The global Sneakers Market is expected to witness a growth of 6.8% CAGR during the forecast period from 2019 to 2027.
Product Insights
The global sneakers market expected to grow efficiently, growing at a CAGR of 6.8% during the forecast period from 2019 to 2027. Sneakers have become everyday style in all age groups globally. The athleisure trend is driving the sneakers market. Major companies are focusing on producing sneakers using innovative technologies. For instance, according to the statistics of under armor, it is producing footwear including technologies like anafoam, UA clutch fit and charged cushioning. In addition, major manufacturers are aiming towards providing sneakers for their female customers, driving the overall sneakers market among the female population.
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The sneakers market is segmented based on category, type, materials, distribution channels and geography. Based on category, the adult segment led the market in 2018 and is likely to dominate the market during the forecast period from 2019 to 2027. The young population is nowadays is more inclined towards a healthy lifestyle by participating more in fitness and sports activities. Moreover, increasing demand for branded footwear and trends in fashion is one of the key factors which is driving the market. Furthermore, based on geography, the sneaker market was dominated by North America in 2018. Because of the presence of top players in that region such as Nike, under armour and more. The region is expected to continue with its control during the forecast period from 2019 to 2027. In North America, the U.S. dominates the sneaker market. For instance, according to the data by ADIDAS AG, North America holds largest market share in the sporting goods industry, having a total market share of 40%. The North America region shows the biggest market opportunity for Adidas and other top brands in the near future. Growing brand awareness is one of the key factor driving the sneakers market.
Adult sneakers market will grow significantly at a healthier CAGR
In 2018, the adult sneakers segment held largest share in the global sneakers market. The dominance of this segment is supported by many reasons, like consumers have become more comfort-oriented and are now ready to invest more in footwear which offers extra comfort. For instance, June 2019, Nike released new shoes collection which includes in brands softest and most flexible form shoes. The Nike air max 270 react is manufactured with bar track technology and no-sew materials are used for the manufacturing of these shoes. Moreover, the trend for sneakers among women are also rising, and companies are focusing to provide sneakers for their female customers. For instance, Nike has launched a digital program for women. Nike unlaced is a platform where women can able to choose footwear, with new styles and collaborations. Nike unlaced is being updated weekly with new brands and innovative shoes, thereby helping women to wear different styles of sneakers as of men sneakers. This is one of the key reason driving the growth of adult sneakers market.
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North America accounted largest market share in 2018
In 2018, North America dominated the sneaker market and is likely to continue its dominance during the forecast period from 2019 to 2027. The U.S. holds the majority of market share in the overall North America market. People in the U.S. prefer quality products and are ready to pay high prices for branded products. Moreover, factors such as rising e-commerce and product innovation are also increasing the demand for sneakers. In contrast, Asia Pacific is the fastest-growing region of the sneakers market. The market growth is associated with the inclination of people towards branded products, and fitness, thus propelling the demand for sneakers market in the Asia Pacific region. For instance, in November 2018, Adidas had opened its largest brand center of the Asia Pacific region in Shanghai, China. The brand center displays all the innovations and recent retail concepts related to new styles. Adidas further has plans to expand its reach in the Asia Pacific region due to an increase in the overall demand for sneakers in countries such as India, Japan, Indonesia, South Korea, and others.
Competitive Insights:
Major players in the sneakers market include Nike, Inc., ADIDAS AG, Puma SE, Under Armour, Inc., ASICS, New Balance Athletics, Inc., Mizuno Corporation, Li Ning Company, ECCO Sko A/S, K-Swiss, Inc., Skechers USA, Inc., Anta Sports Products Limited, 361 Degree International Limited, Xstep International Holdings Limited, Peak Sportswear Ltd and lotto Sport Italia among others. Major manufacturers are working on key strategies such as the development of new products, technology expansion and brand awareness via promotional activities and marketing.
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