Athletic Footwear Market Drivers is Responsible to for Increasing Market Share, Forecast 2025
Athletic footwear includes shoes used in sports, exercises, walking, and hiking. Growing health awareness among consumers has augmented growth of the athletic footwear market. According to Physical Activity Council (PCA), participation in fitness sports increased from 59.6% in 2011 to 62.7% in 2016 in the U.S. According to World Health Organization, globally, 1.9 billion adults were overweight of these over 650 million were suffering from obesity in 2016. Increasing inclination of consumers towards various exercises and sports, due to growing awareness of health risks of obesity such as type 2 diabetes and high blood pressure is fuelling demand for athletic footwear. Innovations in footwear such as 3D printing is also driving growth of the athletic footwear market. For instance, Adidas AG launched sneaker with 3D printed sole in April 2017. Under Armour, Inc. launched Hovr Phantom and Hovr Sonic smart shoes with tracking capabilities on distance, stride length, and others in January 2018. Rising trend of personalization and customization in footwear such as NikeId by Nike, Inc. is also another factor expected to support growth of the athletic footwear market.
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However, increasing environmental concerns over the materials used in athletic footwear such as synthetic rubber is expected to be a restraining factor for the athletic footwear market growth. Several athletic footwear manufacturers are taking initiatives to reduce the environmental impact of athletic footwear. For instance, Nike Inc. launched MAKING app in July 2013, which helps designers and producers in monitoring environmental effect of the products and materials used in these products.
Men segment accounted to be the largest end user segment in the athletic footwear market in 2016, due to high participation of men in sports and other physical activities. According to European Commission, 2013, 45% men play sport or exercise at least once a week as compared to 37% women. Moreover, 37% men never play sport or exercise as compared to 47% women in member states of the European Union.
Europe was accounted to be the largest athletic footwear market in 2016 and is expected to retain its dominance over the forecast period. This is attributed to increasing health awareness among consumers and increasing participation in sports and other physical activities. According to Sports England — which is a public body under the Department for Digital, Culture, Media and Sport — around 60.7% adults participated in sports or other exercises for over 150 minutes per week in 2016 in England.
Asia Pacific is the fastest growing athletic footwear market, owing to rising participation in sports activities and growing sports industry in countries such as India and China. According to The State Council of China, the Chinese sports industry is expected to reach US$ 460 billion by 2020. Furthermore, growing e-Commerce market is driving growth of the athletic footwear market in this region. For instance, according to IBEF (India Brand Equity Foundation), Department of Commerce, Ministry of Commerce and Industry, e-commerce industry is projected to increase at a CAGR of 28% from 2016 to 2020 to reach US$ 63.7 billion by 2020 in India.
The athletic footwear market was valued at US$ 89.00 billion in 2016 and is projected to register a CAGR of 2.33% in terms of revenue, over the forecast period (2017–2025).
Running and walking shoes held the largest market share of 45.23% in 2016 and is expected to retain its dominance over the forecast period. This is attributed to increasing inclination of consumers towards walking and jogging for maintaining physical fitness. According to the U.S. Bureau of Labor Statistics, walking accounted for highest market share of 30.4% in exercise and sports activity in the U.S. from 2011 to 2015.
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Athletic footwear market is highly competitive market with major players adopting various strategies such as new product launches, merger and acquisitions, and joint venture to retain their market position. For instance, Lululemon Athletica Inc. collaborated with Athletic Propulsion Labs, LLC to increase their product offerings in August 2017. Nike, Inc. launched sports shoes namely Air Max 98 -White/Obsidian, Air Vapormax Plus -Triple Black, Air Foamposite One- Aurora Green, and SF AF-1 -Dusty Peach in January 2018.
Key market players in the athletic footwear market are NIKE, Inc., New Balance Athletics, Inc., Skechers USA Inc., ASICS Corporation, Adidas AG, Puma SE, Wolverine World Wide, Inc., Under Armour, Inc., VF Corporation, and FILA Korea, Ltd.
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