Sneakers Market-Adidas AG, Nike Inc., New Balance Athletics Inc., ASICS, PUMA SE, Under Armour Inc.

Rising awareness towards healthy lifestyle products coupled with increasing fashion consciousness to drive global sneakers market through 2024

Global Sneakers Market By Type, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024”, global sneakers market is projected to reach $ 88.3 billion by 2024, on the back of increasing participation of the young population in sports and fitness activities and rising inclination towards branded and high-fashion footwear. Moreover, increasing demand for innovative and comfortable footwear is expected to have a positive impact on global sneakers market during the forecast period. Some of the leading players in global sneakers market are Nike, Adidas AG, ASICS Corporation, Puma and Under Armour.

By distribution channel, global sneakers market has been categorized into store-based retail and non-store-based retail. The store-based retail accounted for majority share in the global market for sneakers in 2018 and is expected to maintain its market dominance during forecast period. The non-store-based retail is witnessing healthy growth, owing to growing popularity of the e-commerce market. Asia-Pacific sneakers market is anticipated to grow at the fastest rate during the forecast period. The demand for sneakers in the Asia-Pacific region is being driven by the availability of cheap raw material and cheap labor, in addition to heavy concentration of leading footwear manufacturers in the region. Moreover, growing interest in athletic sports, improved lifestyles and rising demand for innovative footwear are also likely to aid the region’s sneakers market. Furthermore, growing demand for comfortable and lightweight sneakers for jogging and running for both men and women is expected to add impetus to the Asia-Pacific 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.

“With increasing demand for innovative and comfortable footwear as well as growing e-commerce retail sector, global sneakers market is anticipated to register growth in the coming years. Moreover, sneakers have gained a huge traction among adults, as they are becoming more and more conscious about fashion.”, said Mr. Karan Chechi Research Director with TechSci Research, a research based global management consulting firm.

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 sneaker's 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 region’s sneakers market.

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Created on Jan 23rd 2020 02:31. Viewed 221 times.

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