The global sports footwear market is poised to achieve a total valuation of $208.7 billion by 2033, which demonstrates a Compound Annual Growth Rate (CAGR) of 5.4 per cent.
This is according to the latest data from Fact.MR, a provider of market research and competitive intelligence.
It reported that the expansion of the sports footwear market is predominantly propelled by several pivotal factors, including the evolution of fashion trends, heightened global awareness of health and fitness, and a surge in physical activities. Technological advancements in footwear design and materials, with a particular emphasis on elevating comfort, support, and performance capabilities, also play a significant role in driving this growth.
The market in the US is expected to grow at a CAGR of 5.5 per cent during the forecast period (2023 – 2033). This is attributed to the growing participation in outdoor recreational activities like rafting, skiing, trekking, and more.
Elsewhere, football’s massive popularity in Europe is a key driver of growth in the European sports footwear market, spurring demand for high-quality shoes among players and fans alike.
Technological advancements in footwear design, increasing health and fitness awareness, and the expanding middle-class population in emerging markets are the three main factors driving the market – said a Fact.MR expert.
In this exceptionally competitive market, leading footwear manufacturers are prioritising the expansion of their product range through the introduction of innovative offerings tailored to meet the changing preferences of consumers. Top players include Nike, Adidas, New Balance, Puma and Under Armour.
The Fact.MR experts also said that in this industry it is important to combine online platforms with physical stores… “This way, you can cater to a wide range of customers and make shopping easy and convenient,” they said. “By offering both options, you reach people who prefer browsing in-store and those who like shopping online.”
Why is the American market for sports shoes profitable?
The world’s top manufacturers of athletic footwear, including Nike, Under Armour, Skechers, New Balance Athletics, etc., are based in the United States. The growing popularity of outdoor persuits has created enormous growth potential for the manufacturers of athletic footwear.
Also, manufacturers’ efforts in R&D to produce the greatest sports footwear goods are promoting market expansion. Additionally, it is predicted that the US would have an advantageous situation due to the existence of a high-end sports footwear retail infrastructure as well as the expanding popularity of basketball shoes, lifestyle sneakers, and training shoes.
