HYDERABAD, India, May 17, 2022 /PRNewswire/ --
According to ReAnIn, the global athletic footwear market was valued at USD 95.2 billion in the year 2021 and is projected to reach USD 156.9 billion by the year 2028, registering a CAGR of 7.4% during the forecast period. Increasing participation in sports-related activities across the globe, innovative strategies employed by leading companies such as an enhanced focus on direct-to-consumer (DTC) business, and the launch of new products are few of the major drivers for the athletic footwear market. COVID-19 pandemic had a substantive negative impact on athletic footwear sales as this resulted in halting operations at various manufacturing sites. Moreover, consumers were reluctant to spend on non-essential things during the pandemic.
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Direct-to-consumer (DTC) Business is Expected to be the Primary Driver for the Global Athletic Footwear Market
In 2017, Nike, Inc. unveiled a transformative strategy called Consumer Direct Offense (CDO) which focused on three pillars - accelerating innovation and product creation, moving closer to the consumer, and deepening one-to-one connections with interactive experiences across channels. Continuing this initiative, the company launched the Consumer Direct Acceleration strategy in 2020. This relentless focus on direct channels resulted in exceptional financial performance. In fiscal 2021, direct-to-consumer (DTC) business reached 40% of total sales and the Nike-owned DTC channel accounted for 21% of sales. Moreover, the company expects DTC to reach 60% of sales in fiscal 2025 wherein about 40% is expected to come from the Nike-owned channel.
Other leading players including Adidas are also following the same direction. According to Adidas' annual report, DTC accounted for 38% of sales in 2021 which is expected to reach 50% by 2025; and its e-commerce revenue is expected to more than double from about €4 billion in 2021 to €8-9 billion in 2025.
Key Highlights of the Report:
Running shoes accounted for more than 33% of the market share in 2021 and are expected to retain their dominance throughout the forecast period. Availability of a wide variety of running shoes at a range of prices from affordable to ultra-luxury, and increasing incidence of lifestyle diseases such as diabetes have contributed to this dominance of running shoes.
Among end-user, men accounted for more than 50% of the market share as participation of men is much higher than women in sports-related activities. However, women's participation is increasing particularly in developing economies such as India, China, etc., and hence, their share is expected to increase in the near future.
Digital footprint is the current buzzword in the athletic footwear industry as almost all the companies operating in this market are trying to expand their digital presence. With the growing investment in digital infrastructure, the online channel is expected to account for about 30% of the sales in the next few years.
Majority of the revenue for leading brands such as Nike, Adidas, and Under Armour came from North America, followed by Europe. Nike, Adidas and Under Armour generated 41%, 31% and 67%, respectively in 2021. However, South America and the Asia Pacific are expected to grow with significantly higher CAGR than North America and Europe during the forecast period.
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ReAnIn has segmented the global athletic footwear market by:
The global athletic footwear market is dominated by two global players Nike and Adidas accounting for more than 37% and 11%, respectively. Nike's increasing focus on direct-to-consumer (DTC) sales and online channels has supported the company in maintaining its leadership position globally. Other prominent players in the global athletic footwear market include Under Armour, Inc., ASICS Corporation, Puma SE, Reebok International Limited, Fila Inc., Lotto Sport Italia, VF Corporation, New Balance, Skechers USA, Inc., Wolverine World Wide, Inc., Vans, Saucony, Avia, British Knights, and Brooks Sports.
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SOURCE Reanin Research & Consulting Private Limited