Sports Shoe Market Is Likely To Reach $25.3 Billion By 2025

The global sports shoes market size is expected to reach USD 25.3 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.2% over the forecast period. The market is expected to witness significant growth owing to growing popularity of sports activities across the globe.

Men’s sports shoe dominated the global market and is expected to maintain its lead over the forecast period. Increasing popularity of outdoor games such as soccer and American football is expected to increase the demand for sports shoe over the forecast period. Sports clubs are spreading awareness among people by conducting events at various places across the world, which will have a positive impact on the market growth. For instance, in 2017, the National Football League (NFL) had organized four game events in London and around 84,500 fans came to watch the match between Jacksonville Jaguars and Baltimore Ravens at Wembley Stadium.

In 2018, the offline retail channel segment dominated the market, accounting for more than 80% share of the overall revenue. Increasing penetration of retail outlets in developing countries is one of the main factors driving the segment over the forecast period. For instance, in 2018, American multinational company, New Balance Inc., opened a new retail outlet in Riyadh to expand in Middle East.

Moreover, due to increasing awareness related to health and supportive government initiatives, many multinational companies are focusing on India and China to expand their reach in the market. For instance, the Khelo India program has been introduced to revive the sports culture in India at the grassroots level by building a strong framework for all the sports played in the country and establish India as a great sporting nation. Such initiatives are expected to have a positive impact on the market growth.

Asia Pacific is expected to expand at fastest CAGR of 5.2% over the forecast period. Increasing sports participation in India and China, growing spending power of consumers, and rising health awareness in the region are expected to have a positive impact on the growth of the market. Central and South America is expected to witness significant growth owing to growing popularity of football, American Football, and rugby.

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Further key findings from the study suggest:

• By gender, the kids segment is projected to expand at a CAGR of 5.0% over the forecast period
• The offline retail channel segment dominated the global sports shoe market with an overall revenue share of 83.4% in 2018
• The kids segment in U.S. was valued at USD 607.6 million in 2018 and is projected to witness significant growth in the next few years
• North America was one of the prominent regional markets in 2018 and is expected to exhibit significant growth owing to increasing popularity of field sports at the national and international levels
• The industry is highly competitive in nature due to presence of the main players including Nike, Inc.; Adidas Group; and Puma SE
• Various manufacturers are concentrating on new product launches and product innovation to expand their consumer base.

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