Sneakers Market global industry analysis, market size, share, trends, analysis, growth and forecast, 2023 – 2027

The Global Sneakers Market size is forecast to increase by USD 29,913.36 million, at a CAGR of 6.89% between 2023 and 2027. The growth of the market depends on several factors, including the increasing premiumization due to the introduction of more innovative sneakers, the popularity of ma

Originally published on Technavio:Sneakers Market Analysis Across APAC, North America, Europe, South America, Middle East, and Africa - US, China, UK, Germany, France - Size and Forecast 2023-2027

 

The Global Sneakers Market is projected to witness an increase in size by USD 29,913.36 million, with a Compound Annual Growth Rate (CAGR) of 6.89% from 2023 to 2027. Several factors contribute to this growth, including the rising trend of premiumization through innovative sneaker introductions, the effectiveness of marketing strategies such as celebrity endorsements, and the expansion of distribution networks.

 

Market Size and Overview

 

Market Driver - The growing premiumization due to innovative sneaker introductions significantly influences market growth. Innovation plays a pivotal role in differentiating products and enhancing sports participants' performance. Advanced technical fabrications, innovative designs, and product development position sneakers as premium-priced products. Presently, customers seek innovative, high-quality products with high performance capabilities. Technological advancements have facilitated the introduction of sport-specific footwear, such as Nike's Jordon footwear, incorporating flight speed technology for enhanced basketball player agility. These factors are expected to positively impact competitors' profit margins and, consequently, escalate market growth.

 

Market Trend - The utilization of environment-friendly materials in sneaker manufacturing is a predominant trend. The focus on environmental protection has led to an increased demand for sustainably produced products. This growing demand for eco-friendly raw materials in the manufacturing process is anticipated to have a positive impact on the global footwear market. Top competitors are aligning with customer requirements, emphasizing the use of eco-friendly materials in their manufacturing processes. This trend is expected to fuel global market growth during the forecast period.

 

Market Challenge - The volatile cost of raw materials poses a significant challenge. Fluctuating prices of raw materials and increasing competition among market players have resulted in fluctuating profit margins for manufacturers like Nike, Adidas, and PUMA. The influx of local players has led to a price war, compelling global competitors to cut prices and, consequently, profit margins. This challenge hampers market growth, as fluctuations in raw material prices make it challenging for producers to anticipate investments or control costs. The gap between cost fluctuations and competitors' ability to adjust product prices negatively impacts profit margins and, consequently, sales potential and revenue.

 

Market Customer Landscape

 

The market report includes the adoption lifecycle, ranging from the innovator's stage to the laggard's stage, and covers adoption rates in different regions based on penetration. Key purchase criteria and drivers of price sensitivity are highlighted to help companies evaluate and develop growth strategies.

 

 

Market Segmentation by Product

The market share growth in the adult segment is expected to be significant during the forecast period. The adult segment is highly competitive and rapidly evolving, experiencing increased demand among working professionals and Millennials. Factors contributing to the growth of the adult segment include rising disposable incomes and a shift towards sustainable and environmentally sound footwear. As consumers become more environmentally conscious, there is an increasing demand for reprocessed materials or sustainable production practices in adult footwear.

 

Market Segmentation by Distribution Channel

This segment comprises physical stores and retail outlets (offline) and online channels for direct consumer purchase. While online shopping has gained popularity, physical stores still hold a substantial market share, offering consumers an immersive and interactive shopping experience. The offline segment continues to evolve, adapting to emerging market trends.

 

Regions Analysis of the Market

APAC is estimated to contribute 36% to the global market growth during the forecast period. Analysts at Technavio elaborate on regional trends and drivers shaping the market during this period. The expanding market in the APAC region is attributed to a growing population and increasing demand for fashion and footwear. The rising demand for sports footwear is a key factor fueling growth in the Asia Pacific athletic footwear market. A rising middle class, increased participation in physical activity, and fitness activities contribute to the demand for sports clothing and footwear.

 

Major Market Vendors

 

Vendors are adopting various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their market presence. Major market vendors include Adidas AG, Allbirds Inc., ANTA Sports Products Ltd., ASICS Corp., Berkshire Hathaway Inc., Boardriders Inc., Deckers Outdoor Corp., ECCO Sko A S, 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.

 

Market Dynamics

 

The report provides insights into parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis, future consumer dynamics, and market condition analysis for the forecast period.

 

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If the market research and growth report do not include the specific data you are looking for,

Key Data Covered in this Market Research Report

- CAGR of the market during the forecast period

- Detailed information on factors driving market growth and forecasting between 2023 and 2027

- Precise estimation of the market in focus on the parent market

- Accurate predictions about upcoming trends and changes in consumer behaviour

- Growth of the market across APAC, North America, Europe, South America, and Middle East and Africa

- Thorough analysis of the market’s competitive landscape and detailed information about vendors

- Comprehensive analysis of factors that will challenge the growth of market vendors

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Technavio Research

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Website: www.technavio.com/

 

 


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