Sneakers Market Expected to Hit USD 152.5 Billion with 7.60% CAGR"
Global Sneakers Market Outlook
Sneakers Market's Distribution Channel segment witnessed a valuation of USD 78.9 Billion in 2022, with a substantial projected growth to USD 152.5 Billion by 2032, marking a compound annual growth rate (CAGR) of 7.60% during the forecast period from 2023 to 2032. This robust expansion is underpinned by various factors such as the thriving athleisure trend, a flourishing sports culture, and an escalating consumer inclination towards comfortable footwear. The global sneakers industry is undergoing rapid evolution across diverse regions, with key companies continually innovating in design, technology, and collaborations to meet diverse consumer preferences.
Segment Analysis:
The segmentation of the global sneakers market Outlook is based on product type, end user, and distribution channel. In terms of product type, low-top sneakers, mid-top sneakers, and high-top sneakers constitute the segments. The mid-top sneakers segment led the market in 2022, fueled by a growing awareness of health and fitness, particularly in emerging economies.
Regarding end users, the market is divided into men, women, and kids. The men's segment dominated the global market in 2022, with a projected sustained significance over the forecast period. Distribution channels include department stores, specialty stores, online platforms, and others, with the online segment holding sway in 2022 due to rising internet usage and the convenience and payment options offered by online shopping.
Regional Analysis:
Geographically, the global Sneakers market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America, comprising the US and Canada, dominated the market in 2022 with a 45.80% share. This dominance is attributed to changing lifestyles, increasing fashion consciousness, and high disposable income, prompting consumers to prioritize comfort over price. The United States is a key player in the region, experiencing a growing demand for sneakers.
Click Here to Get Sample Premium Report : https://www.marketresearchfuture.com/sample_request/11923
In 2022, Europe's Sneakers market held a substantial portion of the overall market, driven by the increasing adoption of fitness activities and heightened awareness of health globally. The Asia Pacific market is anticipated to witness significant growth from 2023 to 2032, with major contributions from China, Japan, and India. Factors such as government initiatives promoting health awareness, socialization rates, and participation in recreational sports activities are expected to boost market growth.
The rest of the world, including the Middle East, Africa, and Latin America, showcases a rising trend due to increased urbanization, rising disposable incomes, and a growing fashion consciousness. Latin America, in particular, is experiencing significant growth, with local and international brands gaining popularity.
Key Findings:
The global Sneakers market share is poised to reach USD 152.54 Billion by 2032, with a CAGR of 7.60% during the forecast period. The Asia-Pacific region is the fastest-growing market, driven by China, Japan, and India, supported by government measures promoting health awareness. The online distribution channel held the largest market share in 2022. Key players in the industry include Nike Inc., Adidas AG, New Balance Athletics, Inc., ASICS Corp., Kering SA, Skechers USA, Inc., Under Armour Inc., VF Corp., Puma SE, and Relaxo Footwears Limited.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
To stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America
Sales: +1 628 258 0071(US) +44 2035 002 764(UK)
Website: https://www.wantstats.com
English
Arabic
Français
Español
Português
Türkçe
Dutch
Italiano
Russian
Romaian