the COVID-19 pandemic had a substantial impact on the supermarkets/hypermarkets category.
The rise in the number of Government initiatives
Consumers" expanding purchasing power and disposable incomes have become crucial trends in the industry. As people's income levels rise, they're more willing to pay more for certain performance qualities including waterproofing, moisture management, temperature control, and friction regulation.
Moreover, the growing number of different retail locations, hypermarkets, and supermarkets is expected to impact the market in the upcoming years. Global, regional, and municipal governments are focusing on health and developing innovative tactics to raise people's attention to the benefits of physical activity. Several wealthy countries" government bodies are continually working to build enticing healthcare offers. This will generate a higher demand for athletic footwear at the same time, as a large section of the population will be interested in sports and fitness activities.
Increasing participation in sports and physical activities
The global market is characterized by the rising prevalence of chronic diseases due to a lack of activity and a growing health-conscious population, particularly in metropolitan areas. In addition, sports shoe demand is expected to rise as more emerging countries focus on creating gyms and sports infrastructure. According to the 2019 International Health & Fitness Association Report, the global fitness club membership grew by 183 million people. In recent years, there has been an increased sports involvement by children and teenagers.
Availability of low-cost local products
The manufacturers in the market is expected to witness many challenges including a lack of sports possibilities and a reduced penetration of high-cost sports footwear in rural areas and low-income countries. In addition, the availability of low-cost counterfeit products, as well as the rise of various small-scale market participants, has created a threat to high-priced branded footwear. Moreover, there are many local players in many countries who are offering similar types of shoes at low-cost in order to entice young consumers, thereby posing a big challenge for the established industry players.
Market Segments Covered in the Report:
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900