NEW
YORK, July 16, 2024 /PRNewswire/ -- The global
sneakers market size is estimated to grow by USD 34.75 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
7.44% during the forecast period. Increasing
premiumization due to introduction of more innovative
sneakers is driving market growth, with a trend
towards use of environment-friendly materials to manufacture
sneakers . However, volatile cost of raw materials poses
a challenge. Key market players include Adidas AG, Allbirds Inc.,
ANTA Sports Products Ltd., ASICS Corp., Berkshire Hathaway Inc.,
Boardriders, Deckers Outdoor Corp., ECCO Sko AS, Fila Holdings
Corp., Mizuno Corp., New Balance Athletics Inc., Nike Inc., On
Holding AG, PUMA SE, Skechers USA
Inc., TBL Licensing LLC, Under Armour Inc., Veja Faire Trade SARL,
VF Corp., and Wolverine World Wide Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Adult sneaker
and Children sneaker), Distribution Channel (Offline and Online),
and Geography (APAC, North America, Europe, South America, and
Middle East and Africa)
|
Region
Covered
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
Adidas AG, Allbirds
Inc., ANTA Sports Products Ltd., ASICS Corp., Berkshire Hathaway
Inc., Boardriders, Deckers Outdoor Corp., ECCO Sko AS, Fila
Holdings Corp., Mizuno Corp., New Balance Athletics Inc., Nike
Inc., On Holding AG, PUMA SE, Skechers USA Inc., TBL Licensing LLC,
Under Armour Inc., Veja Faire Trade SARL, VF Corp., and Wolverine
World Wide Inc.
|
Key Market Trends Fueling Growth
The global sneakers market is experiencing a rise in demand for
eco-friendly products due to increasing environmental consciousness
among consumers. Key competitors in the market are responding by
integrating sustainable materials into their manufacturing
processes. For the past five to seven years, recycled polyester,
eco-friendly rubber, Eva Foam, organic cotton, and synthetic
leather have been popular choices. Adidas, for instance, is
reducing environmental impact by focusing on water conservation and
sustainability. Other competitors are following suit, using
eco-friendly materials to minimize negative effects on the
environment. These efforts are expected to fuel the growth of the
global sneakers market.
Sneakers continue to dominate the footwear market, with
athletes, rock climbers, and fitness enthusiasts leading the trend.
Athletic sneakers, also known as lace-up footwear, remain popular
due to their sports design and functionality. Brands are innovating
with synthetic leather and textile materials, creating stylish
products that cater to both fitness trends and fashion. Offline
retail outlets and online platforms alike see high consumer
spending on athletic footwear, leather footwear, and textile &
other footwear. Statista reports show a top-down approach to
consumer behavior, with branding playing a significant role in
consumer decisions. However, bottom-up trends, such as customized
features and sustainable materials, are also gaining traction.
Mid-top and low-top sneakers dominate the market, with brands like
Team Vitality and Nike leading the way. Consumers seek genuine shoe
brands to avoid counterfeit products, while high-fashion sneakers
offer a luxury alternative. Fitness-related activities continue to
drive demand, with consumers looking for footwear suitable for
various sports wear and gym activities.
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Market Challenges
- In the sneakers market, global manufacturers like Nike, Adidas,
and PUMA face profit margin challenges due to rising raw material
costs and increased competition. The emergence of local players has
intensified price wars, forcing price reductions and decreased
profit margins. For example, the price increase of EVA, a material
used in footwear soles, raises sneaker prices and impacts
profitability. Additionally, transportation costs add to the
financial strain. These continuous profit margin fluctuations pose
significant challenges to the growth of the global sneakers market.
The inability of competitors to immediately adjust prices to cost
fluctuations and consumer preference for affordable footwear
further hinders market expansion. Keywords: sneakers market, profit
margins, raw materials, competition, local players, price wars,
EVA, transportation costs.
- Sneakers market faces various challenges in the dynamic world
of footwear. Athletes and rock climbers require performance-focused
athletic sneakers, while gym-goers seek stylish, synthetic leather
products. Fashion trends influence consumer spending on branded
sneakers and high-fashion sneakers. Sportswear brands innovate with
sports design, lace-up footwear, mid-top, and low-top sneakers.
Offline retail outlets compete with online retail in a top-down and
bottom-up approach. Consumers demand customized features,
sustainable materials, and fitness-related activities. National
statistics from Statista and independent outlets reveal
consumer trends. Counterfeit products pose a threat to genuine shoe
brands. Sustainability and fitness facilities are key
considerations for consumers. The sneakers market continues to
evolve, with a focus on product innovation, branding, and consumer
preferences.
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challenges - Download a Sample Report
Segment Overview
This sneakers market report extensively covers market
segmentation by
- Product
- 1.1 Adult sneaker
- 1.2 Children sneaker
- Distribution Channel
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Adult sneaker- The adult sneakers market
is a thriving and dynamic industry, with increasing demand driven
by various demographic and socio-economic factors. Key factors
fueling growth include rising disposable incomes among working
professionals and millennials, the popularity of streetwear
culture, and a shift towards sustainable footwear. Brands are
competing to capture this lucrative market through collaborations,
unique designs, and eco-friendly production. For instance, Adidas'
NMD_V3 collaboration with Ranveer
Singh targets urban youth, while Nike's SB Dunk range
appeals to skaters and millennials. Allbirds Inc.'s use of
sustainable materials also resonates with eco-conscious consumers.
The rise of e-commerce and social media has further fueled demand,
enabling consumers to make informed decisions and access limited
edition sneakers. For example, Adidas' UltraBoost Uncaged has
generated significant buzz on social media. These factors are
expected to drive the growth of the global sneakers market during
the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global sneakers and footwear market is thriving with rapid
urbanization and increasing disposable incomes driving demand.
Sneakers, particularly, are witnessing robust growth due to
evolving fashion trends and a shift towards casual wear globally.
Key players are innovating with sustainable materials and digital
customization to cater to diverse consumer preferences. The
footwear market, encompassing athletic, casual, and formal
segments, continues to expand, driven by e-commerce growth and
rising health awareness. Emerging markets in Asia-Pacific and Latin America are poised for significant
growth, presenting lucrative opportunities for market expansion and
innovation.
Research Analysis
Sneakers, a versatile and trendy footwear category, encompasses
branded and high-fashion options, catering to various consumer
segments. From fitness enthusiasts engaging in fitness-related
activities to rock climbers and athletes, sneakers are a must-have.
Counterfeit products pose a challenge, with consumers often
mistaking them for genuine shoe brands. Customized features add
value, allowing consumers to personalize their footwear.
Sustainable materials, such as leather and textile, are
increasingly used to create eco-friendly sneakers. Mid-top and
low-top designs cater to different preferences, while Nama sneakers
offer a unique, minimalist approach. Online and offline retail
channels offer diverse options for consumers, driving significant
consumer spending in the Athletic Footwear, Leather Footwear, and
Textile & Other Footwear markets. Luxury goods and fashion
trends continue to influence sneaker designs, making them a
desirable investment for many.
Market Research Overview
Sneakers, a type of lace-up footwear, have gained immense
popularity among consumers for their comfort, style, and
versatility. From branded sneakers to high-fashion ones, the
sneaker market caters to various segments. However, the industry
faces challenges with counterfeit products, which undermine the
value of genuine shoe brands. Customized features add uniqueness to
sneakers, making them popular for fitness-related activities and
fashion trends. Sustainable materials like synthetic leather and
textile are increasingly used to create eco-friendly sneakers.
Mid-top and low-top sneakers cater to different consumer
preferences. Fitness facilities, gyms, and sportswear brands are
major offline retail outlets, while online retail is growing
rapidly. Product innovation and branding are key strategies for
companies. Consummers' spending on athletic footwear, leather
footwear, and textile & other footwear continues to rise. The
sneaker market follows a Top-Down and Bottom-Up approach for market
analysis using platforms like Statista and independent outlets or
third-party sources. Athletes and rock climbers also contribute to
the market's growth. Luxury goods and sports design are integral to
the sneaker industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Adult Sneaker
- Children Sneaker
- Distribution Channel
-
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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