The Athletic Footwear market is estimated to be valued at US$ 92304.28 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Athletic footwear refers to specialized shoes designed for sports or physical exercise. They provide enhance comfort and lightweight cushioning to maximize performance. Some key types of athletic shoes includes running shoes, basketball shoes, soccer cleats, tennis shoes, training shoes, and cross training shoes. Rising health awareness and growth in gyms and fitness centers has fueled demand for various athletic shoes for activities such as running, basketball, tennis etc.

Market Dynamics:

Increased participation in sports and fitness activities: Rising health awareness and growing popularity of sports among youth and adults has boosted participation in various sports and recreational activities such as running, basketball, soccer, tennis etc. This has significantly driven demand for specialized athletic shoes for different sports. According to a report by Sports & Fitness Industry Association, over 103 million Americans participated in running/jogging in 2019. This rising engagement is expected to drive the athletic footwear market growth over the forecast period.

Technological advancements: Manufacturers are constantly investing in R&D to develop innovative athletic shoes with advanced features such as lightweight cushioning, extra padding, breathability, stability etc. They are using new materials such as memory foam, air soles, mesh uppers for added comfort. Such product premiumization and technological developments are augmenting the market expansion.

SWOT Analysis

Strength: Global Athletic Footwear Market Size has strong brand recognition and customer loyalty towards top brands such as Nike, Adidas etc. The market is dominated by top players who have global presence and economies of scale. Wide range of products catering to diverse customer segments is a key strength.
Weakness: Fluctuating raw material prices and supply chain disruptions affects profitability of firms. Growing popularity of alternatives like fitness trackers and sportswear poses challenge to footwear brands.
Opportunity: Growing health consciousness and popularity of outdoor activities provides growth opportunities. Emerging markets in Asia Pacific and Latin America expected to drive future growth.
Threats: Intense competition from local and private label brands. Changing consumer preference towards sustainable and eco-friendly products pose threat.

Key Takeaways:

The global athletic footwear market is expected to witness high growth, exhibiting CAGR of 1.8% over the forecast period, due to increasing health consciousness. Growing participation in sports and fitness activities across regions is driving demand.

Regional analysis: North America currently dominates the global athletic footwear market. However, Asia Pacific is expected to witness fastest growth, exhibiting a CAGR of around 3%, owing to increasing disposable incomes and health awareness in major countries like China and India.

Key players operating in the athletic footwear market are Nike, Inc., Adidas Group, Crocs, Inc., Wolverine World Wide, Inc., Skechers U.S.A., Inc., Under Armour, Inc., Puma AG, Geox SpA, K- Swiss. Nike leads the global market with around 24% share due to strong brand identity and product innovation. Adidas holds second position globally.

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