Global sneakers market stood at $ 58 billion in 2018 and is projected to grow at a CAGR of over 7% during 2019-2024 to reach $ 88 billion by 2024, on account of increasing participation of the young population in sports and fitness activities and growing consumer inclination towards branded and high-fashion footwear. Sneakers are shoes primarily designed for sports or other forms of physical exercise. However, they are being used for everyday wear.
Different sales channels and rising importance of internet retailing is adding impetus to global sneakers market. Globally, sales of sneakers are also being pushed by a sneakers identification with a specific athlete. Sneakers have been part of the American culture; however, they have successfully implanted their presence across the world. Sneakers are in huge demand among people, especially from the younger age group.
In terms of type, global sneakers market has been categorized into adult sneakers and children sneakers. The adult sneakers segment dominated the market in 2018 and is expected to maintain its market dominance in the coming years as well, on account of growing fashion consciousness among adults. Moreover, increasing participation of the young population in sports and fitness activities is anticipated to further aid the adult sneakers segment, globally.
North America accounted for the largest share in global sneakers market in 2018, owing to growing health-consciousness and need for physical fitness. Among the North American countries, the sneakers market was the largest in the US. With changing lifestyle, consumers in the US prefer comfort over price, as a result, demand for sneakers is increasing across the country. Additionally, easy availability of innovative and customized sneakers is boosting the regions sneakers market. Various new companies in the North American sneakers market have gained importance in the last few years. Skechers USA, for instance, became the second largest athletic footwear company in 2014. The low price of Skechers products has been the key factor for the companys growth in the US market.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
To analyze and forecast global sneakers market size.
To classify and forecast global sneakers market based on type, distribution channel and regional distribution.
To identify drivers and challenges for global sneakers market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global sneakers market.
To conduct the pricing analysis for global sneakers market.
To identify and analyze the profile of leading players operating in global sneakers market.
Some of the leading players in global sneakers market are Adidas AG, Nike Inc., New Balance Athletics Inc., ASICS, PUMA SE, Under Armour Inc. and China DongXiang.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated global sneakers market size using a bottom-up approach, where data for various application across various end-user segments was recorded and forecast for the future years was made. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
Sneaker manufacturers, suppliers, distributors and other stakeholders
Sneaker raw material suppliers
Organizations, forums and alliances related to sneakers market
Research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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